To cancel a Geico insurance policy, the policyholder must call Geico to speak directly with a customer service agent. Customers cannot cancel their policies online or through the Geico mobile app. You can cancel your Geico insurance policy at any time. The cancellation can be effective immediately or set for a future date.
Geico does not charge cancellation fees. You pay for car insurance in advance, and since you didn't pay the premium and were out of the grace period, you technically didn't have insurance. By completing a Geico defensive driving course, drivers receive a discount of up to 5% or 10% on their Geico car insurance premium. When the interactive voice response system prompts you, say “cancel the insurance policy” and then “automatic” if you are going to cancel your car insurance policy.
Naturally, auto insurance companies like GEICO saved billions of dollars because fewer accidents translate to fewer claims. According to the Second Circuit, by repeatedly pointing out that the charges were “excessive or insufficient,” the plaintiffs were essentially seeking a recalculation of the insurance rates charged by GEICO during the pandemic. Specifically, the plaintiffs argued that GEICO charged excessive premiums, that the GEICO Giveback program was inadequate to compensate consumers for the excessive premiums charged, and that GEICO unfairly withheld unexpected profits. You want to cancel your insurance policy because you think it's a waste to pay for the two months you won't be in your car.
In New York, insurers must obtain approval for personal auto insurance rates from the New York State Department of Financial Services (“NYDFS”) under section 23 of the New York Insurance Act.
