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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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[–] NotMyOldRedditName@lemmy.world 84 points 3 weeks ago (2 children)

GEICO claiming this isn't true

https://www.theverge.com/2024/10/7/24264330/geico-insurance-coverage-cybertruck-cancelled-dropped-policy

"In an email to The Verge, Geico pushed back. “Geico has coverage available nationwide for the Tesla Cybertruck,” Geico spokesperson Ross Feinstein said. Feinstein did not immediately respond to follow-up questions about individual dropped policies. "

So maybe it was something VERY specific to this persons use of the truck?

[–] r914@lemmy.world 9 points 3 weeks ago (1 children)

I heard he was renting it out on Turo. That is unconfirmed. I have no source.

[–] NotMyOldRedditName@lemmy.world 10 points 3 weeks ago* (last edited 3 weeks ago) (1 children)

True or not to this specific situation, in general, that is definitely the kind of reason you might get dropped if you didn't get the proper insurance.

[–] r914@lemmy.world 2 points 3 weeks ago

Yes. If this is true the owner should be happy they did this before trying to make a claim. Often people break the terms of the insurance and then when a claim is made they are denied all coverage.

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

Thank you.

That part about how they insured his other vehicles so that PROVES this is a cyber truck-specific policy was so dumb. Insurance will deny for a million reasons or combinations of reasons.