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Wednesday, 08 April 2020 17:59

GEICO Offering Giveback Credit, Pausing Non-Payment Cancellations for Policyholders

GEICO understands the concerns about coronavirus (COVID-19) may be causing anxiety and fear.

Our priority is the health and safety of our customers, our employees, and the community. While we continue to monitor this situation closely, we're actively taking steps to make sure we're able to provide you with the service you need.

 

While many things may feel out of our control, we're focusing on what we can control. For our policyholders unable to make a payment due to COVID-19, we want you to know we're here to help support you.

 

The GEICO Giveback Credit

 

GEICO is providing a 15% credit to our auto and motorcycle policyholders as your policy comes up for renewal between April 8 and Oct. 7. The credit will also apply to any new policies purchased during this period.

 

The credit is part of our ongoing efforts to assist policyholders during this unprecedented time.

 

The average auto policy has a semi-annual premium of about $1,000 and generally covers more than one vehicle. This means we expect credits to average about $150 per auto policy and $30 per motorcycle policy.

We estimate the benefit to our 18 million auto and 1 million motorcycle policyholders to be approximately $2.5 billion.

 

Current policyholders can expect to see the credit when your policy renews. You do not need to take any action to receive this credit.

 

Pause on Policy Cancellation for Non-Payment

 

We paused cancellation of coverage due to non-payment and policy expiration through at least April 30, or later as directed by your state. This pause is automatic for policyholders. We hope this can provide some peace of mind to you.

 

We also understand everyone's financial situation can be different. If you are still able to pay your bill, we encourage you to do so. If you can make a partial payment, that may also help reduce your overall balance.

 

We're dedicated to working with you, including flexible payment plans and/or special payment plans once normal billing resumes.

 

Visit the website for more information and a list of FAQs. 

 

Source: GEICO

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