Now let us get into it. The good thing is that GEICO does not have a refund policy in place and its customers are usually only informed about how they are welcome to cancel their insurance policy with them even in the middle of the billing period. So, let us say you have been a long-time customer of GEICO and for some reasons best known to you, you want to go ahead and cancel your GEICO insurance policy. Let us now see what exactly is GEICO’s refund policy and how they apply their policies in different situations. GEICO says that if you have paid for the full insurance and you do not have any debts to settle with the company, you are very much eligible to receive a refund. Customers also get informed on how they will receive a prorated refund for the services they did not use. Talk about being courteous. It is no wonder why GEICO currently insures more than 25 million cars in the United States of America.
So, to be clear, there is no explicit rule spelled out about getting a refund. However, you must be debt-free.
How Exactly Will I Receive My Refund?
After you have gone ahead to phone and cancel your insurance policy with GEICO and you are sure that you meet the requirements and are eligible to receive a refund, you might be wondering exactly when the cash would be hitting. Well, according to GEICO’s policy, refund checks are usually sent to the customer’s email. Occasionally, GEICO might also send the money directly to the customer’s bank account.
How Much Does It Take Before I Receive My Refund?
The time a customer would receive their refund may differ from other customers. This is because the refund time is dependent on some factors such as your method of payment on your most recent insurance bill.
Let us take a deeper look into this by talking about the different payment methods and how long it would take to receive the refund.
Debit/ Credit card
GEICO says that if paid for your insurance policy using a debit or credit card, you’ll get your money back within five to seven days after canceling it and requesting a refund.
Through Electronic Means
If you paid for your GEICO insurance policy via an electronic check or an electronic transfer, then prepare to receive your refund within twelve to fifteen days after the cancelation.
Paper Check
Customers that used a check to pay for their GEICO insurance policy might have to wait a little longer to receive their refund. The refund will take about 15 days to be processed by GEICO and an extra week later for the check to get back to you. This payment method takes the longest time to get a refund because it is processed in the same format.
How Do I Cancel My GEICO Insurance Policy?
At GEICO, there is only one way in which you could cancel and request for refund. This is through the phone. The number you would need to dial is (800) 841-1587 then you should hear the interactive voice system, say “Cancel insurance policy” and “Auto. “When you’re connected to a customer support agent, tell them you’d like to cancel your policy. Then go ahead and relay your GEICO policy number to the agent. After that, you can request your refund on a prorated basis. It is also best to request that an email confirming the cancellation be sent to you. It is really simple and efficient. So, there is no long line to wait in, no appointment to book, and no waiting period. Nice one GEICO.
Conclusion
GEICO did not state an explicit rule or policy regarding their refund policy. The only thing that can ensure your eligibility for a refund is that you have completed your payments and do not owe the company a dime. When you would be receiving your refund depends on your method of payment.
Can I cancel my GEICO policy with DONOTPAY?
The answer is yes. They can assist you with canceling your insurance policy without stress.
Can I cancel my insurance in person?
The answer is no.
