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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.
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Insurance on the all-electric Cybertruck is expected to be higher than the average for both electric vehicles and pickup trucks.
The Tesla Cybertruck should qualify for various discounts on your insurance policy, but the exact ones will depend on the version you choose and your insurance company.
Official safety and reliability ratings on the Cybertruck won’t be released until it’s ready to go on sale, but you can 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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