this post was submitted on 06 Oct 2024
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GEICO is Terminating Insurance Coverage of Tesla Cybertrucks, Says “This Type of Vehicle Doesn't Meet Our Underwriting Guidelines” (www.torquenews.com)
submitted 1 month ago by shoulderoforion@fedia.io to c/technology@lemmy.world
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GEICO, the second-largest vehicle insurance underwriter in the US, has decided it will no longer cover Tesla Cybertrucks. The company is terminating current Cybertruck policies and says the truck “doesn’t meet our underwriting guidelines.”

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[–] n2burns@lemmy.ca 35 points 1 month ago

Because insurance companies are filled with bean-counters (not intended as an insult, I'm a bean-counter in a different field) who want to come out ahead. That's why the Insurance Institute for Highway Safety (IIHS) exists. You'd think organization that does crash tests and promotes new technology would be a government organization, but nope, it's insurance providers that want to minimize payouts.