GEICO (apparantly) dropping Cybertruck coverage.
10-06-24 | 04:24 PM
#1
Thread Starter
Lexus Fanatic
GEICO (apparantly) dropping Cybertruck coverage.
Although it has not been set in stone, or officially announced by the company yet in public, GEICO Insurance is (apparently) no longer issuing new policies on the Tesla Cybertruck, and dropping its coverage of existing ones. The truck's engineering, unreliability, high rate of breakdowns, and the high expense of repairs is seemingly too high of a risk, and does not meet GEICO's standards or underwriting guidelines.
https://www.torquenews.com/11826/gei...%20Cybertrucks.
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.”
Robert Stevenson, a Tesla Cybertruck owner, recently revealed that GEICO is kicking out his Cybertruck from his multi-vehicle insurance policy.
In a post that was first shared on X and later reposted on Reddit, Robert writes, “@GEICO said they can no longer insure my Cybertruck.”
Robert added, “It makes no sense, as there are other, riskier cars out there. Let me know if you recommend any insurer for the truck. I have eight cars with an amazing record. I will be canceling my entire Geico policy!! Bye-bye!”
Below his post, the Cybertruck owner included the letter he received from GEICO informing him that his Cybertruck insurance policy was terminated.
Here is what the letter reads…
“2024TESLACYBERTRUCK
VIN: xxxxxxxxxxxxx
Policy Number: xxxxxxx
Dear xxxxx
We would like to thank you for choosing GEICO for your insurance needs. After a careful review of your policy records, we have determined that we are unable to continue your insurance coverage for the 2024 TESLA CYBERTRUCK.
We have taken this action for the following reason(s): 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.
We are able to continue coverage on the remaining vehicle(s) on your policy.
Your updated policy documents will follow shortly. We regret that circumstances require this action and urge you to obtain other coverage on the 2024 TESLA CYBERTRUCK prior to xx,xx, 2024.”
If you have any questions, please do not hesitate to contact us at the number below.
Many factors are likely at play when an insurance company stops covering an individual or a vehicle.
You might think the insurance company has deemed the driver unsafe because he/she has been in a lot of accidents or for some other reason; however, in Anderson’s case, he says he has an amazing record.
More importantly, Anderson has eight vehicles. GEICO is only choosing to terminate the insurance coverage from Cybertruck and is actively pursuing renewal of his vehicle coverage for the rest.
This leaves no doubt that GEICO’s issue is directly related to the Tesla Cybertruck and not to Anderson or other factors.
So what’s going on here?
As we have reported numerous times over the past few months, one possible factor might be that the Cybertruck is one of the most problem-ridden vehicles currently out on the road.
It’s common to see Cybertrucks breaking down in the middle of the street or being bricked for no apparent reason.
We’ve reported three such issues just in the past week. In one, the Cybertruck owner says that he was locked out of his truck for three weeks, unable to open the door after it got bricked for the second time.
In another story, we covered a man who says he still loves his Cybertruck despite Tesla failing to fix the issue with his truck after eight separate service visits over five months.
We’ve also reported that Tesla service technicians are awaiting upper management to issue a Cybertruck recall and refresh to address the truck's numerous issues.
A few weeks ago, we also reported about a Cybertruck owner who was left stranded in the middle of the road by his Cybertruck on four different occasions.
Tesla gave this person a brand new Cybertruck; however, the second truck also got bricked. Finally, Elon Musk had to get involved personally, instructing Tesla engineers to drill open the bricked Cybertruck to access the inside.
Many of these Cybertruck failures might have been covered by Tesla’s own warranty program; however, the Cybertruck is also beset with other issues that could frustrate the insurance companies.
Cybertruck repair cost and time
The biggest of these issues is the cost and wait time to repair a Cybertruck following a minor accident. A few months back, a Cybertruck owner shared that it cost $13,404 to fix his truck after a minor fender bender.
Other reports also show that Cybertrucks cost more than $20,000 to fix following relatively minor accidents.
Cybertruck glass
If the above wasn’t enough, there is also the issue with the Cybertruck glass. As of writing, several Cybertruck owners have reported that their “transparent metal” glass has spontaneously shattered after being left in the sun for too long.
Other Tesla Cybertruck owners have also reported that their windshields shattered into pieces after being cleaned with a microfiber cloth or a light hit by a wedding ring.
Cybertruck & stainless steel
So far, we’ve discussed issues faced by Cybertruck owners; however, the Cybertruck, due to its construction material, could also pose a risk to other road users. In this case, we are singling out the Cybertruck’s 30X cold-rolled stainless steel exoskeleton.
Over the past few months, we’ve seen several accidents, including a Cybertruck and other vehicles on the road.
In those instances, the Cybertruck emerges barely scratched while the other vehicle is totaled. We’ve reports covering Cybertruck collisions, including a Cybertruck and a Ram pickup truck, a Cybertruck and a semi-truck, and a Cybertruck and a red sedan.
