this post was submitted on 06 Oct 2024
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GEICO is Terminating Insurance Coverage of Tesla Cybertrucks, Says “This Type of Vehicle Doesn't Meet Our Underwriting Guidelines” (www.torquenews.com)
submitted 11 months ago by shoulderoforion@fedia.io to c/technology@lemmy.world
5 comments fedilink hide all child comments
 

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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[–] NOT_RICK@lemmy.world 0 points 11 months ago (1 children)

Lol

[–] where_am_i@sh.itjust.works -1 points 11 months ago

Elon bad, haha

Tomorrow I post Elon bad, ok?

[–] givesomefucks@lemmy.world 0 points 11 months ago (1 children)

Pretty sure they were one of the last major companies that would...

Even if warranty pays for repairs to it, if it damages anything else the insurance still has to pay.

The article mentions multiple examples of them just randomly shutting down during operation. That's already bad. But this is going to be it's first winter, it's not surprising insurers don't want to deal with it. They deal with large numbers, it's not a question of "if" like an individual owner, its "when" for the insurer

[–] danc4498@lemmy.world 0 points 11 months ago (1 children)

Class action lawsuits are gonna be a mother fucker

[–] partial_accumen@lemmy.world 1 points 11 months ago

Class action lawsuits are gonna be a mother fucker

Part of the purchase agreement of a Tesla agreeing to binding arbitration. This means no class action suit. You can opt out of this within the first 30 days, but you have to send a letter requesting it.

How many Tesla owners do you think do that?