Unless the auto insurance policy has some righteous liability coverage, their risk is limited. As always, premiums reflect the risk and coverage limits.
There are minimum insurance requirements if the company chooses to insure a certain line, together with financial reserve requirements. But generally, in the U.S., companies are not forced to insure a product or otherwise undertake a line of business.
Yes, you missing the fact that you live in a free country.
Yes, you missing the fact that you live in a free country.
Because your state requires insurance doesnt mean private business should be forced to insure you. Not many people will feel sorry for you and your 6 figure vehicle either. BTW - there are companies that will insure the vehicle.
Having previously worked in the insurance industry, this is what ran through my mind. Questionable cybertruck build quality aside, you'd think they would just make them outrageously expensive to insure, not just refuse to insure them. Reminds me of all the insurance companies pulling out of Florida for home insurance. Brings a whole new meaning to eliminating risk to their profits.
Respectfully, you are not making any sense. No one, at least not in the US, forces you to undertake a certain job or line of work, nor a sub-speciality within any such jobs or line of work. If you decide you want to do something - let's say dentistry - you have to pass certain requirements to make sure that your are competent and you don't injure people. That's generally how regulation works in the US. We don't force people or businesses to do things in the first instance, but if the person or business choses to do certain things, we try to have rules and requirements to make sure that they are done responsibly - so health care providers don't injure patients, so banks don't lose your money, so cars don't have defects that injure drivers and pedestrians, etc. If Geico doesn't want to insure a certain vehicle, I don't think you are going to find many people who want to force them to do so. The question to me is why would a rational business turn down a line of business - what are they seeing with these trucks that makes them unattractive to insure? Some folks above have offered good hypotheses. What is surprising to me is that they don't continue in the business but at a premium rate that makes it unlikely they will have a business - in other words offer to "insure" the vehicle, but for an annual premium equaling the current value of the vehicle. Pointless true , but then they can avoid any controversy. Kind of like when a car repair shop quotes you a ridiculous price - that is their way of saying that they don't want to deal with the customer, or the customer's car.
Except that half the drivers don't have insurance, or have too little insurance, so now your back to your uninsured / underinsured coverage paying.
We already have them... Tesla themselves sell insurance at a loss to move vehicles.
The market is likely too small and the real risk costs unknown / new - they figure its best just to steer clear.
We are talking about car insurance not jobs. You cannot legally drive a vehicle without insurance. We are all forced to buy insurance. Why is it such a hard concept to grasp?
You cannot force companies or people to undertake a business they don't want to undertake. (Although, today, with the way idiots vote, who knows?). If insurance becomes unavailable for a vehicle, you as a consumer have the ability to purchase a different car that is insurable. In this case, there are many options to insure a vehicle other than Geico, but you would force them to insure it anyway. Makes no sense to anyone who has been engaged in business, but to each his/her own.
Because, while all state governments regulate insurance companies, they do not as a general rule force them to do things that cause them to lose their (assets) on a particular product.
Lol, who forcing Geico to be an insurance company? They choose to be one, so they should be required to insurance all automobiles.
I understand that, but why is it acceptable? If I drive without insurance and get caught, I will 100% loose some of my assets.
