this post was submitted on 06 Oct 2024
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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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[–] [email protected] 356 points 1 month ago (4 children)
[–] [email protected] 195 points 1 month ago (1 children)
[–] [email protected] 123 points 1 month ago (3 children)

With some rofl on the side.

[–] [email protected] 44 points 1 month ago

For Elon this means Relying On Father's Luxuries

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[–] [email protected] 184 points 1 month ago (4 children)

God, I hope other places follow. I work in insurance and not only is everything about the cybertruck an absolute fucking nightmare to source, let alone find a shop for, every single goddamn owner is like the most insufferable chod. That goes for women too. Tesla drivers could already be a problem, but the truck owners are like regular Tesla owners gone feral.

[–] [email protected] 20 points 1 month ago (20 children)

I hope other places follow

Are they actually allowed to sell these pieces of shit elsewhere?

Also is anyone else stupid enough to buy one?

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[–] [email protected] 137 points 1 month ago (17 children)

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.

Why would someone own 8 vehicles?

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!”

I can't think of a vehicle that is more likely to be a risk to others than the Cybertruck. I'm sure insurance adjusters see how people use Tesla FSD in spite of its shortcomings. The truck is heavy as hell and breaks in all sorts of ways others vehicles don't.

[–] [email protected] 123 points 1 month ago (6 children)

Also, there have been no independent crash tests done so no insurance company can accurately assess the risk, so this is wholly unsurprising.

Tesla have allegedly done their own crash tests, but they still have not released the data. It's kinda what you'd expect when a government-regulation-hating techbro designs a "I got mine fuck you" vehicle.

[–] [email protected] 32 points 1 month ago (1 children)

If Geico, and presumably soon others, are angering the chuds by refusing to insure this, independent crash tests definitely occurred and they were not favorable.

You don't have to be an obnoxious YouTuber to crash a car.

[–] [email protected] 19 points 1 month ago

If Geico, and presumably soon others, are angering the chuds by refusing to insure this, independent crash tests definitely occurred and they were not favorable.

When I said no independent crash tests had been performed, I was specifically referring to the IIHS since they're the only ones who opinion really matters and they've stated they have not tested any Cybertruck. But yes, regardless of whether Tesla's internal crash tests were performed by their staff or some other testing lab, the fact that they're sitting on the results clearly indicates that they know just how poorly the crumplezone-less sharp-edged quality-uncontrolled ketaminemobiles fare.

[–] [email protected] 19 points 1 month ago (1 children)

Ahhh, that’s a reason that makes sense. Much better than the article itself. Thanks.

[–] [email protected] 19 points 1 month ago

To be clear, I don't know if that's why GEICO is cancelling policies on Cybertrucks, but I'd bet heavily it's a contributing factor. It could be that they decided the risk was worth it, until the trucks actually started coming out and the sheer number of recalls due to shitty manufacturing was just too much.

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[–] [email protected] 62 points 1 month ago (1 children)

Why would someone own 8 vehicles?

He might be too poor to be able to afford more than that.

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[–] [email protected] 41 points 1 month ago

Why would someone own 8 vehicles?

Why does anyone have anything? If they can afford to collect the things they are interested in, they will have many of those kinds of things.

[–] [email protected] 35 points 1 month ago (1 children)

Why would someone own 8 vehicles?

Car collectors exist, and I have the impression quite a few of them are among the Cybertruck's early adopters.

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[–] [email protected] 135 points 1 month ago (6 children)

No word from the insurance company itself? This whole article seems to be based on a single tweet by a cybertruck owner. For all we know his might be modded in a way that they dropped the insurance on it.

[–] [email protected] 86 points 1 month ago* (last edited 1 month ago) (2 children)

More specifically, the only source the article even gives is a link to a reddit post with a screenshot of the tweet, of which doesn't have a direct link to the tweet. This is half assed journalism at best, considering they even quoted the original screenshot wrong.

Edit: lol they couldn't even get the person's name straight. It changed from Robert Stevenson to Anderson after the email portion. Why's this article even here?

[–] [email protected] 34 points 1 month ago (1 children)

Why’s this article even here?

Anything Elon bad = upvotes

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[–] [email protected] 23 points 1 month ago

This isn’t new. They’ve dropped cybertrucks before, and they’re not the only company to drop/straight up refuse to take them.

https://www.reddit.com/r/CyberStuck/comments/1ejtwkt/insurance_wont_cover_my_cybertruck_so_i_cant/

[–] [email protected] 18 points 1 month ago (2 children)

Everyone in here like yay truck bad, I don't give a fuck about Teslas what's fucked is goddamn insurance companies can just arbitraryly drop your coverage for no fault of your own. It should be illegal. Like sorry but you agreed to cover this, with all its flaws and took my money for years.

I really wish car/home/health insurance were just federalized. These companies are the oldest con perpetrated on the general public tbh.

[–] [email protected] 14 points 1 month ago

It's in the article, they didn't drop him during the coverage period they declined to renew.

