Cybertruck owner loses GEICO insurance after company says it does not qualify for coverage

From loose aluminum panels to a frunk that poses a risk to users and a host of visibility issues, the Cybertruck has been recalled five times since its release in 2023. Unfortunately for Cybertruck owners, insurers are taking notice of all of these shortcomings and the general unreliability of the vehicle and are beginning to refuse coverage for the truck. That is at least the unfortunate case for one Cybertruck owner who shared a letter he received from GEICO about his policy. 

In a letter from GEICO, Cybertruck owner Robert Stevenson was told by the insurer that his 2024 Cybertruck would lose its coverage. GEICO gave the following statement as the reason behind the decision: “We are unable to insure your 2024 TESLA CYBERTRUCK because this type of vehicle doesn’t meet our underwriting guidelines.” In response, Stevenson, who has eight vehicles under this policy, wrote, “It makes no sense as there are other riskier cars out there” and asked for recommendations on a different insurer as he will be canceling the GEICO policy for all of his vehicles as he tries to find coverage for his Cybertruck. 

There are other cases in which GEICO refused coverage for Cybertrucks. User Pranav shared a similar experience on cybertruckownersclub.com. After receiving his Cybertruck in NYC, he claims that GEICO dropped his policy after only a few months of owning the vehicle. He also states that he was rejected by over five insurance brokers and is in a situation where he can’t drive the vehicle or sell it because of Tesla's resale policy. Other Cybertruck owners have reported encountering the same problem, going as far as canceling their Cybertruck orders because they cannot find coverage, or if they do, the monthly insurance payment is more than the payment for the truck.

Currently, there is no sweeping solution for the issue, so prospective Cybertruck owners must understand that their mileage will vary when finding insurance. Please visit the resources below for more information on the Cybertruck and owner experiences.