Tesla Cybertruck Insurance 45% Higher than National Average

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

---

New research from Insurify indicates that the Tesla Cybertruck, which isn’t cheap at this point, is relatively expensive to insure.

At an average of $3,392 per year for full insurance coverage, Cybertruck insurance is actually 45% higher than the national average ($2,336). That said, it’s probably about that much more expensive than the average new car — or even more than 45% higher in price. So, it just makes sense that insurance would cost more as well.

The average full-coverage insurance cost for an electric vehicle (across the market) is $2,892 — which is right in between the national average overall and the Cybertruck average.

Tesla Cybertruck Insurance vs. Tesla Model 3 Insurance — Surprise Incoming

But this is where things get wild: based on the research, even though the Tesla Model 3 is 60% cheaper than the Cybertruck, Cybertruck insurance is 22% lower than Model 3 insurance on average! In fact, the Model 3, the cheapest Tesla of all, has the highest average insurance cost of all Tesla models.

What is going on there? Demographics and credit ratings, that’s what. “Cybertruck drivers are more likely to have excellent credit scores (66%) compared to the average EV driver (35%),” a representative from Insurify wrote in an email to CleanTechnica. “Half of Cybertruck drivers are in their 40s, compared to 14% of Model 3 drivers,” she added. 20% of Model 3 drivers are under 25 years old, while only 8% of Cybertruck buyers are. (Young drivers have to pay more for insurance because they are, on average, worse drivers who get into more accidents.)

Furthermore, “The Cybertruck’s durability also affects insurance costs. The windows have a class-4 hail rating, according to the manufacturer, and the durable steel body mitigates dents. Warming global temperatures have fueled more destructive storms, and insurers have seen an increase in hail damage claims. The Cybertruck’s design reduces the risk of drivers filing hail claims.”

Tesla Cybertruck Insurance vs. Ford F-150 Lightning Insurance

How about an outside competitor to the Cybertruck? The Ford F-150 Lightning, the Cybertruck’s closest competitor, is being sold to drivers with much worse credit ratings, but the average insurance cost for it is a couple of hundred dollars less than for the Cybertruck. ($3,193 versus $3,392).

Naturally, rates vary from person to person based on a large variety of matters. But it’s useful and interesting looking at these averages. Also, aside from insurance costs, it’s pretty wild to see that only 13% of Model 3 buyers now have excellent credit while 50% of Model Y buyers and 66% of Cybertruck buyers do. Also, only 35% of Model S buyers do! I guess there’s something about sedans….

Here’s more from Insurify on its methodology:

“Insurify’s data science team calculated average insurance costs using 97 million rates from car insurance applications in its proprietary database. Applications span all 50 states and Washington, D.C. Insurify’s real-time quotes are from integrations with partner insurance companies.

“Insurance rates represent the average for drivers aged 20–70 with a clean driving record and average or better credit. Insurify examined rates from 20 bestselling electric car models to determine average EV insurance costs.”

Any extra thoughts or highlights from the data jump out at you?

I’ve reached out to Insurify with more questions, and will update this article accordingly when I receive answers.