this post was submitted on 07 Oct 2024
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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 1 month ago by dragontamer@lemmy.world to c/realtesla@lemmy.world
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[–] JustZ@lemmy.world 1 points 1 month ago (1 children)

I've never heard of this actually happening before.

[–] dragontamer@lemmy.world 3 points 1 month ago (1 children)

To be fair: I hear that most insurance companies buy a form of 'insurance insurance'.

The insurance-insurance companies are feeling the pinch from Houthis shooting at ships in the sea, Suez Canal mishaps, increased hurricanes and floods, COVID-19 premature deaths for life insurance payouts, etc. Any disaster in the world and these larger insurance-insurance companies pay out to the regular insurance companies.

And we've had a lot of issues recently.

Eventually that means that regular insurance companies (like GEICO) are seeing risks that their source of money is not as safe as it appears.

Super high end cars never were insurable. But to see it happening even at the Cybertruck price point is both an indicator of overall insurance-problems in the world plus how shitty the Cybertruck is.

[–] eramseth@lemmy.world 2 points 1 month ago* (last edited 1 month ago)

It's called reinsurance and its a huge business.