Car insurance these days can be a tricky thing. Drivers of electric vehicle giant Tesla’s (TSLA) offerings are discovering that much for themselves. Apparently, drivers are seeing more canceled policies of late, pretty much because they drive a Tesla. This is particularly true for Cybertruck drivers. In spite of this, shareholders still bumped up Tesla stock modestly in Monday afternoon’s trading.

Elevate Your Investing Strategy:

• Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

The insurance companies, reports note, are not canceling policies because the vehicles are unsafe or because they are frequently stolen. Rather, the companies are canceling policies because Cybertrucks are getting increasingly difficult to fix. Tesla is selling fewer and fewer of these trucks every year, with the second quarter of this year alone seeing just 4,306 Cybertrucks sold.

With so few Cybertrucks being sold, one insurance company—Hanover Insurance (THG)—noted that the company was “…unable to adequately rate and underwrite the vehicle…” due to limited production. Worse yet, Hanover noted, “…its design represents a unique challenge, as it poses an extraordinary expense for repair or replacement under comprehensive or collision coverage.” So Hanover told its clients that the only way to keep the policy would be to remove the Cybertruck from it. Without insurance, Cybertrucks effectively become illegal to drive in the United States except in a handful of cases. While this certainly has not happened yet, if enough insurance companies follow Hanover’s lead, the end result becomes clear.

Help Wanted: Self-Driving Car Drivers

Meanwhile, news slipped out about Tesla’s plans to bring robotaxis to New York. Tesla is currently hiring for “Vehicle Operator, Autopilot,” with openings in California, Florida, New York City, and Texas. The New York gig even offered some specifics. There are three shifts available: morning, afternoon, and night, with two pay bands under “expected compensation.” The pay range, depending on band, starts at $25.25 an hour and tops out at $30.60 an hour, with healthcare, retirement, a stock purchase plan and more.

The listing notes that the job exists to drive “…an engineering vehicle for extended periods, conducting dynamic audio and camera data collection for testing and training purposes.” Employees will also write up drive reports, provide feedback as needed, and “…analyze and report on the quality of data collected during each shift.”

Is Tesla a Buy, Hold or Sell?

Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 15 Holds, and eight Sells assigned in the past three months, as indicated by the graphic below. After a 48.42% rally in its share price over the past year, the average TSLA price target of $310.84 per share implies 8.22% downside risk.

See more TSLA analyst ratings

Disclosure

Disclaimer & DisclosureReport an Issue