The Tesla Cybertruck has been making headlines for its unconventional design and impressive performance, but a new study highlights a key consideration for buyers – insurance costs.
According to data from Insurify, insuring the Cybertruck in the United States is significantly more expensive than the national average, though it remains cheaper than other Tesla models.
How Much Does It Cost to Insure a Cybertruck In The US?
According to the study, which calculated average insurance costs using 97 million rates from car insurance applications, full-coverage insurance for the Tesla Cybertruck costs an average of US$3,392 per year. This is 45% higher than the national average of US$2,336 and also exceeds the average insurance cost for electric vehicles, which stands at US$2,892 annually.
Several factors contribute to the Cybertruck’s insurance rates, including its high MSRP, repair costs, and unique structural components. With a starting price of US$74,490, and until recently US$99,990, the Cybertruck is significantly more expensive than the average new vehicle in the U.S., which costs around US$48,397, making it more costly to repair or replace in case of an accident.
Why Is Cybertruck Insurance Cheaper Than Other Tesla Models?
Interestingly, despite its higher-than-average insurance rates, the Cybertruck is actually cheaper to insure than other Tesla models. For instance:
- Tesla Model 3: US$4,347 per year
- Tesla Model Y: US$3,832 per year
- Tesla Model X: US$3,658 per year
- Tesla Model S: US$3,510 per year
Insurify says the Cybertruck’s relatively lower insurance cost is attributed to its buyer demographic and vehicle durability. Studies show that Cybertruck owners tend to be older, with 50% of them in their 40s, compared to just 14% of Model 3 owners. Since middle-aged drivers generally have longer and more stable driving histories, they qualify for lower premiums.
Moreover, the Cybertruck’s stainless steel exoskeleton reduces susceptibility to certain types of damage, particularly hail and minor dents. Insurers take these factors into account, leading to slightly lower premiums than one might expect for such a high-priced vehicle.
How Cybertruck Insurance Compares to the Ford F-150 Lightning
While the Cybertruck dominates in sales over the Ford F-150 Lightning, its insurance costs are slightly higher. The F-150 Lightning benefits from a lower starting MSRP of $62,995, and its traditional truck design appeals to a wider audience, making it less of an insurance risk.
Here’s how the two compare:
- Ford F-150 Lightning: US$3,193 per year
- Tesla Cybertruck: US$3,392 per year
Will Cybertruck Insurance Costs Change in the Future?
As more Cybertrucks hit the road and insurance companies collect more data on repair costs and accident rates, insurance premiums could shift. If the Cybertruck gains mainstream appeal beyond Tesla’s core fanbase, insurers may adjust their risk calculations, potentially leading to higher rates as a more varied driver demographic takes the wheel.
Additionally, Tesla’s continuous software updates and safety improvements could influence insurance costs over time. If the truck proves to be more resilient in real-world conditions, insurers may offer lower premiums to reflect reduced claims.
