Tesla’s most expensive model is actually the most affordable to ensure throughout the range
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- The Tesla Cybertruck costs 30% less to ensure an average than a model 3.
- A key factor is that two thirds of Cybertruck owners have excellent credit.
- Despite this, its insurance cost remains 45% higher than the national average.
You would think that the most affordable car in the range of a car manufacturer would also be the cheapest to ensure. Makes sense, right? Well, not for Tesla. In fact, it is quite the opposite – the Cybertruck, that the giant corner in stainless steel, is in fact the cheapest Tesla to ensure, with rates significantly lower than the entry -level Model 3 sedan.
According to a recent study compiled by EnsureComplete coverage insurance for Cybertruck costs $ 3,392 per year on average. It is 45% more than the national average ($ 2,336) and 17% higher than the typical EV ($ 2,892), but even cheaper than ensuring any other model in the current range of Tesla.
Plus: prices could make your car insurance even more expensive
In fact, model 3 has the highest insurance rates in the Tesla range with an average of $ 4,347. This means that ensuring that the most affordable model of Tesla costs 28% more than Cybertruck, which starts at $ 79,990, even if model 3 is 53% cheaper to buy in its $ 42,990 form before federal and state credits, delivery costs and taxes.
As for the rest of the pack, full coverage insurance is on average $ 3,510 for the S model, $ 3,658 for the X model and $ 3,832 for the Y model.
Insurance costs between Tesla and EV models
Why is Cybertruck cheaper to insure?
So what’s hiding behind this insurance price paradox? An important factor is credit scores. Insurify revealed that 66% of Cybertruck drivers have an excellent credit rating, compared to only 13% of model drivers 3 and 35% of EV drivers overall. The average of the lower credit dimensions of model 3 is probably linked to its mass market attraction – Tesla sells much more, and its buyers tend to be younger and / or have more risky financial profiles.
In particular, half of the owners of Cybertruck (50%) are in their forties, while only 14% of the owners of the 3 model enter this age group. Since older drivers generally have less risk of insurance, this helps keep cybertruck rates in check.
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Even with its relatively low insurance costs, cybertruck is still not the cheapest electric truck to ensure. This title returns to the Ford F-150 Lightning, which is on average $ 3,193 per year or 6% less than cybertruck. Lower lightning insurance costs are probably due to its more affordable starting price and at its cheaper repair costs, despite the fact that only 18% of Lightning owners have excellent credit (compared to 66% of Cybertruck).
Will Cybertruck insurance rates stay low?
It depends. If Tesla reduces the entry price of Cybertruck, this could attract a younger and risky demography, which would probably increase insurance rates. At the same time, the increase in repair costs of electric vehicles could add even more pressure, which increases bonuses. Since electric vehicles are already more expensive to repair than gas cars, any increase in repair expenses could have a disproportionate impact on insurance prices.
Plus: insurance companies put down cars faster than ever after accidents
In general, electric vehicles are more expensive to ensure because post-accidental repair costs are 30% higher on averageAnd they are more likely to be considered total losses. Batteries, advanced sensors and owner parts make collisions still expensive. This trend is not unique to Tesla, but given the complexities of repairing its vehicles, it is a key factor in business insurance rates.
For the moment, however, cybertruck remains an aberrant insurance of insurance, one of the rare cases where a high price vehicle is cheaper to ensure that his brother on a low budget. The question of whether this trend is held depends on the evolution of sales, prices and repairs of Tesla in the years to come.