It's perfectly fair, if you can decline to review and insure with someone else when the 6 month term is up, so can they.

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[–] [email protected] 120 points 1 month ago (5 children)

Why are insurance companies the ones making the rational decision about saying it's a dangerous piece of shit and not our transportation regulators? It needs to be banned.

[–] [email protected] 81 points 1 month ago (4 children)

I don't think insurance companies care of the trucks are dangerous per se. They care if they are expensive to repair, or prone to accidents which could attach liability to the policy holder and thereby the insurance company.

[–] [email protected] 36 points 1 month ago (1 children)

I keep telling conservatives this. It makes sense to have some form of suspicion around a message when some corporation has a profit motive behind it. For instance, climate change and companies selling solar panels (although I wish they wouldn't put SO much effort into that faint connection).

However, that also applies for the inverse - that when insurance drops coverage for Florida homes, it's because climate change is real and they know it will hurt their bottom line.

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[–] [email protected] 48 points 1 month ago

Because automobile regulation in the US is an absolute joke.

[–] [email protected] 35 points 1 month ago

Because insurance companies are filled with bean-counters (not intended as an insult, I'm a bean-counter in a different field) who want to come out ahead. That's why the Insurance Institute for Highway Safety (IIHS) exists. You'd think organization that does crash tests and promotes new technology would be a government organization, but nope, it's insurance providers that want to minimize payouts.

[–] [email protected] 24 points 1 month ago

because it aligns with their financial incentives.

[–] [email protected] 19 points 1 month ago

Go try to get insurance for a Lambo or a nice exotic.

Good luck giving that free market talk to the insurance sales guy.

[–] [email protected] 109 points 1 month ago

In before trump’s new monkey calls the Gecko a pedo

[–] [email protected] 85 points 1 month ago (1 children)

Next do lifted pickup trucks please!

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[–] [email protected] 84 points 1 month ago (4 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?

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[–] [email protected] 79 points 1 month ago* (last edited 1 week ago)
[–] [email protected] 50 points 1 month ago (31 children)

those things are very poorly made and all the most important parts are made of cheap plastic that an average person can literally rip off with his or her bare hands

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[–] [email protected] 28 points 1 month ago (13 children)

Semi-unrelated but insurance as a whole is bonkers right now and I’m not sure how much the average person knows. I work on commercial real estate. The whole industry is having to review tons of insurance waiver requests because insurance in some properties is out of control. Business either can’t get it for can’t afford it. Especially, in flood zones. I’m actually kind of worried about the damage these hurricanes are doing in the US. Not just in the lives lost, which is devastating, but also the financial damage of all the uninsured losses.

[–] [email protected] 18 points 1 month ago

Climate change is a big reason for the policy denials for property insurance. What wasn’t risky 20 years ago is much riskier today. Data doesn’t lie.

[–] [email protected] 17 points 1 month ago

If an event chance is too high the cost of insurance increase to a point where it stops making sense.

If every house in an area is 100% guaranteed to get at least one flood event over a 5 years period, that means that every 5 years the insurer need to get in enough money to rebuild all houses, so the cost of insurance will be more than 1/5th of value of a house per year (plus operating cost, profit, and so on). There's no other way, it's just maths.

Ok, the actuarial math is more complex but it boils down to getting enough cash in to pay for claims and pay the operating cost.

At a that point people need to realize that if the risk is too high they need to accept it, plan to rebuild every 5 years on their dime, or move.

Unfortunately people suck at understanding risk.

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[–] [email protected] 27 points 1 month ago

Now that little gecko who works for GEICO will probably tell you "You can save a load of money by switching to GEICO, and its so easy a caveman can do it, but we refuse to insure that abomination you call a Tesla Cybertruck that needs to be road illegal everywhere"

[–] [email protected] 19 points 1 month ago

Tesla Insurance ~~scam~~ Policy in 3..2..1..

[–] [email protected] 19 points 1 month ago (3 children)

Makes sense. It's not a truck, car or SUV, it's a cosplay vehicle. Lego vehicles from the toy store will outlast this shitshow.

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[–] [email protected] 19 points 1 month ago

“transparent metal” that breaks if it gets too hot, gets wiped with a microfiber cloth, or tapped by a wedding ring… 😂

I want to feel bad for cyber truck owners, but at the same time these problems are not new and not unknown. So if you know that something is known to have problems, and you still buy it, don’t be so shocked that it has problems for you too.

It was only a matter of time before insurance companies did something. I mean is it really that surprising that a company known for not wanting to pay out money if they can avoid it would want to not insure a rolling money pit?

[–] [email protected] 13 points 1 month ago

Hahahahahahahahahahahahaha

[–] [email protected] 12 points 1 month ago

The CyBeR-rUsT is a total piece of shit 💩

[–] [email protected] 12 points 1 month ago* (last edited 1 month ago)

As much as I want it to be true, I couldn't find the original tweet that the reddit post mentions. It's not on that users profile when looking on Nitter.

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