False claim, debunked by snopes. Mods should consider blocking this news outlet.
https://www.snopes.com/fact-check/geico-tesla-cybertruck-coverage/
This is a most excellent place for technology news and articles.
False claim, debunked by snopes. Mods should consider blocking this news outlet.
https://www.snopes.com/fact-check/geico-tesla-cybertruck-coverage/
Semi-unrelated but insurance as a whole is bonkers right now and I’m not sure how much the average person knows. I work on commercial real estate. The whole industry is having to review tons of insurance waiver requests because insurance in some properties is out of control. Business either can’t get it for can’t afford it. Especially, in flood zones. I’m actually kind of worried about the damage these hurricanes are doing in the US. Not just in the lives lost, which is devastating, but also the financial damage of all the uninsured losses.
If an event chance is too high the cost of insurance increase to a point where it stops making sense.
If every house in an area is 100% guaranteed to get at least one flood event over a 5 years period, that means that every 5 years the insurer need to get in enough money to rebuild all houses, so the cost of insurance will be more than 1/5th of value of a house per year (plus operating cost, profit, and so on). There's no other way, it's just maths.
Ok, the actuarial math is more complex but it boils down to getting enough cash in to pay for claims and pay the operating cost.
At a that point people need to realize that if the risk is too high they need to accept it, plan to rebuild every 5 years on their dime, or move.
Unfortunately people suck at understanding risk.
Climate change is clearly a hoax, the Republicans were right all along!
/s
Sounds kind of like exactly what insurance is for? If you can't get insurance for a flood zone, then maybe there's a fucking reason for that.
I agree! And, I know government was bailing these people out for a long time, which just makes them double down. I’m not worried about those people. I’m worried about the ones that don’t want to be there and can’t afford to relocate, or for some and even worse, evacuate.
The problem is people have gone and built entire cities in unsafe areas. If we were being sensible basically the entirety of Florida should not be occupied, the place is a disaster waiting to happen, or more accurately is a disaster that has already happened, but somehow nobody's learnt from it.
Generally speaking, every house in Florida didn't need to be replaced every five years.
Climate change is a big reason for the policy denials for property insurance. What wasn’t risky 20 years ago is much riskier today. Data doesn’t lie.
That's not bonkers that's sanity. If you want to build your house in front of a dike don't expect to get insurance. The trick is to build in a place where there's a risk, not certainty, of damage.
It's absolutely bonkers. I don't get how Americans can build houses in leopard enclosures and then act all surprised when, inevitably, their faces get eaten. I know you're a settler country with little connection to the land but it's been long enough to know which parts get flooded and which don't, now hasn't it. Around here you don't even get building permits for lots of stuff in places even if you were willing to take on all financial risk yourself because it'd put unconscionable load on disaster relief, and thereby society at large.
So, there's two ways to go from where you are: a) Double-down on being Yanks and say "fuck you got mine sucks to be you", abolish disaster relief and let those rugged individuals fend for themselves, or b) fucking build where it fucking makes sense. It's not like you're Singapore or something, you've got more than enough land.
So I had to look online because I don't know where it is and North Carolina is nowhere near a coastline, so I'm not sure how much the people who live there are to blame.
I don't know where you got North Carolina from, I was speaking in general. Also the place has plenty of coastline. Also you don't need to live near the coast to live in a flood area, plenty of rivers that can and do flood. In mountainous regions it's not about building on the right side of the dike, but not at the bottom of the valley, and in the places in between it's about... well, it's usually not really about not building in one particular place, but making sure that there's areas that you can flood to protect areas you want to keep dry. Much cheaper to pay off a farmer for a lost harvest and cleanup than half a million people for losing their homes.
North Carolina has a coastline though. Granted the issue this time was that the storm came in from the southwest and hit communities that were completely unprepared for the heavy rain, high winds and flash floods
You’re telling me. I just started a small construction company on the side and have to do it uninsured because it cost at a minimum $4,000 a year just for liability. Seems ridiculous
Edit: I’m in Iowa too so clearly away from any possible large disasters. I know liability insurance is different from homeowners but I think it having a large effect on insurance as a whole. Also when the derecho went though Iowa, everyone and their brother apparently became a contractor and collected insurance money and that ruined it for a lot of other people.
GEICO claiming this isn't true
"In an email to The Verge, Geico pushed back. “Geico has coverage available nationwide for the Tesla Cybertruck,” Geico spokesperson Ross Feinstein said. Feinstein did not immediately respond to follow-up questions about individual dropped policies. "
So maybe it was something VERY specific to this persons use of the truck?
I heard he was renting it out on Turo. That is unconfirmed. I have no source.
True or not to this specific situation, in general, that is definitely the kind of reason you might get dropped if you didn't get the proper insurance.
Yes. If this is true the owner should be happy they did this before trying to make a claim. Often people break the terms of the insurance and then when a claim is made they are denied all coverage.
No word from the insurance company itself? This whole article seems to be based on a single tweet by a cybertruck owner. For all we know his might be modded in a way that they dropped the insurance on it.
More specifically, the only source the article even gives is a link to a reddit post with a screenshot of the tweet, of which doesn't have a direct link to the tweet. This is half assed journalism at best, considering they even quoted the original screenshot wrong.
Edit: lol they couldn't even get the person's name straight. It changed from Robert Stevenson to Anderson after the email portion. Why's this article even here?
Warren Buffet refuses to insure Elon Musk
aka the battle of geriatric nepo babies
There's an odd trend of labeling everyone with even the slightest advantage a, "nepo baby".
Nepotism is when you give friends or relatives special consideration for jobs or positions. As far as I know the only job Buffet ever had from a relative was working in his grandfather's grocery store. The closets I could find for Elon Musk was that he started one of his companies with his brother.
Elon's father was an engineer. That certainly put him in a comfortable position, particularly as a white engineer in South Africa but it definitely doesn't get you recognition from old money families. Buffet went to public school.
They both had advantages growing up but if we expand nepotism to include people like that, it becomes a pretty meaningless term.
🤡
Wait, how is Warren Buffett nepotistic? He's giving the vast majority of his wealth to charity. He gave his kids each $17.5M to start their organizations, and then donated like $5B total to their organizations once they proved their management skills. But he pledged to give away most of the rest (almost $100B), and has already given away about $50B (latest pledge is 99% of his assets).
I really don't see him as nepotistic, he's pretty much the best kind of billionaire.
Buffett himself is a nepo-baby. His father was a congressman who's connections were very helpful when starting out in business and investing.
Sure it isn't Emerald mine money, but you can't tell me being the son of a 4-term congressman didn't give him a leg up.
Warren buffet is literally a senator's son... CCR has a song on the topic ;)
He gave his kids each $17.5M to start their organizations, and then donated like $5B total to their organizations once they proved their management skills.
Literally this what nepotism looks like... 17m is prolly just enough not to get eaten by estate tax.
You are confusing estate planning with charity.
But he pledged to give away most of the rest (almost $100B), and has already given away about $50B (latest pledge is 99% of his assets).
Without reviewing the structures, this is just a trust me bro
Use some critical thinking? And a bigger question why are you worshiping some gereatric nepo baby enough to try to defend him with propaganda that he paid a lot of money to get into your head.
Now that little gecko who works for GEICO will probably tell you "You can save a load of money by switching to GEICO, and its so easy a caveman can do it, but we refuse to insure that abomination you call a Tesla Cybertruck that needs to be road illegal everywhere"