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Cybertruck owners are stunned as GEICO cancels policies for Tesla's 2024 model, citing non-compliance with underwriting guidelines. Frustrated drivers are now searching for insurers willing to cover their futuristic vehicles.
GEICO Cancels Cybertruck Policies, Shocks Owners
Per Notebookcheck, Cybertruck owner Robert Stevenson received notification from GEICO that his 2024 Cybertruck will no longer be covered by the insurance company in a letter.
"We are unable to insure your 2024 TESLA CYBERTRUCK because this type of vehicle doesn't meet our underwriting guidelines," GEICO stated in their statement explaining their decision.
Other Insurers Follow Suit, Leaving Drivers Scrambling
Stevenson, who has eight vehicles covered by this policy, expressed his dissatisfaction with the situation, writing, "It makes no sense as there are other riskier cars out there." He then sought advice on a different insurer, stating that he plans to cancel all of his policies with GEICO while he searches for coverage for his Cybertruck.
There have been further instances in which GEICO has declined to provide coverage for Cybertruck. While on cybertruckownersclub.com, user Pranav shared a similar incident with other users.
High Insurance Costs Lead to Canceled Orders
Just a few months after he got his Cybertruck in New York City, he says GEICO cancelled his insurance. Additionally, he adds that five insurance brokers turned him down and that, due to Tesla's resale policy, he is unable to sell or drive the vehicle.
Others who have purchased Cybertrucks have also complained about this issue, with some even going to the extreme of canceling their orders due to the high cost of insurance or the inability to obtain enough coverage.
Uncertain Future for Cybertruck Owners Seeking Coverage
Due to the fact that there is currently no comprehensive solution for the problem, prospective owners of Cybertrucks need to be aware that the amount of kilometers they drive will vary when it comes to acquiring insurance.
