How to Cancel Your GEICO Auto Insurance Policy
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Whether you’ve sold your vehicle, moved out of state, or found a better deal at a different car insurance company, it may be time to cancel your GEICO insurance policy. GEICO makes canceling your car insurance reasonably straightforward. Still, ensuring you have the required documentation and that you’re prepared to cancel your policy is essential. With these steps in place, you can safely cancel your car insurance without facing penalties for having a gap in coverage.
How to Cancel Our GEICO Insurance Policy
GEICO only accepts policy cancellations over the phone. The process of canceling your GEICO insurance is simple.
- Step 1: Call (800) 841-1587 to speak with an insurance agent.
- Step 2: If you receive the Interactive Voice Response menu, say, “Cancel insurance policy.” Then, say “auto.”
- Step 3: Be prepared with your GEICO policy number since you will probably need to provide it.
If you’ve prepaid your premium, you can cancel your GEICO car insurance policy anytime. GEICO will refund you the remaining amount that hasn’t been used.
However, if you’ve fallen behind in your car insurance premium payments, you must pay any remaining balance before canceling your policy.
In addition to providing your policy number, GEICO may ask you to share additional information. You might need documentation proving you sold your vehicle, obtained a new insurance policy, or returned your license plate to the DMV.
If you’re ready to cancel your policy, make sure you take the time to call GEICO and let them know. Some drivers stop paying on their car insurance policy, but this isn’t a great strategy. GEICO might automatically renew your policy, and you’ll continue to get bills. They could also flag your account because you have stopped paying on it.
Your credit rating could be impacted if they report you to credit agencies for non-payment. A negative hit to your credit rating could increase how much you pay for premiums in the future.
Things You Should Consider Before Canceling Your Policy
Consider these points and make sure you’re ready to cancel your car insurance before you call GEICO.
Are You Just Looking for a Better Deal?
If you want to stay with GEICO but need a better rate to make that possible, you might be able to do so without moving to a new insurance company. Sometimes, calling your insurance company and explaining you want to cancel because of rate increases may be enough to prompt them to offer you a lower rate.
Here’s why. Insurance companies want to keep you as a customer. It costs companies money to market to and brings in new customers. By retaining your business, the company can cut down on marketing expenses.
If you want to see if you can get a lower rate, request quotes from other insurance companies for the same coverage. Compare.com makes that easy since you can fill out a single request form and receive personalized quotes from up to 65 companies.
Once you know how much your policy would cost from other companies, call GEICO and explain you’re considering changing companies because other insurance providers have offered you a lower rate for the same coverage. They might be willing to match that quote. If they aren’t, perhaps they’ll help you find additional discounts that can help you to save money on your current policy.
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Will Your Coverage Lapse?
If you continue driving your vehicle, it’s essential to make sure that you schedule your cancellation so your insurance coverage doesn’t lapse. This is key for multiple reasons.
Your vehicle won’t be insured if you cancel your GEICO policy before your new auto policy takes effect. In most states, driving an uninsured vehicle is illegal and can lead to costly consequences. Even if you park your car in your garage, if anything happens to it, you’ll be solely responsible for damages that occur.
A lapse in insurance coverage can make you appear to be a higher-risk driver to other insurance companies. If your insurance lapses, you may receive higher quotes meaning you will pay more for the same coverage.
Find and open a new policy before you cancel your GEICO insurance to avoid this situation. When you call GEICO, you can decide on your cancellation date. Make sure the cancellation date is after the date your new policy goes into effect.
Do You Really Need to Cancel Your Insurance?
There are some instances where it may make sense to suspend your policy rather than cancel your insurance altogether.
For example, suppose you are in the military and will be in training or overseas for a few months. In that case, GEICO will allow you to suspend your policy. Stopping your policy can be helpful when you aren’t driving your vehicle for at least 30 days, but know you’ll need to activate coverage again.
If you put your car in storage for 30 days or more, you may not want to suspend your insurance entirely. Instead, contact GEICO to learn about reduced-rate insurance for stored vehicles. The policy can help you save money while protecting your car if it is damaged or stolen while in storage.
Reasons to Cancel Your Car Insurance
There are many potential reasons why you might want or need to cancel your car insurance.
Dissatisfaction with GEICO
Some drivers cancel their insurance after having a negative experience with the insurance company. You might have had a poor experience filing a claim or be frustrated with the company’s customer service. In these cases, working with a different company might lead to a more positive experience.
Has your car insurance premium increased? You might be able to find a better deal with another company. Taking the time to shop around can help you to understand if your current rates are overpriced or a reasonable amount.
It might make sense to switch if you can find the same coverage at a cheaper premium.
You Move Out of State
Some insurance companies only offer coverage, or certain types of coverage, in specific states. If you are planning to move out of state, making sure your policy is still available is essential. If it isn’t, you’ll need to change insurance companies.
If you have your homeowner’s or renter’s insurance through one company and your car insurance through GEICO, you could miss out on a discount. You’ll save money on your policies by bundling your policies together under the same insurance company.
It’s Time for a New Type of Policy
As your life circumstances change, you may need a different insurance policy, perhaps for an RV or motorcycle. If GEICO doesn’t offer the policy you want, it may make sense to change to another car insurance company where you can get the coverage you need.
You Sell Your Vehicle
If you sell your vehicle or plan to stop driving it altogether, you will naturally need to cancel your car insurance policy.
Change in Driving Habits
If you now work from home or dramatically reduce your time on the road, you might save significant money on your insurance by shopping for a new policy. Many companies offer pay-per-mile or telemetrics-based policies that allow you to pay a reduced rate since you drive less than the average person. If GEICO doesn’t offer policies that match your driving habits, it might be time to shop for a better option.
How to Cancel Your Car Insurance Online
Unfortunately, GEICO does not allow you to cancel your car insurance online. You need to call them directly and speak with an agent.
Does GEICO Have a Cancellation Fee?
GEICO does not have a cancellation fee, so you are free to cancel your policy at any time. While you can cancel your insurance whenever you need, it’s easiest and simplest to cancel a policy just before it renews. So if you’re thinking of changing insurance companies, start shopping around about a month before your policy will renew.
How to Get the Best Insurance Rate When You Switch
When you’re ready to switch to a new insurance company, it pays to take the time to shop around.
With Compare.com, you can quickly get quotes from multiple insurance companies to find the best deal. It takes just five minutes to fill out a quote request form, then you can see which policy offers the best coverage for the best price. Compare.com users save an average of $720 per year on their car insurance.
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Can I cancel my GEICO policy at any time?
Yes, with GEICO, you can cancel your policy at any time. If you’re still driving your vehicle, you’ll need a new policy before canceling with GEICO. That way, you can avoid a lapse in insurance coverage.
Can someone else cancel my policy for me?
GEICO only allows policyholders to cancel the policy. If you are the policyholder, you will need to call GEICO to make the cancellation.
Does GEICO refund if you cancel?
If you’ve paid for your policy in advance, then GEICO will refund the portion of your payments that have not yet been used. How much you receive will depend on how much you paid in advance and when you cancel your policy. You can contact GEICO for these details.
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