There are also several run-ins between Cybertrucks and deers on the highway. We’ve covered three so far.
In all these instances, the Cybertruck has caused severe damage to other road users. Given the likelihood of Cybertrucks causing undue harm during an accident, GEICO might have thought it didn’t need the liability associated with this vehicle.
Elon Musk vs. Warren Buffett
Finally, there is also the issue of Elon Musk's animosity with Warren Buffett. GEICO is owned by Berkshire Hathaway which is in turn run by Warren Buffett.
Over the years, the two had crossed paths, especially in the late 2010s when Buffet was trying to stop Tesla’s solar deployments in Nevada.
Overall, these are all speculation. However, one thing that’s not in doubt is that GEICO doesn’t want the insurance business from a Tesla Cybertruck. Currently, we do not have any conclusive reason for that.
However, do let us know if you have any ideas. Share your thoughts by clicking the red “Add new comment” button below. Also, visit our site, torquenews.com/Tesla, regularly for the latest updates.
Image: Screenshot from Techie Dani on X
https://www.torquenews.com/11826/gei...%20Cybertrucks.
GEICO is Terminating Insurance Coverage of Tesla Cybertrucks, Says “This Type of Vehicle Doesn't Meet Our Underwriting Guidelines”
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.”
Robert Stevenson, a Tesla Cybertruck owner, recently revealed that GEICO is kicking out his Cybertruck from his multi-vehicle insurance policy.
In a post that was first shared on X and later reposted on Reddit, Robert writes, “@GEICO said they can no longer insure my Cybertruck.”
Robert added, “It makes no sense, as there are other, riskier cars out there. Let me know if you recommend any insurer for the truck. I have eight cars with an amazing record. I will be canceling my entire Geico policy!! Bye-bye!”
Below his post, the Cybertruck owner included the letter he received from GEICO informing him that his Cybertruck insurance policy was terminated.
Here is what the letter reads…
“2024TESLACYBERTRUCK
VIN: xxxxxxxxxxxxx
Policy Number: xxxxxxx
Dear xxxxx
We would like to thank you for choosing GEICO for your insurance needs. After a careful review of your policy records, we have determined that we are unable to continue your insurance coverage for the 2024 TESLA CYBERTRUCK.
We have taken this action for the following reason(s): 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.
We are able to continue coverage on the remaining vehicle(s) on your policy.
Your updated policy documents will follow shortly. We regret that circumstances require this action and urge you to obtain other coverage on the 2024 TESLA CYBERTRUCK prior to xx,xx, 2024.”
If you have any questions, please do not hesitate to contact us at the number below.
Many factors are likely at play when an insurance company stops covering an individual or a vehicle.
You might think the insurance company has deemed the driver unsafe because he/she has been in a lot of accidents or for some other reason; however, in Anderson’s case, he says he has an amazing record.
More importantly, Anderson has eight vehicles. GEICO is only choosing to terminate the insurance coverage from Cybertruck and is actively pursuing renewal of his vehicle coverage for the rest.
This leaves no doubt that GEICO’s issue is directly related to the Tesla Cybertruck and not to Anderson or other factors.
So what’s going on here?
As we have reported numerous times over the past few months, one possible factor might be that the Cybertruck is one of the most problem-ridden vehicles currently out on the road.
It’s common to see Cybertrucks breaking down in the middle of the street or being bricked for no apparent reason.
We’ve reported three such issues just in the past week. In one, the Cybertruck owner says that he was locked out of his truck for three weeks, unable to open the door after it got bricked for the second time.
In another story, we covered a man who says he still loves his Cybertruck despite Tesla failing to fix the issue with his truck after eight separate service visits over five months.
We’ve also reported that Tesla service technicians are awaiting upper management to issue a Cybertruck recall and refresh to address the truck's numerous issues.
A few weeks ago, we also reported about a Cybertruck owner who was left stranded in the middle of the road by his Cybertruck on four different occasions.
Tesla gave this person a brand new Cybertruck; however, the second truck also got bricked. Finally, Elon Musk had to get involved personally, instructing Tesla engineers to drill open the bricked Cybertruck to access the inside.
Many of these Cybertruck failures might have been covered by Tesla’s own warranty program; however, the Cybertruck is also beset with other issues that could frustrate the insurance companies.
Cybertruck repair cost and time
The biggest of these issues is the cost and wait time to repair a Cybertruck following a minor accident. A few months back, a Cybertruck owner shared that it cost $13,404 to fix his truck after a minor fender bender.
Other reports also show that Cybertrucks cost more than $20,000 to fix following relatively minor accidents.
Cybertruck glass
If the above wasn’t enough, there is also the issue with the Cybertruck glass. As of writing, several Cybertruck owners have reported that their “transparent metal” glass has spontaneously shattered after being left in the sun for too long.
