Geico Cybertruck insurance official update: "GEICO has coverage available nationwide for the Tesla Cybertruck"

[jerhenderson]

So the reports are just fud then?

Yup

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[Crissa]

Some people were being cancelled by Geico and told they were no longer insuring the CT. So not total FUD.

FUD doesn't mean there's not a kernel of truth or a bad experience.

It just means the Fear, Uncertainty, and Doubt was emphasized.

-Crissa

 

[OldDirtyRobot]

So basically, "news" outlets just read the forum posts here and report on it as fact.

https://www.theverge.com/2024/10/7/...-coverage-cybertruck-cancelled-dropped-policy

 

[Redfire]

GEICO definitely canceled the insurance on my Cybertruck with just 2 weeks notice. This despite having two other vehicles insured with GEICO in the state of Georgia and no accidents on either of them. So I'm clearly a low risk customer. They were perfectly happy to continue taking my money for the other vehicles, just not my Cybertruck.

I don't know what to say. You might want to look closer at your policy because I'm in Georgia and I just got coverage 3 weeks ago and still have it with GEICO.

 

[RayzorBEV]

Progressive is my go to for all my house, EVs, motorcycle coverage since 2019, when I got my 1st EV, A
a Tesla M3 DM

 

[GuyV]

Even if you believe the FUD, it's still FUD.

Some people are just more gulible than others. It's like their BS filters haven't developed fully. This was a targeted attack, designed to drum up more negative news coverage. It was obvious from the get-go.

Of course it was FUD, don't be so naive.

GEICO did not say the letters and cancellations weren't real, so there is legitimate news here that needed to be reported and sorted out. Job almost done, but still not quite completely clarified, so I'm awaiting further information on what has really been going down, definitely something.

Calling this out as just FUD is like saying reports of a hurricane heading toward Tampa Bay is FUD.

 

[Bizarrkley]

In CA... Just tried an online quote with Progressive and they said they did not have a policy for me. I tried GEICO and it was $300 more for 6 months than with the Tesla Insurance coverage I already have (which is at a higher level of coverage than GEICO).

 

[TeslaKen]

Is this where I mention that my State Farm policy is $92/mo for full coverage on my Beast? I felt like that was pretty good... includes glass breakage with $0 deductible. (I figured windshield was a big target and odds were against me)

 

[Bill906]

From the sounds of it people have been having good experiences with Progressive (as good as an experience with an insurance company can be anyway ). But I'm reposting this from the original thread so people can reply.


Is anyone having issues with Progressive? I don't have my CT yet, but plan on staying with Progressive as I have been with them for a VERY long time. (I think since 1999). I was happy to see Cybertruck was a selection when I checked to see how much more its insurance would be. I was VERY pleased to see it was only $100 more per YEAR than my Jeep Grand Cherokee. Although I may want to beef up my coverage.
The secret to Progressive (and probably others) is to call them everytime your policy is up (I'm grandfathered in on having my policies last the entire year, everyone else has a 6 month policy) and complain and talk them down. One time my monthy payment went up $20. After I called, it only went up $5.
So, how many of you are using Progressive on your CT and have you had any issues?

 

[Crissa]

GEICO did not say the letters and cancellations weren't real, so there is legitimate news here that needed to be reported and sorted out. Job almost done, but still not quite completely clarified, so I'm awaiting further information on what has really been going down, definitely something.

Calling this out as just FUD is like saying reports of a hurricane heading toward Tampa Bay is FUD.

The FUD is that GEICO is clearly not dropping the Cybertruck as policy. People are always having their policies revised, dropped, etc.

-Crissa

 

[tingmo13]

people only read headlines-we are living in Mindful-mess.

 

[smcnaughton829]

I am a Cyberbeast owner, I live in NY, I have GEICO, and they said they will NOT renew my CB insurance.
This is NOT fake news. This is happening to me. So unless GEICO changes what they said to me, I am being dropped on my renewal date.
Once I get the letter about being dropped I will post it. Until then yes I am looking for other insurance, I still have some time before my policy renews so am not in a panic. . . Yet

 

[RayzorBEV]

From the sounds of it people have been having good experiences with Progressive (as good as an experience with an insurance company can be anyway ). But I'm reposting this from the original thread so people can reply.


