Author Topic: GEICO cuts coverage for Cybertruck  (Read 4021 times)

crocheted_stache

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GEICO cuts coverage for Cybertruck
« on: October 06, 2024, 06:56:44 PM »
“This Type of Vehicle Doesn't Meet Our Underwriting Guidelines”

GEICO did not say more about why, but the article speculates and chronicles some of the most dramatic failures.

https://www.torquenews.com/11826/geico-terminating-insurance-coverage-tesla-cybertrucks-says-type-vehicle-doesnt-meet-our

GilesMM

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Re: GEICO cuts coverage for Cybertruck
« Reply #1 on: October 06, 2024, 08:46:50 PM »
My spouse, not a car person, spotted a Cybertruck in a nearby driveway and remarked to me "I think one of our crazy neighbors has welded together a truck in his garage - it looks horrible."

cpa cat

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Re: GEICO cuts coverage for Cybertruck
« Reply #2 on: October 06, 2024, 09:00:07 PM »
They always look filthy. Like an old stainless steel fridge in a house full of toddlers. How did that finish make it through quality control?

Dancin'Dog

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Re: GEICO cuts coverage for Cybertruck
« Reply #3 on: October 07, 2024, 06:22:41 AM »
What type of customer is purchasing these?

AMandM

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Re: GEICO cuts coverage for Cybertruck
« Reply #4 on: October 07, 2024, 06:49:09 AM »
What type of customer is purchasing these?
In my neighbourhood, a real estate agent. He has wrapped the bad fridge finish with ads showing his face and large graphics exhorting people to buy and sell with him. The graphics are orange and red and from a distance the truck looks like an angular fire.

sonofsven

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Re: GEICO cuts coverage for Cybertruck
« Reply #5 on: October 07, 2024, 07:40:19 AM »
They always look filthy. Like an old stainless steel fridge in a house full of toddlers. How did that finish make it through quality control?
Basically, Elon let Joe Rogan shoot an arrow at it and the die was cast.

Laura33

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Re: GEICO cuts coverage for Cybertruck
« Reply #6 on: October 07, 2024, 07:46:35 AM »
What type of customer is purchasing these?
In my neighbourhood, a real estate agent. He has wrapped the bad fridge finish with ads showing his face and large graphics exhorting people to buy and sell with him. The graphics are orange and red and from a distance the truck looks like an angular fire.

Leaning into the mobile dumpster fire that it is. . . . 

Morning Glory

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Re: GEICO cuts coverage for Cybertruck
« Reply #7 on: October 07, 2024, 07:47:42 AM »
What type of customer is purchasing these?
In my neighbourhood, a real estate agent. He has wrapped the bad fridge finish with ads showing his face and large graphics exhorting people to buy and sell with him. The graphics are orange and red and from a distance the truck looks like an angular fire.

Ha. They are even shaped a bit like upside-down dumpsters.

Psychstache

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Re: GEICO cuts coverage for Cybertruck
« Reply #8 on: October 07, 2024, 08:01:26 AM »
My spouse, not a car person, spotted a Cybertruck in a nearby driveway and remarked to me "I think one of our crazy neighbors has welded together a truck in his garage - it looks horrible."

My nephew called it a Minecraft car.

spartana

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Re: GEICO cuts coverage for Cybertruck
« Reply #9 on: October 07, 2024, 08:49:09 AM »
What type of customer is purchasing these?
In my neighbourhood, a real estate agent. He has wrapped the bad fridge finish with ads showing his face and large graphics exhorting people to buy and sell with him. The graphics are orange and red and from a distance the truck looks like an angular fire.
There's a lot of cyber trucks in my area and many of them are wrapped in some wild and crazy ways (which often make them look much better then "smuggy stainless steel"). Lots of business advertisements but mostly just personalized wraps that are really...er...interesting.

