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The TRUTH about Canceling GEICO Insurance
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There are a few reasons you may need to cancel your car GEICO insurance. Perhaps your car has been sold, or you have moved out of state or obtained another insurance policy. In all of these scenarios, a quick phone call to the insurance company is all that’s needed to cancel the policy. Understandably, the process can seem daunting if you’ve never done it before. But don’t worry, we have you covered. Here is everything you need to know about canceling your GEICO car insurance policy.
- Many states require you to carry insurance on your car. It’s essential not to cancel your policy until you no longer own the car.
- There are some scenarios where you may not need to cancel the policy, and a simple change is enough to keep it active.
- You will need to call GEICO to cancel the policy and have your policy number handy.
- Be sure that the primary policyholder is the person requesting the cancellation.
- You may need access to your GEICO policy documents after you cancel. If you haven’t saved copies, give GEICO a call to obtain them.
Before you cancel your GEICO insurance policy, there are a few things we recommend you complete.
Obtain New Insurance
Prior to canceling your GEICO policy, you will first want to make sure you obtain another insurance policy. Especially if you still legally own or drive the car. This is critical for a few reasons. First, depending on your state, you may be required to maintain active insurance on your car. Even if there is only a lapse in coverage for a day or two, the state can potentially fine you for being without insurance. In some extreme cases, your registration or license can be suspended. To avoid this, you will want to make sure your old policy is canceled, and your new policy starts on the same day. For example, if you get a new policy with Company X as of February 1st, you’ll want to cancel your GEICO policy effective for February 1st as well.
In addition to the state potentially requiring insurance, your lienholder may also require it if you are still making payments on your car. Canceling your insurance policy before having another lined up may cause your finance company or bank to “force place” coverage. This means that the bank will often take out an insurance policy for the car with less coverage and typically for more money. To avoid being charged, be sure to avoid any lapses in insurance if you can.
Lastly, many insurance companies base your insurance policy’s price and/or eligibility on prior lapses in coverage. If you maintain continuous insurance on your car, you will have an easier time finding companies to insure you at a potentially lower price.
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Consider Reasons for Cancelation
Next, you should determine the reasons for canceling your GEICO policy. No longer using the car is generally not sufficient enough. As mentioned, there are state regulations to consider when it comes to maintaining insurance on a registered vehicle. But there are also financial implications for evaluating as well. Here are some potential reasons you may be looking to cancel your policy, some factors to consider, and other alternatives.
|My car has been totaled or sold.||When will you be getting a new car?||If you are getting a new car shortly, usually within the next 30 days, you may want to keep your policy active. It is generally less expensive to replace a car on a current policy rather than start a brand new one.|
|I’ve moved.||Where are you moving to?||GEICO offers insurance in every state! If you’re moving within the US, you can contact their customer service to transfer your policy to your new location.|
|I’ve gotten married/divorced.||Have you quoted adding or removing your spouse from this policy?||Combining policies with your spouse will save you both money in most cases due to multi-car discounts. You can also remove any drivers from your policy while keeping your policy (and any applicable discounts) intact.|
|I’m not driving my car.||Are you putting it in storage?||Your car can still suffer losses while in storage. Contact GEICO about covering it for these scenarios only and save some money while it’s not being driven.|
|The price is too high, and I cannot afford the insurance.||Have you reviewed coverages and discounts?||Reach out to GEICO about any applicable discounts you may be eligible for and a review of your coverages. There may be some ways to lower the price!|
|I am bundling my car insurance with my home/renters insurer.||Have you gotten a quote from GEICO?||GEICO also offers homeowners and renters insurance. Obtaining a policy with them will qualify you for multi-policy discounts!|
|I found a cheaper insurance company.||Are you being quoted the same coverages as your current policy?||Contact GEICO to review your current policy and the quote you received. In addition to other discounts you may be eligible for, you’ll want to make sure you aren’t sacrificing coverage for price with the new company.|
Prepare For The Conversation
If you have taken all of the above into consideration, reviewed the possible alternatives but still want to cancel your GEICO policy, you will need to now prepare for the conversation. Canceling a policy with GEICO must be done over the phone, so you should have a quiet, private space to make the call. It’s important to note that GEICO uses an interactive voice response system or IVR. You will be prompted to state your reason for your call so you can be routed to the appropriate person. If possible, call while you are free of distraction so you can record any necessary information and get through the IVR quickly. Next, be sure to have your policy number handy. This number can generally be found on any current policy document or ID card. If you’re unable to find anything with your policy number, don’t worry. The customer service representatives should be able to pull up your information using your name and address as well.
How to Cancel
Please note that the primary policy holder will need to be the person to cancel the policy. If that is not you, be sure that person is available to request the cancellation. Then, call GEICO at (800)-841-1587 to start the process. When connected, you will enter into the IVR system, where you will be prompted to state the reason for your call. Clearly state, “cancel policy.” The system will then ask you to confirm which type of policy you need to cancel. Be sure to specify that you are looking to cancel your auto policy. You may also be prompted to say or press your date of birth. Once you are routed to a customer service representative, they should be able to help you cancel your policy and answer any questions you may have.
After you cancel your policy with GEICO, you may need to obtain certain policy documents. For example, some companies require you to provide proof of prior insurance, or the motor vehicle registry in your state may ask for proof of coverage on a specific date. So we recommend downloading or printing copies of declaration pages or ID cards for your records before you no longer have access to them. However, if you have not done this, don’t worry. Feel free to give GEICO a call, and their friendly customer service representatives should be able to send you a copy.