Is anyone having issues with Progressive? I don't have my CT yet, but plan on staying with Progressive as I have been with them for a VERY long time. (I think since 1999). I was happy to see Cybertruck was a selection when I checked to see how much more its insurance would be. I was VERY pleased to see it was only $100 more per YEAR than my Jeep Grand Cherokee. Although I may want to beef up my coverage.
The secret to Progressive (and probably others) is to call them everytime your policy is up (I'm grandfathered in on having my policies last the entire year, everyone else has a 6 month policy) and complain and talk them down. One time my monthy payment went up $20. After I called, it only went up $5.
So, how many of you are using Progressive on your CT and have you had any issues?

Progressive insured all my EVs since 2019; Polestar-2, Rivian R1T QM X2, R1S, Model 3 DM, Model Y DM MIT, Model X Plaid, Model 3 P, and the Cyberbeast. I'm a happy camper with Progressive

 

[HaulingAss]

GEICO did not say the letters and cancellations weren't real, so there is legitimate news here that needed to be reported and sorted out. Job almost done, but still not quite completely clarified, so I'm awaiting further information on what has really been going down, definitely something.

Calling this out as just FUD is like saying reports of a hurricane heading toward Tampa Bay is FUD.

FUD can originate from many sources. In this case, I suspect the FUD was created internally, within Geico. But the claim was that Geico was cancelling coverage of all Cybertruck insurance. I found one article claiming that Geico originally intended to force some customers to take out a commercial policy for Cybertrucks but they have since backtracked on that plan. The information, even from Geico is conflicting and doesn't make sense. It appears the FUD was generated internally at Geico.

In a post in a closed thread claiming Geico was cancelling all policies and not issuing new ones, I explained one possible theory of how this kind of FUD is created. Here is a more elaborate version of that theory:

It does seem like there is at least a regional manager or somebody within Geico who has it out for Tesla. But he/she might not have their job for long. Maybe they don't care because they got paid off enough to make it worth it. There are billionaires out there that absolutely HATE the level of success Elon Musk has had, it makes them feel inadequate. They are willing to pay off people, using large sums of money, to try to hit Tesla where it hurts. In this case they probably want to hit Tesla at the transition from Cybertruck reservation sales to Cybertruck sales to the general public. If they can stop sales before most people figure out what a solid truck the Cybertruck is, they probably think they can hurt Tesla enough to make their TSLA short position pay off. Or maybe they just want to exit their TSLA short position with a smaller loss.

In any case there could be economic incentive for a wealthy Tesla short-seller to pay off someone inside Geico to create exactly this kind of FUD. Even $500,000 could seem like peanuts to a billionaire that hates Musk's outside success and has cost them dearly through a poorly conceived short position. Just the satisfaction of damaging Tesla's business by creating FUD in the minds of potential Cybertruck customers could make $500,000 seem like peanuts. And maybe it could be justified in their minds as a financial investment by allowing a less expensive exit from their short position before the upcoming Autonomy Reveal Day. And even if it costs them more money than they make, the personal satisfaction of seeing the current MSN news headline probably makes them feel special or still relevant. It might be Bill Gates himself (or that Dowd dude), who knows? But the fact that Microsoft's news network was so quick to jump on this story, based on not much more than a handful of social media posts and a letter from one underwriting specialist at Geico, makes me think it may have been Bill Gates himself. He's not a good person, regardless of all of his philanthropy. He does that to bolster his reputation. When you have more than a thousand million (or muany times that), and the money is coming in faster than you can spend it, it devalues the money. Money ceases to have the same value you are or might see in $500,000. But that's enough to set off the kind of FUD chain reaction we have just witnessed.

Of course that's just a theory without any hard evidence to support who the players might be. Another theory could be just corporate incompetence. I call it incompetence because insuring Cybertrucks is a growing and profitable business. If they think the risk is higher, they just increase the insurance rates, they don't say it doesn't meet their underwriting criteria. That right there would be FUD. In my opinion, I think the average loss per Cybertruck insured is probably lower than an F-150 Raptor R. It has mostly to do with the demographics of the buyers. And I'm sure Geico has no problem insuring Raptor R's! The whole thing stinks to high heaven which is why I don't think this is a simple case of corporate incompetence, it's purposeful FUD. And now corporate Geico is doing damage control, trying to clean up the mess that someone within Geico started.

FUD takes many forms; it's all designed to create a false impression. Sometimes innocent people spread FUD, because they become the victim of the FUD. Just because I call something FUD, doesn't mean I'm necessarily accusing the person who is reporting it of being in on it, of knowing it's FUD. They might think it's true.

 

[rb92gt]

So the reports are just fud then?

Of course

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