Maybe Elon Musk will start his own.insurance company for everyone who buys a cyber truck and puts a wrap with his face on it (yes that wrap exists!)
« Last Edit: October 07, 2024, 08:53:15 AM by spartana »

Morning Glory

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Re: GEICO cuts coverage for Cybertruck
« Reply #10 on: October 07, 2024, 10:48:32 AM »
What type of customer is purchasing these?
In my neighbourhood, a real estate agent. He has wrapped the bad fridge finish with ads showing his face and large graphics exhorting people to buy and sell with him. The graphics are orange and red and from a distance the truck looks like an angular fire.
There's a lot of cyber trucks in my area and many of them are wrapped in some wild and crazy ways (which often make them look much better then "smuggy stainless steel"). Lots of business advertisements but mostly just personalized wraps that are really...er...interesting.

Maybe Elon Musk will start his own.insurance company for everyone who buys a cyber truck and puts a wrap with his face on it (yes that wrap exists!)
At least his head isn't photoshopped onto a bodybuilder...yet.

ChpBstrd

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Re: GEICO cuts coverage for Cybertruck
« Reply #11 on: October 07, 2024, 11:56:47 AM »
I link this thread to the "Coastal Cities are a Hidden Time Bomb" thread in the sense that in both cases, things were built in such a way that insurance companies won't cover them.

A stick house on a beach is related to a low-reliability "truck" that cannot be economically repaired. Either construction represents a high probability of loss to an insurance company. Eventually that probability rises so high that it is uneconomical to cover the thing, as there is no path to profitability for an insurance company. If they throw out an appropriately high bid based on actuarial data, they simply won't get any business and will have wasted time on the quotes and actuarial legwork. It's more profitable to just walk away from these policies, because customers cannot afford them.

Insurance companies ate / subsidized losses for these sorts of properties for a long time, but the recent outbreak of inflation plus decimation of their bond portfolios in 2022 changed the calculus.

As with coastal real estate, the market solution is either for prices to fall or for us to start building things differently. Insurance costs may become the bulk of the property's / car's expenses, but unaffordability is not an option. The insurance companies cannot eat losses forever.

Metalcat

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Re: GEICO cuts coverage for Cybertruck
« Reply #12 on: October 07, 2024, 12:18:34 PM »
Am I creating a false memory, or do I recall Musk once talking about starting an insurance company for Tesla's??

Or am I remembering a previous thread where someone posted that he could do that???

I swear I remember this previously being discussed...

Daley

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Re: GEICO cuts coverage for Cybertruck
« Reply #13 on: October 07, 2024, 12:23:41 PM »
Am I creating a false memory, or do I recall Musk once talking about starting an insurance company for Tesla's??

Or am I remembering a previous thread where someone posted that he could do that???

I swear I remember this previously being discussed...

Dunno about here, but Reuters certainly talked a lot about its efforts and unsurprising failures last November.

GuitarStv

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Re: GEICO cuts coverage for Cybertruck
« Reply #14 on: October 07, 2024, 12:39:57 PM »
They always look filthy. Like an old stainless steel fridge in a house full of toddlers. How did that finish make it through quality control?
Basically, Elon let Joe Rogan shoot an arrow at it and the die was cast.

hahahahahahaha

crocheted_stache

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Re: GEICO cuts coverage for Cybertruck
« Reply #15 on: October 09, 2024, 12:29:17 AM »
What type of customer is purchasing these?

More than one of my coworkers, apparently.

I've always thought that if I had that kind of money to spare, that it would be better to put it toward any of the assorted worthy charities than hyper-conspicuous resource extraction.

I've been resisting the urge to call them aloud some of the derisive names the Internet has come up with for them. Wank-panzer. Incel Camino. Deplorean.

Anyone whose ego needs that much armor might not see the humor.

nessness

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Re: GEICO cuts coverage for Cybertruck
« Reply #16 on: October 12, 2024, 06:20:00 AM »

neo von retorch

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Re: GEICO cuts coverage for Cybertruck
« Reply #17 on: October 12, 2024, 08:24:28 AM »
The story is misleading; not all Cybertruck insurance has been dropped by GEICO, but there have been multiple reports on Tesla forums.

