Geico says it still offers insurance for Tesla’s Cybertruck after some customers reported being dropped by their insurance company for the expensive and unconventional electric truck.
Several owners have reported difficulties in procuring coverage for their Cybertrucks, fueling speculation that the insurance industry was refusing to write policies for the truck. The speculation reached a fever pitch this weekend when Torque News reported about a specific case of a Cybertruck owner being informed by Geico that his policy was being terminated. Several owners have posted on Reddit and the Cybertruck Owners Club forum reporting dropped coverage from Geico and State Farm.
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.
State Farm also says it continues to offer coverage for Cybertruck owners. “State Farm does insure Tesla Cybertrucks,” spokesperson Roszell Gadson said back in June when we reached out during the initial round of questions about the Cybertruck. “It is important to remember that every customer’s situation is unique and the type of vehicle a person owns is only one factor in determining eligibility for coverage.”
One owner said he received a letter from Geico informing him that the insurance company would be “unable to continue” coverage for his Cybertruck because “this type of vehicle does not meet our underwriting guidelines.”
That person said he has eight vehicles on their policy, and it’s possible other factors could have affected his eligibility. Another Cybertruck owner noted their own Geico policy says it won’t cover vehicles worth more than $100,000 (Tesla is currently only selling models that are $99,990 and up).
