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GEICO is Terminating Insurance Coverage of Tesla Cybertrucks, Says “This Type of Vehicle Doesn't Meet Our Underwriting Guidelines” (www.torquenews.com)

submitted 4 weeks ago by shoulderoforion@fedia.io to c/technology@lemmy.world

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GEICO, the second-largest vehicle insurance underwriter in the US, has decided it will no longer cover Tesla Cybertrucks. The company is terminating current Cybertruck policies and says the truck “doesn’t meet our underwriting guidelines.”

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[–] partial_accumen@lemmy.world 82 points 4 weeks ago (4 children)

I don't think insurance companies care of the trucks are dangerous per se. They care if they are expensive to repair, or prone to accidents which could attach liability to the policy holder and thereby the insurance company.

[–] Katana314@lemmy.world 36 points 4 weeks ago (1 children)

I keep telling conservatives this. It makes sense to have some form of suspicion around a message when some corporation has a profit motive behind it. For instance, climate change and companies selling solar panels (although I wish they wouldn't put SO much effort into that faint connection).

However, that also applies for the inverse - that when insurance drops coverage for Florida homes, it's because climate change is real and they know it will hurt their bottom line.

[–] piccolo@sh.itjust.works 1 points 4 weeks ago

i never understood the suspicion about companies selling solar panels... they're not snake oil, they work exactly as they are advertised. But, they allow people to be self reliant and not forced to rely on large enegry companies. It really shows where the allegiance for "conservatives" lie.

[–] catloaf@lemm.ee 19 points 4 weeks ago

Funny enough, that's exactly what the article says.

[–] Buddahriffic@lemmy.world 3 points 4 weeks ago

The extra danger to pedestrians might also affect the liability calculations.

[–] Nollij@sopuli.xyz 2 points 3 weeks ago (1 children)

The weird thing about this claim is that these aren't deal breakers. It's possible to get insurance for exotics like McLaren or Bugatti (although no idea if GEICO does those); it just costs a lot.

I'd really like to hear more about those underwriting standards.

[–] partial_accumen@lemmy.world 1 points 3 weeks ago

There probably aren't that many people using a Bugatti as a daily driver. For Cybertruck I would think there are many people using it as a daily.