This is a most excellent place for technology news and articles.
GEICO claiming this isn't true
"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. "
So maybe it was something VERY specific to this persons use of the truck?
Thank you.
That part about how they insured his other vehicles so that PROVES this is a cyber truck-specific policy was so dumb. Insurance will deny for a million reasons or combinations of reasons.
I heard he was renting it out on Turo. That is unconfirmed. I have no source.
True or not to this specific situation, in general, that is definitely the kind of reason you might get dropped if you didn't get the proper insurance.
Lol
Lmao, even
With some rofl on the side.
For Elon this means Relying On Father's Luxuries
Semi-unrelated but insurance as a whole is bonkers right now and I’m not sure how much the average person knows. I work on commercial real estate. The whole industry is having to review tons of insurance waiver requests because insurance in some properties is out of control. Business either can’t get it for can’t afford it. Especially, in flood zones. I’m actually kind of worried about the damage these hurricanes are doing in the US. Not just in the lives lost, which is devastating, but also the financial damage of all the uninsured losses.
If an event chance is too high the cost of insurance increase to a point where it stops making sense.
If every house in an area is 100% guaranteed to get at least one flood event over a 5 years period, that means that every 5 years the insurer need to get in enough money to rebuild all houses, so the cost of insurance will be more than 1/5th of value of a house per year (plus operating cost, profit, and so on). There's no other way, it's just maths.
Ok, the actuarial math is more complex but it boils down to getting enough cash in to pay for claims and pay the operating cost.
At a that point people need to realize that if the risk is too high they need to accept it, plan to rebuild every 5 years on their dime, or move.
Unfortunately people suck at understanding risk.
Climate change is a big reason for the policy denials for property insurance. What wasn’t risky 20 years ago is much riskier today. Data doesn’t lie.
Climate change is clearly a hoax, the Republicans were right all along!
/s
Sounds kind of like exactly what insurance is for? If you can't get insurance for a flood zone, then maybe there's a fucking reason for that.
The problem is people have gone and built entire cities in unsafe areas. If we were being sensible basically the entirety of Florida should not be occupied, the place is a disaster waiting to happen, or more accurately is a disaster that has already happened, but somehow nobody's learnt from it.
Sounds like their problem? I know that sounds callous, and I'm not necessarily referring to the millions of Floridians who can't afford to relocate (ideally, we'd have a functioning government that could relocate them)... But how many times does your home need to be destroyed on a bi-yearly basis before you decide to move a couple hundred miles away?
If we were being sensible basically the entirety of Florida should not be occupied
I mean... yeah.
No word from the insurance company itself? This whole article seems to be based on a single tweet by a cybertruck owner. For all we know his might be modded in a way that they dropped the insurance on it.
Yes the circle jerk on this has gone way too far.
More specifically, the only source the article even gives is a link to a reddit post with a screenshot of the tweet, of which doesn't have a direct link to the tweet. This is half assed journalism at best, considering they even quoted the original screenshot wrong.
Edit: lol they couldn't even get the person's name straight. It changed from Robert Stevenson to Anderson after the email portion. Why's this article even here?
This whole article seems to be based on a single tweet
Ah yes, news these days...
This isn’t new. They’ve dropped cybertrucks before, and they’re not the only company to drop/straight up refuse to take them.
https://www.reddit.com/r/CyberStuck/comments/1ejtwkt/insurance_wont_cover_my_cybertruck_so_i_cant/
God, I hope other places follow. I work in insurance and not only is everything about the cybertruck an absolute fucking nightmare to source, let alone find a shop for, every single goddamn owner is like the most insufferable chod. That goes for women too. Tesla drivers could already be a problem, but the truck owners are like regular Tesla owners gone feral.
False claim, debunked by snopes. Mods should consider blocking this news outlet.
https://www.snopes.com/fact-check/geico-tesla-cybertruck-coverage/
I’m waiting for any kind of sourcing of this that’s more than “a guy on Twitter shared the text of his rejection letter.”
This letter does not clarify if, as a matter of policy, all cybertruck insurance will be categorically rejected.
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
Class action lawsuits are gonna be a mother fucker
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?
That assumes the court finds that enforceable. Usually they do, but a few times recently, they've said it's not.
That's one of the nice things about the law in Quebec. Binding arbitration clauses are illegal.
More importantly, Anderson has eight vehicles. GEICO is only choosing to terminate the insurance coverage from Cybertruck and is actively pursuing renewal of his vehicle coverage for the rest. This leaves no doubt that GEICO’s issue is directly related to the Tesla Cybertruck and not to Anderson or other factors.
Why would someone own 8 vehicles?
Robert added, “It makes no sense, as there are other, riskier cars out there. Let me know if you recommend any insurer for the truck. I have eight cars with an amazing record. I will be canceling my entire Geico policy!! Bye-bye!”
I can't think of a vehicle that is more likely to be a risk to others than the Cybertruck. I'm sure insurance adjusters see how people use Tesla FSD in spite of its shortcomings. The truck is heavy as hell and breaks in all sorts of ways others vehicles don't.
Also, there have been no independent crash tests done so no insurance company can accurately assess the risk, so this is wholly unsurprising.
Tesla have allegedly done their own crash tests, but they still have not released the data. It's kinda what you'd expect when a government-regulation-hating techbro designs a "I got mine fuck you" vehicle.
If Geico, and presumably soon others, are angering the chuds by refusing to insure this, independent crash tests definitely occurred and they were not favorable.
You don't have to be an obnoxious YouTuber to crash a car.
Why would someone own 8 vehicles?
He might be too poor to be able to afford more than that.
Why would someone own 8 vehicles?
Why does anyone have anything? If they can afford to collect the things they are interested in, they will have many of those kinds of things.
Why are insurance companies the ones making the rational decision about saying it's a dangerous piece of shit and not our transportation regulators? It needs to be banned.
I don't think insurance companies care of the trucks are dangerous per se. They care if they are expensive to repair, or prone to accidents which could attach liability to the policy holder and thereby the insurance company.
I keep telling conservatives this. It makes sense to have some form of suspicion around a message when some corporation has a profit motive behind it. For instance, climate change and companies selling solar panels (although I wish they wouldn't put SO much effort into that faint connection).
However, that also applies for the inverse - that when insurance drops coverage for Florida homes, it's because climate change is real and they know it will hurt their bottom line.
Because automobile regulation in the US is an absolute joke.
Because insurance companies are filled with bean-counters (not intended as an insult, I'm a bean-counter in a different field) who want to come out ahead. That's why the Insurance Institute for Highway Safety (IIHS) exists. You'd think organization that does crash tests and promotes new technology would be a government organization, but nope, it's insurance providers that want to minimize payouts.
In before trump’s new monkey calls the Gecko a pedo
Now if they would drop giant trucks and anything lifted
Now that little gecko who works for GEICO will probably tell you "You can save a load of money by switching to GEICO, and its so easy a caveman can do it, but we refuse to insure that abomination you call a Tesla Cybertruck that needs to be road illegal everywhere"
those things are very poorly made and all the most important parts are made of cheap plastic that an average person can literally rip off with his or her bare hands
