Demand for the Tesla Cybertruck may be slowing, and now there’s a new reason to reconsider purchasing one: the cost of insurance.
A new study from Insurify details how expensive insuring the Cybertruck is, reminding us that it’s always best to get an insurance quote before buying any new vehicle. While Cybertrucks are far more expensive to insure than a typical EV or ICE vehicle, they are not the most expensive vehicle to insure, at least not yet.
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Cody Simms
How much does it cost to insure a Cybertruck?
Insurify notes that Cybertruck insurance is 45 percent more expensive than the national average and 15 percent more expensive to insure than the average EV.
The average annual cost to insure a Cybertruck comes out to $3,392, exactly $500 more expensive than the average annual insurance cost for an EV of $2,892. That itself is $556 more expensive than the national average annual insurance cost of $2,336.
While those numbers alone are surprising, it actually gets worse for Tesla when you compare the average cost to insure their other models.
Tesla
Cybertruck is the cheapest Tesla to insure
The same study points out that every other Tesla is more costly to insure. The annual cost to insure each Tesla in 2024, per Insurify:
- Tesla Cybertruck: $3,392
- Tesla Model S: $3,501
- Tesla Model X: $3,658
- Tesla Model Y: $3,832
- Tesla Model 3: $4,347
Several factors help define insurance rates. Vehicle value, along with repair and replacement costs, factor heavily, according to Insurify. Cybertrucks are possibly less costly to insure because there isn’t a lot of sampling data, meaning that since the two best-selling Teslas are the most costly to insure, they are also the most expensive to repair or replace.
We also haven’t had the Cybertruck around long enough to know if Tesla’s durability claims stack up. The automaker says the glass on Cybertruck has a class-4 hail rating, and the stainless steel exterior resists denting. We’ll have to wait for more claims to see if those hold up.
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Tesla
Who is buying Cybertrucks, anyway?
Insurify suggests that Cybertruck’s core demographic may also contribute to lower insurance costs. Cybertruck buyers tend to be older, with half of them in their 40s, compared to 14 percent for Model 3 buyers. Drivers with longer and blemish-free driving records tend to have better insurance rates.
Though insurance companies don’t pull credit reports when insuring drivers, they do set credit rates based on a tiered system for credit scores in most states. Only California, Hawaii, Massachusetts, Michigan, Oregon, and Utah ban the practice of factoring credit ratings when setting insurance rates.
According to this study, Tesla Model 3 buyers have the worst creditworthiness compared to those purchasing any other Tesla model.
Newsday LLC/Getty Images
Final thoughts
Only 18% of F-150 Lightning buyers have excellent credit, but insuring that vehicle costs just $199 less per year. Pricing for the F-150 Lightning starts at $62,995, which is $12,000 less than the Cybertruck and may help explain that discrepancy.
Cybertruck shipments skyrocketed late last year as production ramped up to fulfill preorders. With more Cybertrucks on the road, we’ll get a clearer picture of how much it truly costs to insure.
Given the Cybertruck’s already shaky reputation for durability—and the fact that people like to deface them—I expect the cost to insure one to rise significantly.
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