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Motortrend undertakes a prediction of insurance costs for the Cybertruck:

Tesla Cybertruck Insurance Cost Steel Body.jpg


https://www.motortrend.com/news/much-will-tesla-cybertruck-insurance-cost/

How Much Will Tesla Cybertruck Insurance Cost?

These factors might affect insurance rates for the upcoming electric truck

Dec 12, 2019

We're still in collective shock from Tesla's Cybertruck reveal. From its wild stainless steel body to its work-in-progress armor glass, this electric truck makes competition from Rivian and Bollinger look almost conventional. We've seen it, we've ridden in it, and we've learned a good deal about the engineering that went into it. The Cybertruck's projected starting price is $39,900, but how much will it cost to insure? We consulted Penny Gusner, consumer analyst for Insurance.com and Insure.com, for some insights on future insurance rates for the Tesla Cybertruck.

Multiple factors may affect insurance rates for the Tesla Cybertruck. First, the elephant in the room: the 3mm-thick stainless steel body panels. As we explained in our manufacturing and engineering analysis, the folded stainless steel panels eliminate the need for a paint shop as well as expensive tooling. The body panels are also promised to be dent-resistant.

"If they are truly dent-resistant then that could help the insurance rates," Gusner said. If crash tests and real-world driving data support Tesla's claims that the stainless steel keeps occupants safer, then that should help reduce insurance rates on collision and any medical coverage, including personal injury protection or medical payments and uninsured motorist bodily injury.

"However, if the dent-resistant material is much pricier to fix if it is damaged, then that would also be looked at by insurance companies, and for collision coverage [it] may be a negative and take away any decrease of rates due to the dent-resistant qualities," she added. Take the defunct GM brand Saturn as an example. Although the automaker offered dent-resistant body panels, they cost more to repair since the polymer was more expensive to produce, she pointed out.

Kim Reynolds, our testing director and resident Tesla expert, noted that the panels could be expensive to repair. "It could be that damaged panels would simply have to be replaced," he said. "The good news is that the replacement panels might not be as expensive as they would seem due to their inexpensive forming costs."

Another factor affecting insurance rates is how safe a vehicle is for other parties involved in a crash. Noting it's unclear what the production version has in store, "a steel body that looks as if it could cause a great deal of damage to other vehicles and those on bikes and pedestrians, would be of concern to insurers," Gusner said. It's anyone's guess how the Cybertruck's design might change by the time it enters production around late 2021, but hopefully those considerations will be addressed by then (if they haven't been already).

Ironically, the tech that makes advanced safety features like automatic emergency braking and lane departure warning possible drives up insurance rates on Tesla vehicles and other cars, Gusner said. If damaged, the sensors and other system components can be expensive to repair or replace.

How Might Insurance For The Tesla Cybertruck Compare To Regular Pickup Trucks?

"I can only theorize at this time, but my sense is that it would cost more to insure the Tesla Cybertruck than a conventional pickup truck," Gusner said. Data points to Tesla vehicles being more expensive to insure than other vehicles.

From the span between 2015 and 2019, Tesla vehicles have been 67 percent more costly to insure than the national average. Model X insurance was 83 percent more expensive than the national average rate for SUV insurance, coming in at $3,042 compared to $1,661.

It's safe to say the Cybertruck won't match sales of segment stalwarts like the Ford F-150, at least not anytime soon. Parts won't be as widely available, and thus repairs could be more costly than on a conventional truck.

How Might Tesla Cybertruck Insurance Rates Compare To Other Tesla Vehicles?

It may be on the more expensive side. Tesla vehicles that are newer to the market tend to cost more to insure, Gusner said. Insurance companies have more data on vehicles that have been on sale for some time, and they can use that data to lower rates if they deem it possible.

So How Much Might Cybertruck Cost To Insure?

Once again, multiple factors will influence Tesla Cybertruck insurance costs. But Gusner has an educated estimate. "For 2019, the Tesla vehicles national average annual auto insurance cost ranged from $2,400 to $3,300 and I'd expect the Cybertruck to be in that range if not a tad bit higher."

Will Cybertruck Be Covered Through Tesla Insurance?

