GEICO, the second-largest auto insurance company in the United States, said Tesla Cybertrucks fail its underwriting criteria.

Tesla Cybertruck owner Robert Stevenson took to social media to claim GEICO had dropped his truck from a multi-vehicle insurance policy. "@GEICO said they can no longer insure my Cybertruck," he posted on X, but added "I have eight cars with an amazing record. I will be canceling my entire GEICO policy!! Bye-bye!!

Stevenson received a letter from GEICO stating they would not renew his coverage on his 2024 Tesla Cybertruck. The letter detailed, "We are unable to insure your 2024 TESLA CYBERTRUCK because this type of vehicle doesn't meet our underwriting guidelines."

While GEICO refused to elaborate, there are a number of reasons that may be involved in this scenario. The Tesla Cybertruck is notorious for a number of issues: it has had some mechanical failures and astronomical repair costs. Some owners have been unable to open up and enter their trucks and or had breakdowns that necessitated repeated service visits.

Also, repair costs for the Cybertruck may be very high. One owner spent over $13,000 to fix a minor fender bender, and other owners have reported seeing bills for repairs of minor accidents that exceed $20,000.
An exoskeleton of 30X cold-rolled stainless steel only adds to the concern about whether or not Cybertruck construction is well-designed.

There is even speculation that Elon Musk's long-standing vendetta against Warren Buffett – who operates Berkshire Hathaway, the parent company of GEICO – might have had something to do with this. Still, impossible to tell why.