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

[GuyV]

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 new 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.

Sometimes Fear, Uncertainty and Doubt are warranted.

Intentionally spreading false or unsupported information to promote them is another matter, but that does not seem to have been the case here. Posting about these goings on appears to be helping to maybe get this straightened out. The GEICO response so far has been far less than transparent and definitive. I certainly hope to see more on it.

If we want a good conspiracy theory though, why not go right to the top, maybe Warren Buffet has gotten seriously pissed at Musk. ?

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[HaulingAss]

Sometimes Fear, Uncertainty and Doubt are warranted.

Intentionally spreading false or unsupported information to promote them is another matter, but that does not seem to have been the case here. Posting about these goings on appears to be helping to maybe get this straightened out. The GEICO response so far has been far less than transparent and definitive. I certainly hope to see more on it.

If we want a good conspiracy theory though, why not go right to the top, maybe Warren Buffet has gotten seriously pissed at Musk. ?

This doesn't have the fingerprints of Warren Buffet. I would suspect that dweeb O'Doud or Bill Gates well before Warren Buffet. Remember, Berkshire Hathaway owns Geico, Buffet wouldn't want to damage their own business. This has the mark of someone paying someone inside Geico to create a shitshow. Whoever did it doesn't care about Geico's well-being, they may have even been killing two birds with one stone (if the instigator owned a competing insurance company).

 

[GuyV]

This doesn't have the fingerprints of Warren Buffet. I would suspect that dweeb O'Doud or Bill Gates well before Warren Buffet. Remember, Berkshire Hathaway owns Geico, Buffet wouldn't want to damage their own business. This has the mark of someone paying someone inside Geico to create a shitshow. Whoever did it doesn't care about Geico's well-being, they may have even been killing two birds with one stone (if the instigator owned a competing insurance company).

Haha, I was joking about conspiracy theories, but I agree that kind of behavior is far more Musk's style than Buffet's, but you never know, as we get older... ?

 

[CGIIRL]

https://qz.com/tesla-cybertruck-geico-insurance-evs-elon-musk-1851666695

According to the company (statement made on Oct. 7, 2024)

“GEICO has coverage available nationwide for the Tesla Cybertruck,” the Chevy Chase, Maryland-based company told Quartz in a statement.

Geico also confirmed Cybertruck coverage to Teslarati and Seeking Alpha --

https://seekingalpha.com/news/4156696-geico-reportedly-cancels-coverage-tesla-cybertruck

https://www.teslarati.com/geico-den...bertruck-coverage-heres-what-really-happened/

No, Geico is not canceling insurance coverage for all Tesla Cybertrucks. There was some confusion after a viral post claimed that Geico would stop insuring the Cybertruck because it didn’t meet their underwriting guidelines. However, Geico clarified that they still offer Cybertruck coverage nationwide. The misunderstanding stemmed from discussions about possibly moving some owners to commercial vehicle policies based on certain factors, such as vehicle weight or repair concerns. Ultimately, Geico continues to insure the Cybertruck on a case-by-case basis  .

 

[BeFamousVideo]

https://qz.com/tesla-cybertruck-geico-insurance-evs-elon-musk-1851666695

According to the company (statement made on Oct. 7, 2024)

“GEICO has coverage available nationwide for the Tesla Cybertruck,” the Chevy Chase, Maryland-based company told Quartz in a statement.

Geico also confirmed Cybertruck coverage to Teslarati and Seeking Alpha --

https://seekingalpha.com/news/4156696-geico-reportedly-cancels-coverage-tesla-cybertruck

https://www.teslarati.com/geico-den...bertruck-coverage-heres-what-really-happened/

The MSM reminds us daily their reporting can't be trusted for just about any subject

 

[CyberGus]

"BREAKING NEWS: Insurance companies don't care about people, film at 11"

 

[smcnaughton829]

So Progressive will NOT accept the Cybertruck for NEW business. Since I have been with GEICO for years I can’t get coverage with Progressive.

 

[HaulingAss]

So Progressive will NOT accept the Cybertruck for NEW business. Since I have been with GEICO for years I can’t get coverage with Progressive.

I've never seen a business letter signed "company representative" without a printed name. It's just a scribble, very unprofessional!

Another odd thing, they call the letter a "termination" but you can't terminate someone who isn't insured yet.

 

[Vipgelsi]

I called agent today and asked what's the deal she said they did have a memo about not covering the cybertrucks in the future about a month ago. (I can confirm this as I was told this by an agent when I first got the truck she said they wouldn't let me renew but for now I was good) But the agent said just today they got an update that the cybertruck will now be covered by GEICO...

 

[LuckyStrike]

https://www.teslarati.com/geico-den...ruck-coverage-heres-what-really-happened/amp/

 

[Travis64]

They suck anyway way overpriced

 

[Mini2nut]

This fresh article claims that the CT is now uninsurable thru Geico.

https://unionrayo.com/us/tesla-model-uninsurable-geico/

 

[Coagulation]

This fresh article claims that the CT is now uninsurable thru Geico.

https://unionrayo.com/us/tesla-model-uninsurable-geico/

Regurgitated AI based article based on stale info from last week. But it will get clicks, which is its intent

 

[Kevinjbrosi]

So Progressive will NOT accept the Cybertruck for NEW business. Since I have been with GEICO for years I can’t get coverage with Progressive.

Regurgitated AI based article based on stale info from last week. But it will get clicks, which is its intent

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