Do you get your money back if you switch car insurance companies one month into a term?

Question

I am buying a new car and found cheaper rates than Geico with Allstate. Problem is, I am one month into a six month term for my old car. I have already paid for the six month term. Will Geico have to refund my money if I were to switch?

Answer 1

Contact Geico Customer service at 1-800-841-3000 24/7 and ask to quote your new vehicle, new vehicles are sometimes less expensive due to better safety equipment and other underwriting criteria.You also want to compare the policy coverages and benefits, what seems to be less expensive now can cost you in the longrun. if after that you still want to cancel Geico will refund any unused portion of your premium paid when you provide them with proof of insurance at Allstate, you have to purchase the Allstate policy first then Geico will reimburse you.

Answer 2

You won't get five months back - Geico is allowed to charge a "short rate penalty", usually about a month's premium, AND a cancellation charge, usually about $50.

You should call Geico, and ask if the new car would also be cheaper with them.

Answer 3

Yes, cancel that policy and they will send you a check for the balance of your unused insurance....about 5 months worth. It would be worth a call to the agent to make sure that there are no penalties....but I know that I have canceled insurance before and received money back.

Answer 4

often times i think of those adult males have not have been given any clue who answer those issues. ninety% of the dealerships accessible, while they do contracts have what's asserted as a conditional sales settlement. in different words, they base the settlement on what they think which could get. diverse the time they get it, purely approximately 3-5% of the time they dont. while they dont, there are 2 thoughts. the two resign w/ a sparkling settlement assembly what the economic corporation has authorized, or get the automobile back. a dealership doesnt like doing the two simply by fact their objective is to sell a automobile. i in no way choose to call a shopper back and "enhance" them or tell them to convey a automobile back. confident, you may return the automobile and the dealership provide you your a reimbursement. they must. yet in some dealerships contracts it additionally reads which you are going to be accountable for miles, and positioned on and tear in case you drove it for 2 weeks. its no longer bait and turn its in simple terms actuality. some human beings dont have the terrific credit and thats what drives the situation. if the broking doesnt choose the automobile back then they are able to in all risk shrink what they are merchandising the automobile for thus as which you will no longer ought to place the $500 down, yet often times the banks themselves specifically say you need to have the shopper positioned xx all the way down to be certain that us to do the deal. or you have gotten signed the settlement at a 60 or seventy two month term and the economic corporation could have purely authorized a 40 8-60 month term. the settlement you signed isn't solid till the economic corporation approves it and finalizes it. so the two you do it or provide the automobile back, or the sellers gets to the place the economic corporation helps. back, this oftentimes isn't something a broking needs to do. maximum sellers might in no way attempt to get greater out of you or enhance your money w/out a valid reason. if its purely for income its unlawful, and dealership dont choose to possibility doing something unlawful particularly in this sue satisfied international, and its additionally no longer properly worth it for the small quantity of income they could get out of it. every person who says in any different case has for sure in no way labored in a dealership.

Answer 5

Yes, any unused insurance is refunded... not only will you receive a partial month, any DAY you haven't used you will get back... it's prorated based on days.

Answer 6

Most personal policies ( Auto and Home) do not charge a penalty for canceling early. They will only charge a pro-rata ( the actual time the coverage was in force) with no penalty.

Answer 7

They will have to refund you the remainder of your money after deducting for the one month you used.

Answer 8

This is a very interesting question

Answer 9

thanks everyone for all the answers.