Proprietor Claims Geico Is Cancelling Tesla Cybertruck Insurance policies As It Doesn’t Meet ‘Underwriting Pointers’ [Update]

Cybertruck house owners have had fairly the yr thus far in 2024. They’ve needed to clear personal their model new vehicles themselves, confronted rusting issues introduced on by transport points and been hit with 5 remembers already. Now, house owners are reporting that every one this dangerous press has hit their insurance coverage, with some Cybertruck drivers reporting that their insurance coverage on the six-figure truck has been canceled.

Up to date Monday October 7, 2024 10:45 a.m. EST – Jalopnik acquired an announcement from Geico confirming that “some prospects might have acquired notices stating that PPA insurance coverage wouldn’t be renewed for this car.” The insurer added that it is going to be reaching out to impacted prospects.

One Cybertruck proprietor took to Reddit this weekend to report that their insurance coverage had been canceled by Geico, explains Torque Information. Robert Stevenson reportedly has a Cybertruck listed on a multi-car coverage with Geico that features eight vehicles. Nevertheless, he claims that the Cybertruck was struck from the coverage by Geico, which mentioned it was “unable to proceed your insurance coverage protection.”

In copies of a letter Stevenson says he acquired from Geico, the Cybertruck was reportedly minimize from the coverage by the Maryland-based insurer “as a result of one of these car doesn’t meet our underwriting tips.”

Stevenson doesn’t look like the primary individual to have their Cybertruck kicked off a Geico coverage, both. A fast go to to the Cybertruck House owners Membership reveals a string of different electrical pickup house owners which have run into related points insuring their angular monstrosities.

Many of the customers reporting points insuring their Cybertrucks seem to be primarily based in New York and the encompassing areas, nonetheless 2blentendre claims to have heard of comparable points affecting Cybertruck house owners as far afield as Kansas. Because the poster defined on the Cybertruck House owners Membership:

To date, I can confirm that this has occurred to three separate people in Kansas, NYC, NY State (Lengthy Island). Whereas there appear to be many extra, these are those I can personally confirm.

Additionally, while you name Geico to acquire an estimate for Cybertruck, sure supervisors and reps inform you that Cybertruck is on a restricted record. I’ve had one supervisor excerpts from the precise doc. It additionally listed vehicles like particular version Jaguars, Ferraris, and Lamborghinis.

The query is why is that this restriction instantly being triggered for some folks however not others. Is it an indication of issues to come back for everybody utilizing Geico? What about different insurance coverage firms? There are some rumors that State Farm might comply with go well with. Progressive downright REFUSES to insure any Teslas for brand new prospects in NY.

Nevertheless, different customers primarily based in locations like Florida aren’t reporting these identical points relating to masking their vehicles. Geico has remained tight lipped on the issues insuring Cybertrucks, which led some Cybertruck patrons to take to Twitter X to plead with Elon Musk for help getting protection for his or her electrical vehicles. To date, Musk hasn’t responded to the queries from his involved followers.

Geico did, nonetheless, verify that some Cybertruck house owners “might have acquired” non-renewal notices impacting protection for his or her electrical vehicles. In an announcement shared with Jalopnik, the insurer defined:

Tesla has non-public passenger car (PPA) insurance coverage obtainable for the Tesla Cyberstruck. Clients can obtain a quote immediately on GEICO.com or by contacting our workforce immediately through cellphone.

Due to its gross weight and potential challenges with elements availability for restore outlets, some prospects might have acquired notices stating that PPA insurance coverage wouldn’t be renewed for this car. Nevertheless, insurance policies for this car have at all times been obtainable by means of our industrial insurance coverage division, and now stay obtainable through PPA as properly.

GEICO shall be reaching out to any prospects who might have acquired a non-renewal discover.

Might insurance coverage points be the most recent drawback to hit Cybertruck patrons, following slippery accelerator pedals, lethal door edges and frunk openings which have a starvation for human fingers?