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GEICO Insurance Providing Financial Assistance

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Established Contributor

GEICO Insurance Providing Financial Assistance

I know GEICO Insurance may not fall under credit, but I thought during the pandemic it might help people dealing with financial difficulties. I got an email from them stating the following...

 

"To better assist those impacted by the crisis, we are pausing cancellation of coverage due to non-payment and policy expiration, effectively immediately. This pause will remain in effect through April 30, 2020. The ongoing situation impacts everyone, and we want our policy holders to have some peace of mind knowing we’ll be there when they need us most. We’re also prepared to offer maximum flexibility, including special payment plans to those who need it once normal billing operations are scheduled to resume."

 

https://www.geico.com/about/coronavirus/ 

 

Message 1 of 21
20 REPLIES 20
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Super Contributor

Re: GEICO Insurance Providing Financial Assistance

Hopefully this will spread to other Companies.

Message 2 of 21
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Established Contributor

Re: GEICO Insurance Providing Financial Assistance


@M_Smart007 wrote:

Hopefully this will spread to other Companies.


Agreed. It is nice to see them offering special repayment terms of back payments so people can get back on their feet. There are other companies dropping late fees and such, but they expect full payment the following month, along with your next payment. It will be tough for people to make double payments.

Message 3 of 21
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Frequent Contributor

Re: GEICO Insurance Providing Financial Assistance

My CU seems to be genuinely trying to be an ally to its members during all of this, but my message from Chase basically said "If you owe us a payment, make sure you pay online or over the phone so you don't have to stop in a branch and get us sick." It's nice to see a big company like Geico lending a real hand to people that need it. 


FICO 8 4/20: EX 726 TU 728 EQ 723
Message 4 of 21
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Super Contributor

Re: GEICO Insurance Providing Financial Assistance

Thank you for sharing the information!

Message 5 of 21
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Established Contributor

Re: GEICO Insurance Providing Financial Assistance

This is nice to see. Honestly, all businesses with billing should be doing this. Part of the solution, not to be part of the problem. Otherwise; don't complain when people start defaulting.. asking for bailout!

Message 6 of 21
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Community Leader
Super Contributor

Re: GEICO Insurance Providing Financial Assistance


@Ficoproblems247 wrote:

My CU seems to be genuinely trying to be an ally to its members during all of this, but my message from Chase basically said "If you owe us a payment, make sure you pay online or over the phone so you don't have to stop in a branch and get us sick." It's nice to see a big company like Geico lending a real hand to people that need it. 


They have programs, you just have to call.







Message 7 of 21
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Community Leader
Super Contributor

Re: GEICO Insurance Providing Financial Assistance


@blindambition wrote:

This is nice to see. Honestly, all businesses with billing should be doing this. Part of the solution, not to be part of the problem. Otherwise; don't complain when people start defaulting.. asking for bailout!


More likely they'll need a bailout by helping everyone as they need to operate with less money coming in.







Message 8 of 21
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Super Contributor

Re: GEICO Insurance Providing Financial Assistance

Insurance Companies have lots of Money, and will always have more coming in than going out.

Message 9 of 21
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New Member

Re: GEICO Insurance Providing Financial Assistance

AllState is also doing this. Can delay payment up to 60 days.

Message 10 of 21
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