Other Tesla Cybertruck owners have also reported that their windshields shattered into pieces after being cleaned with a microfiber cloth or a light hit by a wedding ring.
Cybertruck & stainless steel
So far, we’ve discussed issues faced by Cybertruck owners; however, the Cybertruck, due to its construction material, could also pose a risk to other road users. In this case, we are singling out the Cybertruck’s 30X cold-rolled stainless steel exoskeleton.
Over the past few months, we’ve seen several accidents, including a Cybertruck and other vehicles on the road.
In those instances, the Cybertruck emerges barely scratched while the other vehicle is totaled. We’ve reports covering Cybertruck collisions, including a Cybertruck and a Ram pickup truck, a Cybertruck and a semi-truck, and a Cybertruck and a red sedan.
There are also several run-ins between Cybertrucks and deers on the highway. We’ve covered three so far.
In all these instances, the Cybertruck has caused severe damage to other road users. Given the likelihood of Cybertrucks causing undue harm during an accident, GEICO might have thought it didn’t need the liability associated with this vehicle.
Elon Musk vs. Warren Buffett
Finally, there is also the issue of Elon Musk's animosity with Warren Buffett. GEICO is owned by Berkshire Hathaway which is in turn run by Warren Buffett.
Over the years, the two had crossed paths, especially in the late 2010s when Buffet was trying to stop Tesla’s solar deployments in Nevada.
Overall, these are all speculation. However, one thing that’s not in doubt is that GEICO doesn’t want the insurance business from a Tesla Cybertruck. Currently, we do not have any conclusive reason for that.
However, do let us know if you have any ideas. Share your thoughts by clicking the red “Add new comment” button below. Also, visit our site, torquenews.com/Tesla, regularly for the latest updates.
Image: Screenshot from Techie Dani on X
10-06-24 | 04:40 PM
#2
Pole Position
The bigger mystery may be how and why Mr Stevenson metamorphosed into Mr Anderson midway through that article.
10-06-24 | 05:11 PM
#3
Thread Starter
Lexus Fanatic
To be honest, there really aren't a lot of true-articles on this subject....the one from TorqueNews I posted was one of the few. Most of the references are from X (Twitter), Tesla-forums, or social-media posts. That's why I said, in my opening sentence, that it was an apparent or random drop of Cybertruck coverage......not something necessarily across the board. But, nevertheless, a lot of owners are reporting that they either HAVE lost their coverage or are being refused new/renewed policies.
10-07-24 | 10:58 AM
#5
Lexus Fanatic
@mmarshall I looked at the last 20 Tesla threads you posted every single one was negative. And every one you posted about Elon Musk was the same care to explain? Does Tesla do anything right in your mind? Anything at all?
Directly on topic the article is clickbait and false.
Despite the constantly negativity by you and many others:
Directly on topic the article is clickbait and false.
Tesla Cybertrucks are still being insured by Geico — despite claims otherwise
Geico (BRK.A) on Monday denied that it has stopped underwriting Tesla’s (TSLA) Cybertruck electric pickups after claims circulated on social media and enthusiast forums.
It all began on Friday, when apparent Cybertruck owner Robert Stevenson posted on X — the social media website owned by Tesla CEO Elon Musk — that Geico said they “can no longer insure my Cybertruck.” The X user also included a letter stating that the vehicle “doesn’t meet our underwriting guidelines,” according to Torque News.
But, according to the company, which is the third-largest provider of car insurance by market share, that’s not true.
“GEICO has coverage available nationwide for the Tesla Cybertruck,” the Chevy Chase, Maryland-based company told Quartz in a statement.
The initial claim came a day after Tesla issued its latest recall of the electric pickup due to an issue with the vehicle’s rearview camera, which was fixed through an over-the-air software update, according to the National Highway Transportation Safety Administration. That notice also revealed that 27,185 Cybertrucks are on the road, a sizable jump from the almost 11,700 units known to be sold as of June.
It all began on Friday, when apparent Cybertruck owner Robert Stevenson posted on X — the social media website owned by Tesla CEO Elon Musk — that Geico said they “can no longer insure my Cybertruck.” The X user also included a letter stating that the vehicle “doesn’t meet our underwriting guidelines,” according to Torque News.
But, according to the company, which is the third-largest provider of car insurance by market share, that’s not true.
“GEICO has coverage available nationwide for the Tesla Cybertruck,” the Chevy Chase, Maryland-based company told Quartz in a statement.
The initial claim came a day after Tesla issued its latest recall of the electric pickup due to an issue with the vehicle’s rearview camera, which was fixed through an over-the-air software update, according to the National Highway Transportation Safety Administration. That notice also revealed that 27,185 Cybertrucks are on the road, a sizable jump from the almost 11,700 units known to be sold as of June.
