I Bought a Tesla Cybertruck, But I Didn’t Check the Cost of Insurance, Now My New Truck Costs More Than Half of My Mortgage

My new Cybertruck costs me more than half my mortgage. 

That's what Rebecca Scott (@beccasophiascott) said after she found out how much it would cost to insure her new Tesla Cybertruck. She's owned a Tesla Model 3 and loved the all-electric car. When the new Cybertruck came out, she was excited to look at the newest Tesla. Rebecca took it for a test drive and fell in love.

She loved the space, the LEDs, and the covered bed. "I love this; I need one right now," she says after taking it for a test drive.

She placed an order for the new truck, and it finally arrived. What happened next was a total shock. 

Picture Rebecca's disbelief when she contacted her insurance agent to insure her new Cybertruck. Having had Tesla insurance for her Model 3, she was confident. But when she moved to Massachusetts, she was in for a surprise-they didn't offer Tesla insurance in that state. 

She managed to find a company that would insure her Tesla Model 3 in Massachusetts, but it came at a steep price (over $500 per month). However, when she inquired about insuring the Cybertruck, she was left dumbfounded by the cost. 

Here is Rebecca Scott's story. 

Rebecca says, "Ok, so I just ordered my Tesla Cybertruck. The normal step of the process of getting a new car is to get insurance, right? So, I just got off the phone with my insurance company, and I say I'm getting a new car, and this is what it will be." 

"I gave him the VIN, and he said, 'Oh, a Tesla Cynbertruck?' I'm like, yeah, why not? So, he puts me on hold and, gets back on the phone and tells me, oh, I'm sorry, our insurance guidelines do not allow us to insure these kinds of cars."

"I asked him what that meant. What did these kinds of cars mean? It's a Tesla pickup truck, he says. We cannot insure it."

"So he offered to connect me to a lady who works for an insurance agency, and they can get me quotes from many different insurance companies. She says that allegedly, from other insurance companies, she gave me no hope of insuring the Cybertruck." 

"I asked her, what will I do now if I can't insure this car? Just cancel everything?" 

"When I checked around, I saw that Geico said they are not insuring the Cybertruck. So, I'm still trying to get insurance. I will give you an update when I get more information."

Rebecca finally gave an update a week later, her voice tinged with relief after securing an insurance company to provide a quote for her new Cybertruck. 

Rebecca says, "Ok, I just received my 6-month insurance quote for my Tesla Cybertruck that I just ordered, and I guess I'm the only person in the world without checking the insurance quote first. I have done that before."

"So, first, let's talk about how much I pay now for my 2023 Tesla Model 3. I have it with Tesla insurance, which is amazing. I saw a lot of comments that said to get Tesla insurance, so I did. But unfortunately, I moved to Massachusetts, and they do not offer Test insurance here." 

"Ok, I used to pay $170 monthly for full coverage on everything. Now I am paying $550 per month for my Tesla Model 3 for the last 6-month period."     

Rebecca was prepared to pay more for insurance on her Cybertruck, given its high value and the absence of maintenance and fuel costs. However, the actual quote she recieved was beyond her expectations, making her new Cybertruck cost more than half her mortgage.

"When I bought the Cybertruck, I was prepared to pay more than $550. I knew that. With a Tesla, I did not have the maintenance and cost of gas with a regular car, so I could pay a little more for insurance, but I'm saving so much more on the other end." 

"Ok, so to get to the point, the insurance company quoted me $861.83 monthly for my Tesla Cybertruck. That's $5,171 for six months! So, now my new Cybertruck costs me more than half my mortgage."

Rebecca is understandably shocked at the cost. However, there's more. 

How much does it really cost to insure a Tesla Cybertruck?

According to a report from Barrons, buyers can get insurance for their Cybertrucks, but it isn't cheap. The report says it's significantly higher to insure a Cybertruck than insuring a top trim level Ford F-150 pickup truck.

Barrons says they received three quotes from three different insurers, including Geico. "For us, insuring a Cybertruck would run roughly $200 a month, or about 40% more than insuring a high-end Ford F-150 pickup truck," says the report.

Will Geico insure the Cybertruck?

Contrary to some circulating reports, Geico does insure the Cybertruck. The company clarified that while some customers may have received notices stating that their PPA insurance would not be renewed for this vehicle, policies for the Cybertruck have always been available through their commercial insurance division and now remain available via PPA as well.

Barrons says, "Recently, stories circulated on social media indicating Geico wasn't willing to insure Cybertrucks. That isn't the case, according to the company owned by Warren Buffett's conglomerate Berkshire Hathaway."

"Geico has private passenger automobile (PPA) insurance available for the Tesla Cybertruck," said the insurer in an emailed statement.

Geico said, "Because of its gross weight and potential challenges with parts availability for repair shops, some customers may have received notices stating that PPA insurance would not be renewed for this vehicle," added the company. "However, policies for this vehicle have always been available through our commercial insurance division and now remain available via PPA as well."

Barrons says, "There are some good reasons Cybertruck is more expensive. The Cybertruck we designed cost roughly 30% more than the F-150 trim selected. The cost of the car always impacts the price of insurance."

The report says other insurance factors include collision repair costs, expected mileage, where the car is kept, the likelihood of theft, and household factors, including education, financing, and driving record.

"It's easy to see a driver paying $3,000 to $4,500 yearly to insure a Cybertruck, depending on where they live. That's easily 50% more than the average vehicle, but not all that much considering the Cybertruck costs roughly twice as much as the average new car," says Barrons.

Conclusion.

Rebecca is correct in saying that her new Cybertruck is expensive to insure and that not all companies want to insure the electric truck. However, in her situation, it's more costly because of the state she lives in (Massachusetts), and she may have an accident or traffic ticket on her driving record that warrants the higher cost for full coverage. 

"As for the Cybertruck, if insurance costs are too high, there's a simple solution: Buy a cheaper car," says Barrons. 

It's Your Turn

Have you purchased a Tesla Cybertruck? If so, click the red Add New Comment link below and let us know about your experiences getting insurance.

Check out another Cybertruck story.

Tesla Cybertruck Owner Says It’s An Expensive Brick After Washing His Truck, “I’m Only Two Months In With 3,400 Miles, My Screen Is Blank and Won’t Reset" 

Can you take the Tesla Cybertruck through a car wash? Tesla says it has a "Car Wash Mode." This owner says his truck's screen is dead after washing out sand from his new Cybertruck after a day at the beach. And then something unexpected happens. Find out from my report here.

I am Denis Flierl, a Senior Torque News Reporter since 2012. My 30+ year tenure in the automotive industry, initially in a consulting role with every major car brand and later as a freelance journalist test-driving new vehicles, has equipped me with a wealth of knowledge. I specialize in reporting the latest automotive news and providing expert analysis on Subaru, which you'll find here, ensuring that you, as a reader, are always well-informed and up-to-date. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.

Photo credit: Denis Flierl via Rebecca Scott