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GEICO review: Canceling and Contract

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8:23 am EDT
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What is important to understand about GEICO in the state of North Carolina is that they engage in predatory cancellation policies. Once you sign up with GEICO, unlike other insurance companies in the state, State Farm for example, you are contractually obligated to complete the 6 month term. If you cancel for any reason, they will revise the cost of the policy on a per day basis and charge you more. They will attempt to blame this on the state but I assure you the cancellation penalty is at GEICO's sole discretion.

Most insurance companies send you a pro-rated refund upon cancellation. GEICO does the opposite. You will be contractually obligated to stay with GEICO for the life of the term and charged if you attempt to cancel. They will not reveal the amount of the penalty until after cancelation.

I tried to fight the penalty but it was either destroy my credit, hire a lawyer, or pay the fee. When I called in to pay the fee I found that they had blocked my number company-wide. I couldn't even call my local agent! This company engages in predatory practice and petty revenge acts while trying to blame it all on the state board of insurance. I spoke to the director of the board personally and he confirmed that charging people for canceling insurance is GEICO's policy, not theirs.

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