A Tesla Cybertruck owner reported that GEICO terminated his auto insurance policy, explaining that the vehicle did not meet the company's underwriting guidelines.
We are unable to insure your 2024 TESLA CYBERTRUCK xxxxxxx because this type of vehicle doesn't meet our underwriting guidelines.
Therefore, we must notify you as follows
ALL COVERAGE ON THE 2024 TESLA CYBERTRUCK PROVIDED BY GEICO CASUALTY COMPANY, UNDER THE ABOVE POLICY NUMBER, WILL NON-RENEW AS OF 12:01 A.M. ON xx/xx/xx.
The $100k+ DeLorean-styled electric pickup is frequently in the news due to its limitations, flaws and various mishaps, though in fairness Cybertruck ownership correlates strongly to people likely to engineer circumstances conducive to failure. This emerging risk profile and the high cost of repairs would loom large in insurers' calculations. It's on its fifth recall, writes Stephen Pereyra.
UPDATE: Jalopnik published a response from GEICO admitting that some customers received notice their insurance would not be renewed.
Jalopnik received a statement from Geico confirming that "some customers may have received notices stating that PPA insurance would not be renewed for this vehicle." The insurer added that it will be reaching out to impacted customers.
However, the company told Teslerati that it still covered the Tesla Cybertruck and offered some details on its decision-making.
"GEICO has coverage available nationwide for the Tesla Cybertruck," the company told us this morning. … GEICO then clarified to us that it has private passenger automobile insurance (PPA) available for the Cybertruck. It also has insurance policies available for the vehicle through its commercial insurance division. Tesla Cybertruck's gross weight and some potential challenges with parts availability if it were in need of repair, caused customers to receive notices that PPA insurance would not be renewed.
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.
Snopes posted a fact-check debunking the claim that Geico will no longer insure the cybertruck, without addressing GEICO's admitted termination of some customers' policies.
Previously:
• A first-hand account of how bad the Cybertruck is
• The Tesla 'Cyberbeast' is exceptionally ugly
• YouTuber notices 'one slight issue' with Cybertruck
• Cybertruck owner complains tailgate warped when payload shifted on it
• Cybertruck now almost $100k after scrapping base model and raising prices
