Geicoauto insurance auto-pay

T Nov 23, 2018

I switched my auto insurance from Geico to another insurer effective 11/15/18. I prepaid the insurance for 6 months with the new carrier. I switched because Geico continued to raise my monthly premium despite making no claims in my time with them. They stated it was their 'experience rating.' Experience with what? Not with my policy which never had a claim. I was led to believe that my new company would inform Geico of my new coverage but, apparently, I was mistaken. Anyway, I went to my Geico policy online in an attempt to cancel future auto-payments but that is not possible. The only options you have on the webpage is to alter the number of installment payments but not to cancel the policy. I spoke to a customer service rep who emailed me confirmation of my request to cancel coverage. I have not seen the refund of the last premium for the period of 11/15 to 12/14/18 as of this date. In response to my email, Geico stated, "The refund of $xxx.xx is being reviewed for a possible refund within the next 14 days if not sooner." Banks clear funds faster than that! Why does Geico hold onto your money for such a time before refunding it?? Could it be they earn interest on the funds held until they decide to refund them. Will think seriously of ever going back to Geico for my insurance needs.

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