Challenges and industry reactions
Tesla’s move to self-underwriting comes amid broader turbulence in the auto insurance market for some EVs. Tesla Cybertruck owner, Robert Stevenson, recently revealed that his insurer, GEICO, had refused to renew coverage for his vehicle, citing that it did not meet underwriting guidelines. “After a careful review of your policy records, we have determined that we are unable to continue your insurance coverage for the 2024 TESLA CYBERTRUCK,” GEICO stated in a letter shared by Stevenson.