Tesla has not responded to our request for comment on this article. But we do know that right now Tesla is offering insurance on its full lineup, including Model S, Model X, Model 3, and Roadster, so it would make sense to add Cybertruck. Currently, Tesla Insurance is only available in California, but the program will expand to other states in the future. At this point, it remains unclear how much it would cost to insure Cybertruck through Tesla Insurance should the automaker go this route.

Tesla claims it can provide lower insurance rates than other carriers because it has a unique understanding of its vehicles, tech, safety, and repair costs. According to Tesla's website, drivers can save up to 20 percent, and in some cases, as much as 30 percent. Tesla Insurance takes into account Tesla's active safety and driver assistance technologies in its pricing.

"Most car insurance companies have not given out discounts for Tesla vehicles or other vehicles with multiple safety features—such as lane departure warning, automatic braking, collision assistance—as the insurers say they are still watching the data for proof that the features are working and cutting down on crashes and/or the severity of auto accidents that do occur," Gusner said. She hopes Tesla makes safety data available to insurers so they can more accurately predict the safety of Cybertruck when it reaches production.
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MARSROVER

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Thanks for the info. Those estimates are nearly double my current rates for 2018 VW...... that along with the increased fueling price (gas is cheap in Louisiana) will be things I need to budget for....
 

Saskateam

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I talked to an insurance adjuster today about EV insurance and was told in Saskatchewan we do not have many EVs on the road so the insurance is hard to determine and the cost is likely too low for the EVs.
 

Kurious

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Any insurance rate increase may be absorbed as a business cost for some owners. I suspect many buyers will be running a business of some kind.

Hope the insurance rates actually decrease.
 

mggoulet

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My son bought a tesla 3 and the insurance cost in Québec is less than his crv of 5 years old…!!! So, I wish my 3 motors CT will be as costly than my sienna xle-awd 2019... Also, Why Tesla does not produce a CT with 2 motors with the maximum long range see 700 miles…!!!???
 

Saskateam

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I would take a long range dual motor option if I got 700miles out of it. In the great white north, range is king. If I have to turn off the heat to get home at -40 because of the lost battery capacity, it will not be good.
My son bought a tesla 3 and the insurance cost in Québec is less than his crv of 5 years old…!!! So, I wish my 3 motors CT will be as costly than my sienna xle-awd 2019... Also, Why Tesla does not produce a CT with 2 motors with the maximum long range see 700 miles…!!!???
 

mggoulet

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Our other son lived 7 years in Canmore, AB, And we drove from Québec to west coast and stay a bit in our other home in Fl. and going back… So, the maximum extra-long range will satisfy travellers and the 2 motors to get AWD... Presently, I ordered 3 CT one for Fl. one 3 motors for Québec and another one for my other son… Considering that AC is needed in Fl... heater in the north… the extra-long range will be lower because of those factors… Thank you to look at that situation…!!!
 

leducjjr

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When I get info back from my auto insurance agent I'll share it here too.
From my State Farm agent:

"It is too far in the future for pricing, but I have many Tesla SUV’s and autos covered. The tend to be a little more to insure that a regular vehicle, but not too high.

We would insure this truck just like any other vehicle coverage. "
 

stumby

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What'll be interesting is what Tesla's owner insurance plan offers in terms of rates for insuring the Cybertruck, compared to the traditional insurance companies. Hopefully the Tesla rates will beat out the others since they have the data and confidence in the materials used on the Cybertruck.
 

Quicksilver

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Tesla is already insuring Teslas in CA........they may spread this to the rest of the country..........there is a lot of money to be had in the insurance business.
 

ajdelange

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Also, Why Tesla does not produce a CT with 2 motors with the maximum long range see 700 miles…!!!???
Old post but the reason is that the extra range would require a larger battery which would make the car heavier and more expensive. Probably the reason for the third motor in the TriMotor design is that the truck is already so heavy with a 500 mile battery that it is needed to get decent 0-60 performance, With a 700 mile battery it would be even more necessary.
 

mrbulk

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"...Tesla vehicles national average annual auto insurance cost ranged from $2,400 to $3,300..."

Does that average include Model 3's, too?

If so then DANG IT, I must be in a special rate class, it's only $1200/year for my Model S through State Farm...

Something tells me the actual CT insurance rates will be much lower than this seemingly overcautious (and possibly inaccurate, given my own significantly lower rates) article speculates.
 
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