Anamarie Waite, Car Insurance Writer
@anamarie.waite
Geico has a nine-day grace period if you can’t make your payment on time. After that, your policy might be canceled. Geico does not have a late payment fee, but if you miss a payment, they will send a formal cancellation notice within 14 days of the original due date. The notice will state the final date Geico will accept payment to avoid a lapse in coverage. If you do not settle the bill by that date, your insurance will be canceled.
There is no standard grace period offered by all insurance companies. Geico extends this grace period as a courtesy to their customers.
What if I get into an accident during my grace period?
If you are involved in an accident during the Geico grace period, damages will be covered as normal, according to your policy details. Outside of the nine-day grace period, though, you might not be covered and would have to pay for any damages out of pocket. For example, let’s say your payment was due January 1. You missed the payment, and on January 14, you rear-end another driver at a red light. You received a notice from Geico that your policy would be canceled on January 24 if you didn’t make a payment by that date. If you pay your premium right away, are you covered? Maybe.
Geico is within their rights to deny coverage for your January 14 claim. You pay car insurance in advance, and since you missed your premium payment and were outside of the grace period, you technically didn’t have insurance. Geico may be willing to honor the cutoff date of January 24 provided in your formal notice, but they don’t have to. If you make a late payment outside the grace period and immediately turn around and file a claim, you can expect any insurance company to question and possibly deny the claim.
This is the biggest reason why a grace period is not meant to be a default due date—it increases the risk of letting your coverage lapse by mistake, leaving you without insurance.
What if I’m enrolled in autopay?
When you set up your policy, you can enroll in automatic payments to ensure your premiums are paid on time and your coverage doesn’t lapse. But if you need to, you can still adjust your payment plans by logging into your online account and selecting the “Postpone” option under “Automatic Payments.”
If you do not see the “Postpone” option available, you may not be eligible to delay payment. This can happen for any of these reasons:
- You have already postponed your scheduled payment.
- Geico has already processed the scheduled payment.
- The current date is not within 11 days of the payment due date.
nannettesims14, Member
@nannettesims14
I need to postpone my payment .
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