Ironically for a quiet electric vehicle, there sure is a lot of noise swirling around the Tesla Cybertruck. Tesla CEO Elon Musk made a lot of claims about the Cybertruck that turned out to be exaggerated (at best). Then, since its release, all sorts of rumors have bounced around, from trucks getting bricked by being washed to questions about the durability of the stainless steel shell.
Through all of that noise, prospective buyers may simply want to know how much they cost to insure. Here, too, rumors swirl, including reports that certain carriers are dropping Cybertruck coverage altogether. To get to the truth of the matter, Insurify, a virtual insurance agent, ran a market analysis and concluded that insurance on a Cybertruck, on average, will set the owner back almost $3,400 per year. Separately, Barron’s, a financial magazine published by Dow Jones, did its own calculation and found it could insure a Cybertruck for $2,400 per year, though it also concluded those costs could climb all the way up to $4,500.
How does Cybertruck insurance compare?
As a point of comparison, Insurify deems the Cybertruck to be the cheapest Tesla to insure; the popular Model 3 is actually the most expensive, despite its much lower sticker price. On the other hand, the Cybertruck is still significantly more expensive to cover than the great-grandaddy of all pickup trucks, the Ford F-150; Barron’s has the stainless steel beast as 40% steeper than the good old Ford. The Cybertruck also comes out as 45% higher than the national average, and not much better against the EV average.
With all that said, these are all estimates of averages. If you are looking to insure a Cybertruck yourself, your rate is going to depend on a lot of factors, such as your location, age, and driving record. With this vehicle, you also might have fewer options of insurer, since some carriers seem wary about covering it at all. As always, it’s best to do your research before you buy the truck, so you know what you’re getting into.