According to S&P Global Mobility (SPGI), 5,175 Cybertrucks were sold in July alone. That was almost enough to outsell Rivian’s (RIVN) R1T, Ford Motor’s (F) F-150 Lightning, and General Motors (GM)’ Chevy Silverado EV, GMC Sierra EV, and GMC Hummer EV pickup combined for that month, Jalopnik reported.
10-07-24 | 11:33 AM
#6
Thread Starter
Lexus Fanatic
@mmarshall I looked at the last 20 Tesla threads you posted every single one was negative. And every one you posted about Elon Musk was the same care to explain? Does Tesla do anything right in your mind? Anything at all?
Directly on topic the article is clickbait and false.
Despite the constantly negativity by you and many others:
Directly on topic the article is clickbait and false.
Tesla Cybertrucks are still being insured by Geico — despite claims otherwise
Despite the constantly negativity by you and many others:
And, to answer your question, (does Tesla do anything right?)...yes, IMO, they deserve credit for two things. First, for introducing the first mass-production of modern electric vehicles, even if that mass-production had some flaws and defects. Second, for producing a standard recharging-plug-design/hardware that the rest of the EV industry is rapidly adopting, rather then spending time and money developing their own hardware. It's somewhat like when gas stations adopted the standard fuel-nozzle designs for leaded gas, unleaded gas, and diesel fuel.
constantly negativity by you and many others:
Last edited by mmarshall; 10-07-24 at 11:53 AM.
10-07-24 | 11:42 AM
#7
Lexus Fanatic
And, to answer your question, (does Tesla do anything right?)...yes, IMO, they deserve credit for two things. First, for introducing the first mass-production of modern electric vehicles, even if that mass-production had some flaws and defects. Second, for producing a standard recharging-plug-design/hardware that the rest of the EV industry is rapidly adopting, rather then spending time and money developing their own hardware. It's somewhat like when gas stations adopted the standard fuel-nozzle designs, leaded gas, unleaded gas, and diesel fuel.
Well, by your own words, shows you I'm not alone.
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10-07-24 | 11:50 AM
#8
Thread Starter
Lexus Fanatic
Wrong. First, we all have responsibility, as CL members, to post within CL rules. Second, I did give Tesla credit for two major issues which I thought they deserved. And, though it does not directly involve Tesla, Musk also deserves credit for his Space-X contributions.
I'm not the only messenger.
And GEICO, not me, made the decision to restrict Cybertruck policies. Don't be surprised if other insurance companies follow suit.
Last, unlike some people on the forum (I won't name any names) I don't own any Tesla stock, so I'm not trying to write from a shareholder's point of view, but being more objective.
I thought you were just the messenger.
I'm not the only messenger.
And GEICO, not me, made the decision to restrict Cybertruck policies. Don't be surprised if other insurance companies follow suit.
Last, unlike some people on the forum (I won't name any names) I don't own any Tesla stock, so I'm not trying to write from a shareholder's point of view, but being more objective.
Last edited by mmarshall; 10-07-24 at 11:58 AM.
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dojoman (10-07-24)
10-07-24 | 12:34 PM
#10
This is their response to that:
"But, according to the company, which is the third-largest provider of car insurance by market share, that’s not true.
“GEICO has coverage available nationwide for the Tesla Cybertruck,” the Chevy Chase, Maryland-based company told Quartz in a statement."
Last edited by Mike728; 10-07-24 at 12:37 PM.
10-07-24 | 01:20 PM
#11
Lexus Champion
Huh?
This is their response to that:
"But, according to the company, which is the third-largest provider of car insurance by market share, that’s not true.
“GEICO has coverage available nationwide for the Tesla Cybertruck,” the Chevy Chase, Maryland-based company told Quartz in a statement."
This is their response to that:
"But, according to the company, which is the third-largest provider of car insurance by market share, that’s not true.
“GEICO has coverage available nationwide for the Tesla Cybertruck,” the Chevy Chase, Maryland-based company told Quartz in a statement."
GEICO denies dropping Tesla Cybertruck coverage: Here’s what really happened
https://www.teslarati.com/geico-deni...ally-happened/
10-07-24 | 02:01 PM
#12
Lexus Fanatic
10-07-24 | 02:09 PM
#13
Lexus Champion
At the very least @mmarshall you posted fake news. We've all done it at some point, hopefully you will admit to it and we can all move on
10-07-24 | 02:46 PM
#14
Lexus Champion
At the very least @mmarshall you posted fake news. We've all done it at some point, hopefully you will admit to it and we can all move on
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AMIRZA786 (10-07-24)
10-07-24 | 02:46 PM
#15
Lexus Fanatic
iTrader: (20)
At the very least @mmarshall you posted fake news. We've all done it at some point, hopefully you will admit to it and we can all move on
The following users liked this post:
AMIRZA786 (10-07-24)