More insurance companies are refusing coverage for the Tesla Cybertruck, citing the “high cost of replacement parts”

A few weeks ago we told the story that GEICO Ends Cybertruck Insurance Policies.

Although GEICO sent letters to Cybertruck owners explicitly informing them that their coverage “will not be renewed” and that “this type of vehicle does not meet our underwriting guidelines,” when it was informed of its actions, the insurance company However, she reacted in a typical way. in a corporate manner without confirming or denying the question.

However, an analysis of GEICO’s response that we published in full in previous articlethe conclusion is that the company has withdrawn some Cybertruck personal vehicle insurance policies; however, Cybertruck coverage is still available under the Commercial Vehicle program, which will have higher premiums.

GEICO’s evasive response at the time left many people confused as to whether insurance companies would cancel Cybertruck policies.

We have shared several stories so far Owners of cybertrucks who were denied insurance; however, for those still unconvinced, we have another story about a Cybertruck owner (Michael) who was denied coverage, and this time not by GEICO, but by a smaller insurance company.

Wisconsin resident Michael shared his story on Cybertruck Owners Club Forum. The new owner of the Cybertruck wrote about his experience under the title “Insurance Company Denied Coverage for Cybertruck (Awareness Post).”

This is what Mikhail wrote…

“I know this has been said before, but I thought it was worth mentioning again. I have auto insurance for 14 days from the date of purchase of the Cybertruck on an existing policy that also covers my home and other vehicles, so I am currently covered until Thursday.

My broker told me that they had to transfer the Cybertruck to five other carriers and he sent more than two “competitive” ones. Getting separate coverage for the Cybertruck allows me to keep my current coverage that I don’t want to give up on my other vehicles.

They sent me two carriers: Progressive and Travelers, but I’m not a big fan of those big insurance agencies; So my broker bought my policies every 6-12 months for 9 years.

Since this will be a single policy with no discount for multiple policies, I decided to ask on this forum who they have for their Cyber ​​Beasts.”

At this point, you might be wondering why exactly Michael’s insurance company refused to cover his Cybertruck, despite the fact that he already has a multi-vehicle policy with five vehicles. And fortunately, Michael addressed this issue in his post.

Continuing, he writes…

“If anyone is interested in the reason for the failure, they claim the high cost of the car and the cost of replacing parts, but I don’t really believe that because I had a McClaren on the same policy two years ago. sold it and they never had a problem with it.”

Michael’s experience is further evidence that insurance companies are not very interested in insuring Cybertrucks.

Why don’t insurance companies like the Cybertruck?

In Michael’s case, the insurance company stated that the high cost of replacing Cybertruck parts was one of the main reasons for refusing to insure his truck.

For anyone who’s been following the Cybertruck’s crashes over the past few months, this isn’t surprising at all. The Cybertruck’s maintenance problems are so well documented that they have become the butt of jokes even among current Cybertruck owners.

The joke usually goes like this: the owner of a Cybertruck gets into a small fender bender, and the comments are that the car will have to be repaired, otherwise the owner of the Cybertruck will get a small scratch, and the joke is that repairs will cost tens of thousands.

Over the past few months, we’ve covered many Cybertruck service nightmares. One example is the person who shared this Despite eight service visits, Tesla still hasn’t fixed the problem with its Cybertruck..

There is also a famous story about a Cybertruck owner who… Got stuck on the road four times because of my truck.

Tesla gave this man a replacement Cybertruck; however, its second Cybertruck failed again. Finally, Elon Musk had to personally participate in the repair of his truckand Tesla engineers were forced drill into the Cybertruck to gain access inside.

We can share countless such stories; however, the biggest indication that there is a reliability problem with the Cybertruck comes directly from Tesla employees.

Tesla service technicians say they We’re waiting for senior management to announce an official recall of the Cybertruck. to troubleshoot common truck problems.

Overall, high failure rates, low availability of parts and long repair times appear to be some of the reasons why insurance companies refuse to cover Cybertrucks.

We’ll be monitoring the Cybertruck’s insurance situation as it develops; however, until then, please let us know what you think in the comments. Share your ideas by clicking the red button “Add new commentbutton below. Also visit our website, Torturenews.com/TeslaReceive the latest updates regularly.

Image: Screenshot of Techie Dani on X

For more information check: Tesla has finally responded to the Cybertruck’s towbar controversy, saying the “11,000 lb tow rating is not absolute”

Tinsae Aregei has been following Tesla and the evolution of the electric vehicle industry on a daily basis for several years now. He covers everything Tesla, from cars to Elon Musk, the energy business, and autonomy. Follow Tinsae on Twitter at @TinsaeAregay for daily Tesla news.