Is this Cybertruck insurance quote even realistic?

[sirozha]

Currently, I own two EVs: 2021 Dual Motor Long Range Model Y and 2022 AWD Pro S ID.4. I'm paying $1516 in insurance premiums for 6 months for the two vehicles combined. I've asked my insurance agent to run some quotes for me to replace the ID.4 with one of the following vehicles:
1. 2025 Model 3 Dual Motor Long Range
2. 2025 Cybertruck Dual Motor
3. 2025 Rivian R1S Dual Motor Large Battery Pack

the quotes came back as follows:
1. $1,628 for six months: 2021 Model Y and 2025 Model 3 Dual Motor Range Model 3 (increase in premiums of $112 per six months)
2. $1,631 for six months: 2021 Model Y and 2025 Dual Motor Cybertruck (increase in premiums of $115 per six months)
3. $1,639 for six months: 2021 Model Y and 2025 R1S Dual Motor (increase in premiums of $123 per six months)

One thing about the Cybertruck quote is that it says that "This quote will require underwriting approval and cannot be bound prior to receiving approval". The other two quotes are supposedly binding.

Is it even realistic that the Cybertruck premium would only be $115 more per six months than the ID.4 premiums, which is just over $19/month more?

I am trying to select an EV to replace the ID.4, and I don't want to end up with one that would have astronomical premiums after I purchase the EV.

Thank you.

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[devdrone6]

I think that is reasonable given we are still in the world of insurance companies figuring out what they want to charge for new EV vehicles. It may change after underwriting finalizes it.

 

[RN1127]

That looks right to me, my cybertruck is $100 more than my Nissan leaf on 6 month insurance.

 

[mhaze]

Currently, I own two EVs: 2021 Dual Motor Long Range Model Y and 2022 AWD Pro S ID.4. I'm paying $1516 in insurance premiums for 6 months for the two vehicles combined. I've asked my insurance agent to run some quotes for me to replace the ID.4 with one of the following vehicles:
1. 2025 Model 3 Dual Motor Long Range
2. 2025 Cybertruck Dual Motor
3. 2025 Rivian R1S Dual Motor Large Battery Pack

the quotes came back as follows:
1. $1,628 for six months: 2021 Model Y and 2025 Model 3 Dual Motor Range Model 3 (increase in premiums of $112 per six months)
2. $1,631 for six months: 2021 Model Y and 2025 Dual Motor Cybertruck (increase in premiums of $115 per six months)
3. $1,639 for six months: 2021 Model Y and 2025 R1S Dual Motor (increase in premiums of $123 per six months)

One thing about the Cybertruck quote is that it says that "This quote will require underwriting approval and cannot be bound prior to receiving approval". The other two quotes are supposedly binding.

Is it even realistic that the Cybertruck premium would only be $115 more per six months than the ID.4 premiums, which is just over $19/month more?

I am trying to select an EV to replace the ID.4, and I don't want to end up with one that would have astronomical premiums after I purchase the EV.

Thank you.

These all literally look like great deals to me.

 

[BikerPilot]

I am paying $3700 per year for an AWD, 2023 Mini Clubman and a 2018 Miata. That includes having a minor on the policy, maximum available coverage. ($500K/$100K) and one accident on record. Premium greatly depends on the state as well. Florida is much higher because of bad accident records and very low mandatory coverage of $10K (which increases the uninsured motorist premium because almost any damage will be more than that). I.e. Florida is 60% more deaths per miles driven and per capita than Maryland, while Rhode Island has 30% less than Maryland. That all factors in to the premium.

Remember that if you take the minimum coverage, insurance may go after your assets if you are at fault. I.e. Maryland has a $15K minimum which in most cases is certainly not enough.

 

[sirozha]

I don’t have a minimum coverage. I have good coverage.

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