The Cost of Tesla’s Electric Car Insurance in the U.S. Surpasses $4,000
Tesla electric car insurance in the US may be too expensive for many car owners, according to a report from insurance company Insurify.
The research found that the average cost of insuring a Tesla Cybertruck electric pickup truck with full coverage in 2024 was $3,392. In comparison, the average cost of electric car insurance in the U.S. during the same period was $2,892. Overall, the average cost of insurance for all types of vehicles – gasoline, diesel and electric – is about $2,336.
One of the main reasons for the high rates is the high cost of Tesla cars themselves. The base version of the Cybertruck costs about $75,000, while the top-of-the-line model can reach $100,000. That said, the average price of an electric car in the US in September 2024 was $56,300. The high price of the car increases the cost of repairs and parts, which directly affects the cost of insurance.
However, experts noted that the cost of insurance for Cybertruck is not a record. For example, taking out a policy for a Tesla Model S in 2024 will cost $3,510, the Model X will cost $3,658, the Model Y will cost $3,832, and the Model 3 will cost $4,347. These figures could be higher because Tesla is often bought by more mature and experienced drivers, which reduces the risk to insurers and therefore the price of the policy.
So while the cost of insurance on a Tesla Cybertruck is high, it remains relatively low compared to other Tesla models due to the experience of drivers willing to invest in such an expensive vehicle.
