What is the cancellation fee for Geico auto insurance if I terminate my policy early?
Geico does NOT have a cancellation fee if you decide to terminate your auto insurance policy early.Geico offers pro-rate refunds if you cancel your policy in between billing cycles.For example, if I paid for my 12 month insurance policy in one lump-sum payment and then cancelled my policy after 5 months, I would be refunded my premiums payments for the remaining 7 months.Another example, If I already paid my premium for the month of August, but cancel my policy on August 10th, I would receive a refund for the number of days that remain in the billing cycle.Of course, any refunds will include any fees or financial terms outlined in your policy.Some companies give short-rate penalties for early cancellation. These are not entire refunds, but percentages of them.Short-rate penalties discourage drivers from cancelling policies early.Geico does NOT allow you to cancel your policy online.You must cancel your policy by mail or over the phone.If you wish to cancel your policy by mail, you should send a letter of intent 30 days prior to the date you wish to have your policy cancelled.To find the correct mailing address, you can go to Geico’s Mailing Addresses page, select “Auto Insurance” as the category, and then select your state from the drop down menu.You will be given 3 different addresses. Send your cancellation letter to the correspondence address.In your cancellation letter, be sure to include:Proof that you’ve surrendered or transferred your plates ORA bill of sale ORProof you’ve changed insurance companiesYour policy numberYour full name and addressIf you wish to cancel your Geico policy over the phone, it will be immediate.Call Geico’s customer assistance line at 1-800-861-8380.When prompted to speak to the automated teller, say “cancel insurance policy” and then “auto.”You will then be asked to read your account number, so have that ready.For your cancellation phone call, be sure to have:Proof of new insurance ORProof of plate forfeiture ORProof of saleWhether you cancel by mail or over the phone, be sure to ask to be sent a cancellation confirmation number that you can use in case you are sent any further bills.Be sure to cancel your Geico insurance policy ONLY when you have a new insurance policy. That way you will not be driving without coverage, which is illegal in almost every state except for New Hampshire and Virginia.To learn more about the penalties of driving uninsured, feel free to check out this article.