# Fee for from RideShare Insurance



## AlexJ81 (Jul 9, 2018)

I was fed up with paying over 300 dollars per month for car insurance. On the last day of my policy thats been paid so far.I cancelled my coverage. I got a bill for 200 dollars for breaking my contract. I am so tired of giving geico my hard earned money. What would happen if I don't pay this fee? Could I be reported

I have a different insurance policy now and pay like a third of what I used to pay.


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## Uber's Guber (Oct 22, 2017)

Geico offers excellent rates for personal policies, but their ride share policies basically compare to the same rates that are charged to commercial policies.
It pays to shop around.


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## IthurstwhenIP (Jan 12, 2018)

reported? you wont get detention if thats what your asking...maybe a debt collector and crappy credit, but thats fairly FL normal


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## BigJohn (Jan 27, 2016)

AlexJ81 said:


> I was fed up with paying over 300 dollars per month for car insurance. On the last day of my policy thats been paid so far.I cancelled my coverage. I got a bill for 200 dollars for breaking my contract. I am so tired of giving geico my hard earned money. What would happen if I don't pay this fee? Could I be reported


So you signed a contract, decided to break the contract and now want to further violate what you agreed to pay? Yes, they can and will report this non-payment to the credit reporting companies in addition to putting it up for collections.


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## henrygates (Mar 29, 2018)

Wait, what? If you cancel your insurance at any time, you get a prorated refund for the remainder of the term that you've paid for. I've never heard of an early termination fee for auto insurance. $300/mo for regular insurance with a rideshare rider sounds outrageous...is this commercial insurance? Geico has always been crazy expensive IMO.

Yes you can be sent to collections. I'm totally confused why you are being charged a fee, though.


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## mikes424 (May 22, 2016)

Uber's Guber said:


> Geico offers excellent rates for personal policies, but their ride share policies basically compare to the same rates that are charged to commercial policies.
> It pays to shop around.


Not sure if I agree with you. I have Geico ride share. It runs me about $150 a year more than a personal policy.


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## BigJohn (Jan 27, 2016)

henrygates said:


> Wait, what? If you cancel your insurance at any time, you get a prorated refund for the remainder of the term that you've paid for. I've never heard of an early termination fee for auto insurance. $300/mo for regular insurance with a rideshare rider sounds outrageous...is this commercial insurance? Geico has always been crazy expensive IMO. Yes you can be sent to collections. I'm totally confused why you are being charged a fee, though.


I believe what AlexJ81 is in is a one year insurance contract that is paid over 10 months and he is cancelling before the one year. His rate that he was paying is probably based upon the one year term so by cancelling early he has to pay a early termination penalty.


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## henrygates (Mar 29, 2018)

BigJohn said:


> I believe what AlexJ81 is in is a one year insurance contract that is paid over 10 months and he is cancelling before the one year. His rate that he was paying is probably based upon the one year term so by cancelling early he has to pay a early termination penalty.


I see. I've never heard of that. I pay every 6 months and get a discount for it, but there's no contract. I've never seen an insurance company offer a contract like that.


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## BigJohn (Jan 27, 2016)

henrygates said:


> I see. I've never heard of that. I pay every 6 months and get a discount for it, but there's no contract. I've never seen an insurance company offer a contract like that.


Contract may not be the correct word, but in essence that is what it is. Insurance companies offer different term lengths and different payment options. If a person agrees to a certain term and payment option for a reduced price, but then reneges on the terms, a penalty is charged.


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## henrygates (Mar 29, 2018)

BigJohn said:


> Contract may not be the correct word, but in essence that is what it is. Insurance companies offer different term lengths and different payment options. If a person agrees to a certain term and payment option for a reduced price, but then reneges on the terms, a penalty is charged.


That's interesting. I always pay 6 months, get a discount, and if I cancel within the term, they issue me a pro-rated refund. Never heard of a cancellation fee for paying insurance in full. Maybe it's a Geico thing.


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