Is GEICO pulling the plug on Tesla Cybertruck insurance?

Is GEICO pulling the plug on Tesla Cybertruck insurance? | Insurance Business America

Motor & Fleet

Is GEICO pulling the plug on Tesla Cybertruck insurance?

Owner shares insurer’s reasoning behind non-renewal

Motor & Fleet

By
Terry Gangcuangco

“This type of vehicle doesn’t meet our underwriting guidelines.”

Those were GEICO’s words in a letter made public by Tesla Cybertruck owner Robert Stevenson when he was notified of the insurer’s decision not to renew coverage for the electric vehicle.

Notably, Stevenson has seven other vehicles on his policy – all with coverage GEICO is able to provide.

“We have taken this action for the following reason(s): We are unable to insure your 2024 TESLA CYBERTRUCK xxxxxxx because this type of vehicle doesn’t meet our underwriting guidelines.”

Stevenson, who described himself as having an “amazing record,” sees the non-renewal move as a decision that “makes no sense,” adding that there are vehicles out there that he believes are riskier than his Tesla Cybertruck.

While GEICO did not elaborate on why it chose to no longer cover Stevenson’s Tesla Cybertruck, Torque News cited several issues that could have influenced the decision, including the time and costs required to get repairs done.   

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