If you are insured by Geico and you are running a little behind on your premium payment, you might wonder if they have a grace period.
While insurance companies aren’t required to offer those extra days of coverage by law, most offer a 7 to 10-day timeframe for late payments.
You will be expected to pay a late fee on top of the regular premium, but if the payment is made by that cutoff date, you will be covered and your insurance will not lapse or cancel.
Making Your Payments
When you purchase Geico auto insurance coverage, the cost of your annual premium will be stated in the documents. You can either pay your insurance for the complete term of a year, or you can pay it in payments, which can be set up on the quarterly basis which is every three months or monthly.
When you set up the payments, you can set up autopay to ensure that your coverage won’t lapse and that your premiums will be paid on time. Otherwise, you will be invoiced either electronically or by mail.
The invoice will indicate your premium due date and will specify the grace period, clearly indicating that your coverage will lapse if your premium isn’t paid by the set date on the statement.
Your actual insurance policy that you purchase will also indicate the grace period. Often, the grace period is about an additional week.
Some state require by law that the insurance company send you written notice 7 to 10 days before your policy lapses, so you will have time to correct the problem.
What If I Have An Accident During The Grace Period?
If you have a crash during the Geico grace period, your damages are covered by your Geico insurance policy as they normally would be. If the accident occurs after the grace period, then you aren’t covered, and you must pay for your damages and any damages that you cause out of your pocket.
You should always pay your Geico premiums on time, because when your coverage lapses it is the same as driving without the insurance coverage that is required in your state.
Driving without insurance is costly and can end up leading to higher insurance premiums, court-imposed fines, jail time, loss of driving privileges and even get impounding of your vehicle. Insurance coverage is a requirement for drivers in 48 of the 50 states.
Consult with a Personal Injury Attorney
If you have been involved in an auto accident, consult with a personal injury attorney who is licensed in your state.
Complete the Free Case Evaluation Form on this page to have a lawyer review the details of your auto accident. Personal injury lawyers work on a contingency basis, so they aren’t paid until you are compensated for your damages.
A statute of limitations does apply, so don’t wait too long to get your claim underway. Have an attorney in your area review the details of your accident today and determine how to proceed with your claim.