Geico announced it would stop insuring Tesla Cybertrucks?

Claim:

Since October 2024, Geico no longer insures Tesla Cybertrucks.

Rating:

On October 5, 2024, a post from a Tesla Cybertruck owner on X alleged that the Geico insurance company would no longer insure the car because it did not meet the company’s “underwriting guidelines.”

Although the original post about The claim spread on X and Reddit before being picked up by online media. Snopes received several requests asking us to verify whether Geico had informed its customers that it would no longer insure the Cybertruck.

We have found this statement to be false. A Geico company spokesperson told Snopes via email that the company had “coverage available nationwide for the Tesla Cybertruck.

The oft-maligned Cybertruck has faced significant reliability issues since its release in November 2023. According to Reuters, Tesla has issued five separate recalls for the truck in 2024. Viral videos showcasing various issues with the Cybertruck, such as this that came to a complete stop after driving through a car wash, or even worse, catastrophically catching fire after hitting a fire hydrant.

The extensive documentation of the vehicle’s reliability issues clearly led many people online to believe the story was real. And, in fact, several Cybertruck owners have complained online about how difficult it is to find insurance for the car, according to The Verge. However, that same report indicated that these individual owners may not be eligible for other reasons. As an example, some Geico policies won’t cover vehicles worth more than $100,000, which is about the same starting price as the Cybertruck.

Sources

Aregay, Tinsae. GEICO Ends Insurance Coverage for Tesla Cybertrucks, Says ‘This Vehicle Type Does Not Meet Our Underwriting Guidelines’ | Couple news. October 6, 2024, https://www.torquenews.com/11826/geico-terminating-insurance-coverage-tesla-cybertrucks-says-type-vehicle-doesnt-meet-our.

“Owner claims Geico is canceling Tesla Cybertruck policies because they don’t meet ‘underwriting guidelines’ (updated).” Jalopnik, October 7, 2024, https://jalopnik.com/geico-is-cancelling-tesla-cybertruck-policies-as-it-doe-1851666570.

Rivers, Stephen. “Tesla Cybertruck catches fire after hitting a fire hydrant and takes 90 minutes to extinguish.” Road & Track, August 30, 2024, https://www.roadandtrack.com/news/a62009993/tesla-cybertruck-fire-takes-more-than-hour-to-put-out/.

Salo, Josh Fiallo, Jackie. “GEICO Terminates Insurance for Tesla Truck Owners Due to Safety Concerns.” The Daily Beast, October 7, 2024. www.thedailybeast.com, https://www.thedailybeast.com/geico-hits-tesla-cybertruck-with-insurance-terminations-amid-recalls.

Shakir, Oumar. “Geico insists it ‘has coverage’ for Cybertruck after owners complain about policies being dropped.” The Verge, October 7, 2024, https://www.theverge.com/2024/10/7/24264330/geico-insurance-coverage-cybertruck-cancelled-dropped-policy.

“Tesla Cybertruck is no match for car washing.” Jalopnik, April 17, 2024, https://jalopnik.com/tesla-cybertruck-no-match-for-car-wash-1851417011.

“Tesla recalls more than 27,000 Cybertrucks in fifth recall this year.” Reuters, October 3, 2024. www.reuters.com, https://www.reuters.com/business/autos-transportation/tesla-recall-over-27000-cybertruck-vehicles-nhtsa-says-2024-10-03 / .