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The highly anticipated Tesla Cybertruck created divided opinions with its retro-futuristic design, but will certainly cause a splash in the new electric truck market. The truck itself is relatively affordable, but insurance costs are expected to be high since it’s both a pickup truck and an electric vehicle.
The Tesla Cybertruck is an all-electric pickup with high insurance rates. The average insurance cost for the Cybertruck is expected to be around $400 a month, or $4,800 a year, three times more than the average cost of $1,300 a year.
With the lower-end Cybertrucks starting at $39,900, this makes its annual insurance cost-to-base ratio around 12%, which is much higher than the national average of 4% but still in alignment with expected costs for electric pickups. Filter car insurance companies by your state to get a quote.
Insurance on the all-electric Cybertruck is expected to be higher than the average for electric vehicles and pickup trucks combined.
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Tesla touts the up-and-coming fully electric Cybertruck as a utility-grade truck with sports car performance. Three models will be available once it starts rolling off the assembly line in late 2022, each with different battery capacities, drivetrain configurations and price tags. The Cybertruck’s reported top speed for the tri-engine model will cap out at 130mph, and it will have a maximum towing capacity of almost 14,000 lbs, making it most useful for farm, industry and outdoor recreational uses.
Its all-electric design takes traditional gas mileage down to zero, so you’ll plug into the grid rather than fill up your tank. All three models will use around .45 kilowatt-hours (kWh) to drive one mile. As an example, where electricity rates are 11¢ per kWh it could cost you approximately 5.5 cents per mile to drive the Cybertruck.
And you can get it in any color — as long as it’s the raw gunmetal gray of the stainless-steel body. Elon Musk has suggested playing around with different methods for giving the Cybertruck some color options, from heating the metal to various hues to wrapping the body in any color the customer wishes.
Its added uniqueness lies both out and in. Its exterior — or “exoskeleton” — is a post-apocalyptic-style armored shell with bulletproof windows to keep passengers safe and deter thieves from breaking in. However, the Cybertruck’s “unbreakable” glass failed to hold up at its November 2019 prototype debut when the driver’s side window shattered on impact — so there’s more engineering ahead for the automaker to live up to its own hype.
And its peculiar distinction isn’t only skin-deep: A clean minimalism interior replaces techy gadgets commonly found on your instrument panel that could lead to distracted driving. Rather, all controls are embedded in a single dash-mounted screen. And the second-most interesting — and questionable — inside feature? Its yoke steering system.
The yoke stays visually clear from any dash controls that circular steering wheels could block, leaving room to include still-developing, driverless options. But reviewers for other yoke-equipped Tesla cars like the Model S say it feels gimmicky and adds nothing to how the vehicle handles. Others have expressed concern over using a yoke vs. a steering wheel to maneuver a vehicle as large and cumbersome as the Cybertruck, bringing concerns around road safety to the forefront.
The Tesla Cybertruck should qualify for various discounts on your insurance policy, but the exact ones will depend on the model series you choose and your insurance company.
Official safety and reliability ratings on the Cybertruck won’t be released until it’s ready to sell, but reasonably expect similar ratings to Tesla’s other vehicles. However, the Cybertruck’s design and construction make it a unique vehicle, so it will mainly be a wait-and-see approach when it comes to official safety rating tests.
The Tesla Cybertruck will be one of the first all-electric pickup trucks on the market and brings a new design concept to trucks. Its safety ratings will play a large role in determining its insurance rates, but the combination of an electric vehicle married with a pickup truck will result in higher costs.
To find the best insurance plan for your Cybertruck, compare different insurance companies.
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