Re:Geico car insurance may no longer cover Tesla Cybertrucks
by thfuran on Monday October 07, 2024 @12:08PM
(#41767414)
In my state, you can get out of the insurance requirement by holding $30k in escrow (or at least that's what it was about ten years ago; maybe they've increased it). I guess maybe it's meant to be indicative that you could get your hands on more cash if needed, but that's basically only enough to cover a fender bender. If there's injuries or a totalled vehicle, it's likely not sufficient.
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Re:Geico car insurance may no longer cover Tesla Cybertrucks
by wl on Monday October 07, 2024 @12:18PM
(#41767560)
Are you in California? The requirement is to either a bond $35k or to carry a liability policy that covers at least $30k for death and injury and $5k for property damage, matching the deposit requirement. That will increase to $75k in 2025, which still seems far too low.
Re:Geico car insurance may no longer cover Tesla Cybertrucks
by thfuran on Monday October 07, 2024 @12:26PM
(#41767669)
I'm not. I'm surprised it's so low in CA.
Re:Geico car insurance may no longer cover Tesla Cybertrucks
by garaetjjte on Monday October 07, 2024 @09:41PM
(#41773005)
For comparison EU mandates liability policy of 1.22M euro for property damage and up to 6.07M euro for injuries. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52...
Re:Geico car insurance may no longer cover Tesla Cybertrucks
by SoftTalker on Monday October 07, 2024 @12:13PM
(#41767491)
If there's injury, $30k would only cover a day or two in the hospital, might not even cover ER expenses, as they'll be charged at list price not the "negotiated" rates insurance companies pay.
$30k is an absurdly small bond to post for self-insurance, though I'd believe that the regulations have not kept pace with reality.
Re:Geico car insurance may no longer cover Tesla Cybertrucks
by 1123581321 on Monday October 07, 2024 @01:00PM
(#41768127)
The cash rate is similar to insurance negotiated rates. Typically 25-30% off automatically, 50-100% off with a financial aid application. Doesn’t change the inadequacy of $30k medical liability in a serious wreck, but don’t think you’re stuck with list price bills if you’re hit by an underinsured driver and have no health insurance.