No, Geico doesn't charge a cancellation fee to customers who cancel their auto insurance coverage midway through the policy. Drivers can cancel a Geico policy by calling (800) 841-1587 and will receive a full refund for unused premiums. If you want to cancel your policy, the only way to do so right now is to contact the number above. That said, you don't have to be nervous, as it's a simple process.
NerdWallet analyzed the auto insurance rates of 154 auto insurance companies across the country to find the cheapest car insurance for a variety of drivers. Even so, you should always compare prices to get the best car insurance rates, regardless of your credit history. Check out NerdWallet's analysis of the cheapest cars to insure to see if your vehicle is on the list. In addition, if you cancel your Geico policy because you disposed of your car, you may have to submit proof, such as a sales invoice, so that Geico knows that you won't.
To cancel a Geico insurance policy, the policyholder must call Geico to speak directly with a customer service agent. 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. However, the amount you pay for car insurance will vary depending on the state in which you live and how clean your driving record is, among other factors. California, Hawaii, Massachusetts and Michigan don't allow insurers to use credit to determine auto insurance rates.
Your insurance company may require a bill of sale before allowing you to cancel to show that you won't drive without insurance. Be sure to compare car insurance quotes from at least three insurers to find the cheapest car insurance for you. 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. If you want the best of the cheapest, check out NerdWallet's summary of the best cheap car insurance companies.
There are generally two types of fees that auto insurance companies charge for cancellation, fixed rates and short-term rates. Look for cheap auto insurance quotes online three to five years after any accident, traffic violation, or traffic violation. The NerdWallet editorial team analyzed car insurance rates with minimum coverage from the price analysis company Quadrant Information Services.