Can You Cancell Car Insurance at Any Time?
Can you cancel car insurance at any time? That is the question many people ask themselves when they want to change their car insurance policy. You can cancel your policy with Geico as long as you give them thirty days notice. The good news is that you will not lose any discounts that you currently have. The reason why is because the company has a policy that allows them to keep all of their discounts if you cancel your policy before the specified time.
Why can you cancel your car insurance at any time? This is an excellent question to ask yourself if you ever find yourself in this situation. One of the reasons is if you are driving a vehicle that is considered to be a high risk. Think of it like if you were thinking about purchasing a car that had a high price tag. You would not want to take that type of risk and cancel your current policy.
You may also choose to cancel your Geico car insurance because your credit rating has suffered. Geico does not like to see customers that have poor credit ratings on their records. It does not do them any good to promote a customer that has no money. Many of their promotions are based around helping you get your credit rating back up so you can then apply for more credit. This can be a great way for you to get a lower rate.
Perhaps you have received a speeding ticket. Many people believe this will affect their credit score, but in reality it will not. In addition, if you have already paid your tickets and do not have any other outstanding accounts you can cancel your car insurance policy with Geico as well. If you do not have a policy with the company, this is a good way to start the process of building your record back up.
If you are moving from another city or state, you may want to take advantage of the cancellation policy that may be offered. Many people who have been in a moving vehicle before will find this useful. If you already have an insurance policy in the new location you will want to review the policy and make sure it still covers you in the new location. In some cases you can select this and cancel your other insurance policies.
Some policies have penalties for changing insurance companies, such as moving from New York to Texas. If this is something that you currently have a policy regarding you moving to Texas, you can change your auto insurance policy to reflect this. Then when you go to renew your policy, you may have the opportunity to choose a Texas company for your car insurance instead. You can even transfer your no-claims bonus to this new policy and it will be applied to lowering your insurance premium.
Another option is to move your car a lot. The company may offer a policy that transfers your no claims bonus to your car if you cancel your policy. Or you can simply keep your current car. If your car is financed, you may even be able to get a better rate. However, if you are paying on your own you may want to consider canceling the policy so you can lower your payments.
Many people do not want to take out a policy that is going to raise their monthly bills. T here fore, you can look around for better deals on car insurance by looking online at different companies. If you do comparison shopping, you may find that canceling your Geico car insurance policy makes sense.