Why many insurance carriers not insuring the Cybertruck and why so expensive?

[Longranger]

My questions are just what the title says. Have been following some of the insurance threads all along but now that I am actually looking for insurance in Southern California am concerned I will not find acceptable coverage. I will pay a little higher premium if there is a decent reason But several 100$ more than any other similar price vehicle??? Anyone have answers as opposed to shoulder shrugs?

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[DAE1]

I’m from Southern California and the insurance for my CyberBeast is far cheaper than my 2016 Model S.

 

[VAF84]

Just had State Farm quote me for a CT after hearing about the Geico issues. They quoted $100 more a month for the CT over a Silverado EV RST. The RST EV is in line with normal ICE/EV rates. I haven't gotten answer yet on whether MSRP or cost to fix impacted the cost. I wanted to know this since I'm primarily looking at the $80k msrp dual motor.

 

[LuckyStrike]

I added my FS CT AWD and kept my other two vehicles and am paying about $950 more a year with GEICO. I am in a very populated area of NC. My wife and I have a completely clean record. The agent actually double-checked the premium when we first discussed it because he thought it seemed low. Here’s to hoping I don’t get dropped

 

[Longranger]

My current insurance, Mercury, will not insure the CT. Have an agent checking other carriers.

 

[RickJ19Zeta8]

There is a greater issue in the insurance world and its not related to the Cybertruck. Friends and coworkers have been complaining of 20 - 40% insurance rate increases on their homes, cars, / bundled policies. I've seen it on my personal policies.

What is likely happening, is that insurance companies are taking the opportunity of quoting a new vehicle (any new vehicle) on your policy to raise rates. Allstate did this to me, when I quoted the Cybertruck and I had to move to Farmers. I called their bluff and had an F250 quoted, and they came in near identical.

It is also a $100k vehicle and most people have stretched and haven't seen an insurance quote on an exotic before. And yes, for now, the Cybertruck is an exotic. Not many shops to work on it, few produced. That should change next year.

 

[Woodrick]

My current insurance, Mercury, will not insure the CT. Have an agent checking other carriers.

Mercury has not insured a number of vehicles of mine, years before EVs.

 

[Woodrick]

There is a greater issue in the insurance world and its not related to the Cybertruck. Friends and coworkers have been complaining of 20 - 40% insurance rate increases on their homes, cars, / bundled policies. I've seen it on my personal policies.

What is likely happening, is that insurance companies are taking the opportunity of quoting a new vehicle (any new vehicle) on your policy to raise rates. Allstate did this to me, when I quoted the Cybertruck and I had to move to Farmers. I called their bluff and had an F250 quoted, and they came in near identical.

It is also a $100k vehicle and most people have stretched and haven't seen an insurance quote on an exotic before. And yes, for now, the Cybertruck is an exotic. Not many shops to work on it, few produced. That should change next year.

People tend to forget that more expensive vehicles are more expensive to insure.
I'm not sure if I've ever had insurance go down with a new vehicle.

 

[shocker]

LIberty Mutual: Adding Cyberbeast to a Model Y increased the premium $100/month.

 

[Gaximus]

I did a few comparison, and Geiko was the most expensive by far, Progressive was the cheapest, by far. I replaced by 2017 Model S and it was cheaper, with lower deductibles.

 

[jf64k]

I've been with Wawanesa (now owned by AAA) for over 20 years.

They insured my CT without issue, and it wasn't much more than my 2020 MYLR.

Hopefully it stays that way, haha!!

Insurance Coverage for Auto, Home, Condo & Renters in the U.S. - Wawanesa U.S.

 

[TickTock]

... I replaced [m]y 2017 Model S and it was cheaper, with lower deductibles.

Same here, but State Farm. My wife's 2018 S costs more to insure than my 2024 Beast. Why???

 

[AO-Pete]

We switched from Costco/AmFam to Progressive this year (Telsa insurance was as high as AmFam). I finally got the kids off the insurance, so it's just the wife and I, CT is $306 for 6 months, Model 3 (base) is $438, so go figure. Both of us have clean history, but we don't do a lot of miles, and we did sign-up to the Snapshot thing (sorta like Tesla's safety score, but less annoying).

 

[Mark Shaw]

Always good to call your wife “ the wife”. Most likely gets you many points.

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