Summary
- Tesla Cybertruck is relatively expensive to insure, costing an average of $3,392 per year for full coverage
- Despite being more expensive, Cybertruck insurance is 45% higher than the national average
- Demographics and credit ratings play a role in insurance costs, with Cybertruck drivers having higher credit scores and being older on average
- The Cybertruck’s durability, design, and reduced risk of hail damage claims contribute to lower insurance costs compared to other vehicles
- Ford F-150 Lightning, a competitor to the Cybertruck, has a lower average insurance cost despite being sold to drivers with worse credit ratings
Article
Insurify’s new research reveals that the Tesla Cybertruck is relatively expensive to insure, with an average cost of $3,392 per year for full coverage, 45% higher than the national average. However, this makes sense given the overall higher price of the Cybertruck compared to the average new car. Surprisingly, Cybertruck insurance is 22% lower than the Tesla Model 3, which is 60% cheaper in terms of vehicle cost. This is attributed to demographics and credit ratings, with Cybertruck drivers having higher credit scores and age demographics that impact insurance rates.
The durability of the Cybertruck also plays a role in insurance costs, with its class-4 hail rating windows and steel body reducing the risk of hail damage claims. This is particularly relevant in the face of increasing destructive storms due to global warming. The Ford F-150 Lightning, a competitor to the Cybertruck, has slightly lower insurance costs despite being sold to drivers with lower credit ratings. These insights highlight the various factors that contribute to insurance rates for electric vehicles and traditional vehicles alike.
Insurify’s data science team calculated average insurance costs using a database of 97 million rates from car insurance applications across all 50 states and Washington, D.C. The analysis considered drivers aged 20-70 with a clean driving record and average or better credit. Additional statistics from Insurify show disparities in credit ratings among buyers of different Tesla models. This information sheds light on the relationship between credit scores, vehicle choices, and insurance costs in the automotive market.
The research raises interesting questions about the correlation between demographic factors, vehicle types, and insurance premiums. Insights from the data point to the significance of credit scores, age demographics, and vehicle design in determining insurance costs for electric vehicles. The comparison between the Cybertruck, Model 3, and Ford F-150 Lightning provides a comprehensive view of how various factors influence insurance rates across different vehicle models. Understanding these dynamics can help consumers make informed decisions about vehicle purchases and insurance coverage.
Overall, the research underscores the complexity of factors influencing insurance costs for electric vehicles like the Tesla Cybertruck. Demographics, credit ratings, vehicle design, and market competition all play a role in determining insurance premiums. The data highlights the importance of considering these factors when evaluating insurance options for electric vehicles and understanding the impact of new technologies on the automotive insurance industry. Stay tuned for further updates and insights on insurance costs for electric vehicles as the market continues to evolve.
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