There's definitely a risk of losing coverage.

Tesla does offer expensive insurance in some states, and Tesla forum members talk about it in depth, many switching to it after having few alternatives.

So it's not a non-story, but there's too much extrapolation from a few anecdotes.

41_swish

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Re: GEICO cuts coverage for Cybertruck
« Reply #18 on: November 26, 2024, 09:54:32 PM »
I didn't know you could buy car insurance for a refrigerator.

Laura33

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Re: GEICO cuts coverage for Cybertruck
« Reply #19 on: November 27, 2024, 09:04:57 AM »
I saw one of these in a parking lot last night, in the stealth-bomber matte black.  It seriously looked like a hole had been ripped in the fabric of the universe; the (lack of) color and jagged shape out of the corner of my eye just did not compute in my brain to any known object.

Really, truly hideous.  Like some giant dropped its Lego into the parking lot. 

lhamo

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Re: GEICO cuts coverage for Cybertruck
« Reply #20 on: November 27, 2024, 09:47:08 AM »
To me they look like somebody lobbed a really poorly drawn origami diagram into a manufacturing plant and said "GO!"

FINate

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Re: GEICO cuts coverage for Cybertruck
« Reply #21 on: November 27, 2024, 09:54:50 AM »
We were starting to see Cybertrucks around town over the summer. They look even worse in person. Every single one was a mess of smudges, wavy surfaces, and poor body panel alignment. The last one I saw was pulling into a strip club (very incel), and that was a couple months ago.

Seems these are no longer a status symbol now that there's no wait list and the novelty has faded.

Dicey

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Re: GEICO cuts coverage for Cybertruck
« Reply #22 on: November 27, 2024, 10:06:51 AM »
I agree that they are laughably ugly and I don't like supporting Musk. However, a friend's spouse bought one. I was so shocked when I saw it, I couldn't think of anything to say. I finally asked him what it looks like inside, and I have to admit, it's very cool. Definitely gives off spaceship/master of the universe vibes. Now when I see one, I visualize the cockpit. I still don't like Musk...

spartana

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Re: GEICO cuts coverage for Cybertruck
« Reply #23 on: November 27, 2024, 07:51:13 PM »
What type of customer is purchasing these?
In my neighbourhood, a real estate agent. He has wrapped the bad fridge finish with ads showing his face and large graphics exhorting people to buy and sell with him. The graphics are orange and red and from a distance the truck looks like an angular fire.
There's a lot of cyber trucks in my area and many of them are wrapped in some wild and crazy ways (which often make them look much better then "smuggy stainless steel"). Lots of business advertisements but mostly just personalized wraps that are really...er...interesting.

Maybe Elon Musk will start his own.insurance company for everyone who buys a cyber truck and puts a wrap with his face on it (yes that wrap exists!)
At least his head isn't photoshopped onto a bodybuilder...yet.
That will be the new Cybertruck wrap except it'll be Trump's head photoshopped onto a body builder...or maybe on to Putin's bare chest horsey ride from awhile ago

iris lily

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Re: GEICO cuts coverage for Cybertruck
« Reply #24 on: December 02, 2024, 08:31:34 AM »
We were starting to see Cybertrucks around town over the summer. They look even worse in person. Every single one was a mess of smudges, wavy surfaces, and poor body panel alignment. The last one I saw was pulling into a strip club (very incel), and that was a couple months ago.

Seems these are no longer a status symbol now that there's no wait list and the novelty has faded.

I have a photo somewhere of a group of Cyber trucks gathered together in a St. Louis parking lot. With that sight you can almost hear the disjointed booming techno music signaling they are there to fight the alien invasion.

Our neighbor has one and it is weird when it comes upon you at night, head on, just wrird.