Tesla Cybertruck Insurance Coverage NOT Dropped By GEICO

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The rumor swirling earlier at the moment was that GEICO had dropped Tesla Cybertruck protection. Reportedly, “the truck does not meet its underwriting standards,” Seeking Alpha summarized. The information was that GEICO would drop present protection for Cybertrucks in addition to not offering new insurance policy. Right here’s a message posted on social media by a Cybertruck proprietor who received the dangerous information from GEICO:

The one downside is: none of that is truly true. Properly, nearly none of it.

GEICO continues to be offering insurance coverage to Cybertruck homeowners. “Teslarati reached out to GEICO on Monday morning to confirm that the insurance firm is no longer covering Cybertruck. The insurance company said it still insures Cybertruck for personal and commercial uses,” Joey Klender at Teslarati writes. Protection is offered nationwide.

So, what the heck is occurring? That is what’s occurring: “Tesla Cybertruck’s gross weight and some potential challenges with parts availability if it were in need of repaircaused customers to receive notices that PPA insurance would not be renewed. However, GEICO said that it would reach out to any customers who might have received this nonrenewal notice, and Cybertruck policies have always been and still remain available.”

Attention-grabbing. For sure, the Cybertruck … shouldn’t be regular. If a Cybertruck will get into an accident or has a difficulty that ropes within the insurance coverage firm, I think about the prices of restore and delays getting repairs could be fairly excessive. No conventional auto restore store goes to have the ability to make it easier to, and Tesla is struggling to ramp up manufacturing, so who is aware of if the elements you want might be obtainable anytime quickly. Moreover, the Cybertruck clearly requires some distinctive and pinpoint manufacturing work to construct, and re-building a part of a truck could possibly be difficult or could possibly be put behind a protracted queue. We’ll see what comes of this, however it seems that a few of these points triggered an automated change in GEICO’s system that led to the preliminary letters being despatched out. Whereas we’ve now realized that Cybertruck homeowners can nonetheless get (and maintain) insurance coverage from GEICO, one has to surprise if Cybertruck insurance coverage prices are going to go increased. We’ll see.

In fact, as any new mannequin ramps up, manufacturing turns into cheaper and simpler, and repairs additionally develop into cheaper and simpler in time. One would assume this might even be the case with the Cybertruck. Nonetheless, once more, as a result of it’s such an uncommon car, we’ve to attend to see how issues progress on this regard, and what meaning for insurance coverage protection and prices.

For now, although, no have to panic. Any Cybertruck homeowners right here have any additional information to share relating to Cybertruck insurance coverage?