Complaint Review: Geico
Geico Geico took my money North Carolina Nationwide
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I am so angry with Geico insurance and the state of North Carolina right now, here's what happened to me. I did a routine review of my auto insurance rates recently and discovered that I could save over $1000 per year by switching to Safeco. I immediately signed up and contacted Geico to cancel my existing policy.
Much to my surprise I was given mis-information by the first clerk that I spoke to. I was told to mail in my request to cancel, which I didn't need to do as stated by a second clerk a week later. The second clerk told me that all I needed to do was submit my request on their site and all would be ok. She also gave me my refund amount of $218.88.
When the actual refund came it amounted to only $89.49. I immediately called Geico to find out why the refund was so low. I was informed that the state of North Carolina allows them to take what's call a Short Rate Premium for early cancellations as well as a .431 percentage of your actual refund.
Here are my numbers: Total Amount of six month premium=$958.49 x 61% (Short Rate Premium)= $548.68 Subtract that amount from the amount actually paid: 803.48-548.68= 218.88 the actual amount of gross refund. But wait here's the kicker Geico takes another .431 (That's over 43%) from my refund as an additional penalty which amounts to $94.28. My net refund according to Geico is only $124.60. What a rip off and I plan to tell every one I know! What's even worse is that North Carolina is the only state in the Union that allows this, some politician must have some serious investments in Geico.
Cheaters, liars, thieves!
This report was posted on Ripoff Report on 06/23/2014 11:04 AM and is a permanent record located here: https://www.ripoffreport.com/reports/geico/nationwide/geico-geico-took-my-money-north-carolina-nationwide-1156819. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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