When Will Geico Insurance Withdraw Funds From My Account?

GEICO offers a variety of flexible payment options for its insurance policies. Customers can choose to pay their insurance premium all at once or in installments. The frequency of billing depends on the payment plan chosen by the customer. GEICO offers several payment plans, including paying the full policy premium by the policy's effective date, budgeting payments over time, and paying in installments. For instance, customers can pay 50% of the total premium on the effective date and the remaining 50% two months later, or pay 25% of the premium on the effective date and the remaining 75% in three monthly installments. GEICO also provides automatic payment options, such as Electronic Funds Transfer (EFT), which deducts payments directly from the customer's bank account, and Auto Pay, which automatically withdraws payments on the due date.

GEICO's flexible payment methods

GEICO offers flexible payment methods for its customers, allowing them to pay their insurance premiums in a way that suits them best. Customers can choose from a range of payment options, including:

One-time Online Payments

Pay directly from your checking account by logging into the secure Policyholder Service Center and providing your account information. GEICO also accepts online payments via check, debit card, credit card, or Apple Pay.

Automatic Online Payments

Electronic Funds Transfer (EFT) automatically deducts payments from your checking account on the scheduled payment dates. This option is available for a reduced service fee of $1.00 in most states.

GEICO Mobile App

The GEICO Mobile app allows customers to make payments directly from their mobile devices. Apple users can also set up Siri to make payments.

Phone Pay

Customers can call GEICO's toll-free automated phone system to enter their payment information at any time of day. They can also store their account information to make future payments easier.

Bill Payer Service

Pay your GEICO bill electronically through your bank's online bill pay service.

Mail

GEICO also accepts payments by check or money order sent via mail. Customers should include their policy number on the check or money order and send it to the following address:

GEICO Insurance Remittance Center

P.O. Box 70776

Philadelphia, PA 19176-0776

Customers can choose from various payment plans, including paying in full or budgeting their payments over time in installments. GEICO's flexible payment methods ensure that customers can select the option that best suits their financial needs and preferences.

Payment plans

GEICO offers a number of flexible ways to pay your insurance bill, from paying all at once to paying in installments. Here are the payment plans available:

Pay your bill in full

You can pay the full policy premium by the policy's effective date. This option helps you avoid any installment charges.

Budget your payments over time

• Option 1: Pay 50% of the total premium on the effective date of the policy. Then, pay the remaining 50% two months later.
• Option 2: On the effective date of your policy, pay 40% of the total premium. Two additional payments of 30% each will be due one and two months after the effective date.
• Option 3: Pay 25% of your insurance premium on the date your policy becomes effective. The three remaining 25% payments will be due one, two, and three months after the effective date.
• Option 4: Make an initial payment of 25% of your total premium on the effective date of your policy. Then make four additional payments of 18.75% each month for the next four months. This option is only available for new policies.
• Option 5: If you're renewing your policy, GEICO will bill you 16.66% of the total premium one month before the effective date of the policy. Then, five additional payments of 16.67% will be due each month for the next five months.

Please note that certain payment plans may not be available in all states. If you choose to pay your premium in installments, you may be subject to an additional fee for each installment payment. The fee amount will be shown on your billing statements and is subject to change.

Payment options

GEICO offers a range of flexible payment options for its insurance policies. You can choose to pay your insurance premium all at once or in instalments. Here are the payment options in detail:

Paying in Full

The simplest option is to pay the full policy premium by the effective date of the policy. This option helps you avoid any instalment charges.

Budget Payments Over Time

You can also choose to spread out your payments over time. Here are some options:

• Pay 50% of the total premium on the effective date of the policy, and the remaining 50% two months later.
• Pay 40% of the total premium on the effective date, followed by two payments of 30% each after one month and two months, respectively.
• Pay 25% of the premium on the effective date and the remaining 75% in three equal instalments after one, two, and three months, respectively.
• For new policies only: Pay 25% initially and then four payments of 18.75% each month for the next four months.
• For renewal policies only: Pay 16.66% of the total premium one month before the effective date. Then, pay five additional monthly instalments of 16.67% each for the next five months.

Please note that certain payment plans may not be available in all states, and instalment payments may be subject to additional fees.

Payment Methods

GEICO offers various methods for you to make your insurance payments:

• Online Payments: You can pay using a check, debit card, credit card, or Apple Pay. You also have the option to store your account information online for future payments.
• GEICO Mobile App: Make payments conveniently from your mobile device using the GEICO Mobile app.
• Phone Pay: Call (800) 932-8872 and use the automated system to pay your bill. You can also store your account information for future payments.
• Bill Payer Service: Pay your GEICO bill electronically through your bank's online bill pay service.
• Mail: Send a check or money order by mail to the following address: GEICO Insurance Remittance Center P.O. Box 70776 Philadelphia, PA 19176-0776. Remember to include your policy number on the check or money order.

Auto-Pay

GEICO offers a range of flexible ways to pay your insurance bill, including Auto-Pay. Auto-Pay is a convenient payment option that automatically deducts payments from your account on the due date. This ensures that you never miss a payment and saves you the hassle of making phone calls or sending cheques.

To set up Auto-Pay, you can enrol in the Policyholder Service Centre. This allows you to have payments automatically deducted from your bank account, debit card, or credit card. By enrolling in Auto-Pay, you can take advantage of the convenience of automatic payments and never have to worry about missing a payment again.

There are several benefits to enrolling in Auto-Pay. Firstly, you will never miss a payment as long as you have sufficient funds in your account. Secondly, it eliminates the need for manual payment methods such as phone calls, cheques, or postage. Additionally, if you pay your premium in installments, setting up automatic payments using your bank account can save you money on installment fees.

When you enrol in Auto-Pay, GEICO will send you a payment schedule at each policy renewal or change, allowing you to plan your payments accordingly. It's important to note that postponing your payment may not always be an option, especially if your policy is paid in full, your due date is more than 11 days away, or your current scheduled payment has already been processed.

Billing and Payment FAQs

GEICO offers a number of flexible ways to pay your insurance bill, from paying all at once to paying in installments. You can pay your bill online, by phone, or by mail. Here are some frequently asked questions about billing and payment.

You can pay your insurance bill using a range of methods, including automatic payments, online payments, the GEICO Mobile app, phone pay, bill payer service, or by mail. With automatic payments, you can choose to have your payments withdrawn from your bank account, debit card, or credit card. Online payments can be made using a check, debit card, credit card, or Apple Pay. The GEICO Mobile app allows you to make payments from your mobile device. For phone payments, you can call (800) 932-8872 and use the automated system. You can also pay your bill electronically through your bank's online bill pay service or by mail.

You may have the ability to postpone your next scheduled payment by visiting the Billing Summary page. The "Pay Bill Later" option will be available under the Upcoming Payments section if you are eligible. However, postponement may not be available if your policy is paid in full, if your due date is more than 11 days away, if your current scheduled payment has already been processed, or if you have a pending auto pay enrollment with a one-time scheduled payment.

Yes, you can make a payment after your due date. However, please note that if your payment is not received by the scheduled due date, you may receive a cancellation notice. This notice will inform you of the last date that your payment can be accepted to keep your policy active.

Cancellation notices are sent when your payment due date has passed and the amount due has not been paid. These notices inform you of the last date that your payment can be received to avoid a lapse in your insurance coverage. A lapse in coverage can make it more difficult to obtain insurance in the future and may result in higher premiums. Your state may also impose penalties, such as fines and suspensions of your registration or driver's license.

Frequently asked questions