GEICO, owned by Berkshire Hathaway, is an insurance company that secures over 25 million motor vehicles in the United States.
If you are the one to cancel the GEICO insurance policy and want a refund, then this article is what you are searching for?
We will talk about the cancellation and refund policy, Geico operation safe driver refund, premium refund, a prorated refund, etc.
What is the refund policy of GEICO?
We would like to inform you that GEICO does not have a specific or detailed refund policy.
- As per the policy, the services offered on the car, auto if unused then a prorated refund will be allocated to the users if the cancellation of the insurance policy is in the middle of the month of the billing period.
- In case you paid the insurance in full you are eligible for a refund as no other debts need to be paid to the company.
- The refund check will be delivered through mail or credited to the bank account. The policyholders will get the “giveback credit,” which is a discount on the auto-renewal price. For example at the period of pandemic 15% credit is offered to all existing and new customers for their auto, RV, and motorcycle.
Does GEICO give a Refund on cancellation?
Yes, GEICO provides a refund on cancellation. You can request a refund over the phone. This is the only method available for the customer of GEICO insurance policy.
Here are the steps to be followed:-
- The contact number is available on the website.
- The ring at -(800) 841-1587.
- Then tell “Cancel insurance policy” and “Auto” to the voice system.
- As the call is answered by one of the executives say that you want to cancel the policy.
- They will first verify your details so give the GEICO policy number.
- Now make a request for a prorated refund as you have some services unused.
- Then ask them to send you a confirmation email.
- Once approved you will surely receive an email from them.
How much time does Geico take to refund a payment?
The payment methods you used while making the last transaction totally depends on it at what time your payments will be credited.
- Debit or credit card:-
For those customers who paid insurance using debit or credit card, the time to receive the refund is 5 to 7 working days from the time of canceling the policy and making a refund request.
- Electronic check or Electronic Funds Transfer:
If you choose one of the above methods to pay for the insurance then the maximum of 12 to 15 working days.
- Paper check:
If you paid the bill using a paper check then this is the longest period where you need to wait for your refunds and at the time of receiving the refund, it will be in the form of a paper check too. It might take 15 working days to process your refund and then after a week, you will receive the check.
How to check the GEICO Refund status?
You might be eagerly waiting for your refunds. But only one way to know about the status is through the phone. You need to contact them over the phone and make a request for a prorated refund. The refunds will be credited within two weeks but if take much time then directly contact the customer team
While requesting refunds on GEICO you might encounter some issues like:-
- The information received is not detailed on its website which is the main reason for the issue to occur.
- You might not get a refund though eligible for it.
- The time taken to receive the refund is more than the usual period.
- The customer support’s behavior is not pleasant whenever they ask for refunds.
There were many issues that you may face but you should know the refund policy and the rights so that you can get your refund as soon as possible. If you are a safe driver you can also get a discount of 26% from the company.
Requests for the reimbursement need to be emailed to towingrefund@geico.com.