GEICO is Terminating Insurance Coverage of Tesla Cybertrucks, Says “This Type of Vehicle Doesn't Meet Our Underwriting Guidelines”
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.”
Are cybertrucks joining the same club with the Ford Pinto?
pintos were cheap to fix--when they didn't blow up or incinerate, that is. then, they were at least cheap to replace. i had one, never had issues with it, or with getting insurance for it.
teslas are expensive to fix, expensive to replace, and lead times for either is ridiculously and unacceptably long. cybertrucks would be, by far, the worst of the lot. insanely high cost-to-cover. doesn't surprise me at all that an insurer is declining to cover them.
The actuaries have spoken
The issue with the pinto was that if it got into even a slight rear end fender bender, the gas tank was likely to explode. It was a design flaw.
No the Pinto was mass produced.
I love how if they want to tow it then they need to scrape the bumper on the asphalt.
That approach and departure angle, tho. Such an amazing offroad vehicle.
Purchasing one of these pieces of shit is itself a flag on your insurance rating.
I've never heard of this actually happening before.
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.
It's called reinsurance and its a huge business.
A lot of speculation, not too many facts. Either way, fewer insurance options is yet another thing that makes these things unreasonably complicated and expensive to own.
They're the gold standard for douchebag detection, though. That's kind of helpful for all of the rest of us.