Geico, one of the largest insurance companies in the U.S., may have added the highly anticipated Tesla Cybertruck to its “do not insure” list.
Reports from Tesla enthusiasts indicate that some Cybertruck owners have faced difficulties insuring the vehicle, with some even receiving policy non-renewal notices. This places the Cybertruck in a unique category alongside other high-end, high-risk vehicles like Lamborghinis and Bugattis. According to a Reddit user who recently attempted to insure their Tesla Cybertruck, Geico informed them that the company would not renew their policy when their current 6-month term expires.
Meanwhile, other Cybertruck owners shared their experiences, noting that while Geico did offer coverage, it came with significantly higher premiums. One user reported that their premium increased by $200 per month upon renewal, while another claimed they were quoted a staggering $3,000 for a six-month term. However, the states where these quotes were provided were not disclosed.
Earlier discussions on the Cybertruck subreddit, particularly when the first units were delivered in January, revealed that many owners were grappling with steep insurance costs. Some reported monthly premiums in the range of $200 to $400, while others faced quotes as high as $1,000 per month. These figures are drastically higher than the average monthly insurance costs for most vehicles, which typically fall below $200.
The high premiums and potential refusal of coverage from major providers like Geico raise concerns about the affordability and insurability of the Cybertruck for everyday consumers.
As one Reddit user summarized, the increased insurance costs could make the vehicle “unaffordable for the average driver.”