Owner Claims Geico Is Cancelling Tesla Cybertruck Policies As It Doesn’t Meet ‘Underwriting Guidelines’ [Update]

Cybertruck owners have had quite the year so far in 2024. They’ve had to clean own their brand new cars themselves, faced rusting problems brought on by transport issues and been hit with five recalls already. Now, owners are reporting that all this bad press has hit their insurance, with some Cybertruck drivers reporting that their insurance on the six-figure truck has been canceled.

Updated Monday October 7, 2024 10:45 a.m. EST – Jalopnik received a statement from Geico confirming that “some customers may have received notices stating that PPA insurance would not be renewed for this vehicle.” The insurer added that it will be reaching out to impacted customers.

One Cybertruck owner took to Reddit this weekend to report that their insurance had been canceled by Geico, explains Torque News. Robert Stevenson reportedly has a Cybertruck listed on a multi-car policy with Geico that includes eight cars. However, he claims that the Cybertruck was struck from the policy by Geico, which said it was “unable to continue your insurance coverage.”

In copies of a letter Stevenson says he received from Geico, the Cybertruck was reportedly cut from the policy by the Maryland-based insurer “because this type of vehicle doesn’t meet our underwriting guidelines.”

Stevenson doesn’t appear to be the first person to have their Cybertruck kicked off a Geico policy, either. A quick visit to the Cybertruck Owners Club reveals a string of other electric pickup owners that have run into similar issues insuring their angular monstrosities.

Most of the users reporting issues insuring their Cybertrucks appear to be based in New York and the surrounding areas, however 2blentendre claims to have heard of similar issues affecting Cybertruck owners as far afield as Kansas. As the poster explained on the Cybertruck Owners Club:

So far, I can verify that this has happened to 3 separate individuals in Kansas, NYC, NY State (Long Island). While there seem to be many more, these are the ones I can personally verify.

Also, when you call Geico to obtain an estimate for Cybertruck, certain supervisors and reps tell you that Cybertruck is on a restricted list. I’ve had one supervisor excerpts from the actual document. It also listed cars like special edition Jaguars, Ferraris, and Lamborghinis.

The question is why is this restriction suddenly being triggered for some people but not others. Is it a sign of things to come for everyone using Geico? What about other insurance companies? There are some rumors that State Farm may follow suit. Progressive downright REFUSES to insure any Teslas for new customers in NY.

However, other users based in places like Florida aren’t reporting these same issues when it comes to covering their trucks. Geico has remained tight lipped on the problems insuring Cybertrucks, which led some Cybertruck buyers to take to Twitter X to plead with Elon Musk for assistance getting coverage for their electric trucks. So far, Musk hasn’t responded to the queries from his concerned fans.

Geico did, however, confirm that some Cybertruck owners “may have received” non-renewal notices impacting coverage for their electric trucks. In a statement shared with Jalopnik, the insurer explained:

Tesla has private passenger automobile (PPA) insurance available for the Tesla Cyberstruck. Customers can receive a quote directly on GEICO.com or by contacting our team directly via phone.

Because of its gross weight and potential challenges with parts availability for repair shops, some customers may have received notices stating that PPA insurance would not be renewed for this vehicle. However, policies for this vehicle have always been available through our commercial insurance division, and now remain available via PPA as well.

GEICO will be reaching out to any customers who may have received a non-renewal notice.

Could insurance issues be the latest problem to hit Cybertruck buyers, following slippery accelerator pedals, deadly door edges and frunk openings that have a hunger for human fingers?