CHEVY CHASE, Md.--(BUSINESS WIRE)--With the economic effects of COVID-19 continuing to touch so many Americans, GEICO is extending its policy cancellation pause through May 31, 2020.
On March 20, 2020, GEICO voluntarily announced it would pause policy cancellations due to non-payment and policy expiration through April 30, 2020. The company is extending the cancellation pause to further assist customers during this period of great uncertainty.
“As an insurer, we are used to being there for our customers at difficult times,” GEICO President and CEO Todd Combs said. “Our commitment to our customers is unwavering, and we are committed to supporting them through this unprecedented crisis.”
Earlier this month, GEICO announced it was providing a 15 percent credit to its private passenger auto, motorcycle and RV policyholders, where permitted. The GEICO Giveback is applied as policies come up for renewal between April 8 and Oct 7 (or April 8, 2020, and April 7, 2021, for 12-month policies). The credit also applies to new policies purchased through Oct. 7. The company estimates the GEICO Giveback benefit to its customers will be approximately $2.5 billion.
GEICO has also committed to offering maximum flexibility to policyholders who need special payment options and adjusting policies for customers driving less because of stay-at-home directives.
GEICO (Government Employees Insurance Company), the second-largest auto insurer in the U.S., was founded in 1936 and insures more than 28 million vehicles. For more than 80 years, the company has worked to make people’s lives better by protecting policyholders against unexpected events. As GEICO has grown, it has delivered money-saving coverage and outstanding customer service to policyholders through its investment in human resources and technology. GEICO is a member of the Berkshire Hathaway family of companies and has a national workforce of more than 40,000 associates.
Homeowners, renters, condo, flood, identity theft and term life coverage are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc. Commercial auto and personal umbrella coverages are also available. Visit www.geico.com for a quote or to learn more.