Tesla Cybertruck - The Cost of Insurance Still a Mystery!

Susan Shaw
Shaw Insurance Agency - Our family serving North Texas families since 1982.

​As Insurance Professionals, we are trained to think
​“What if…?” and “If this…then what?”, however with the introduction of the soon to be manufactured Tesla Cybertruck, many of those questions remain unanswerable! 
While the projected price point for this truck is much less than the general public originally anticipated, the true cost could be factored in at a later date, perhaps at claim time.  While the 3mm-thick stainless-steel body panels are being hailed at being dent-resistant or hail resistant, (See what I did there!)  which could be assumed to help lower insurance rates, however, if the dent-resistant material is a much higher cost to fix when damaged, it would negate that and then actually increase insurance rates. 

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Another unknown would be due to the weight of this vehicle, what other damage would this do to other vehicles, pedestrians, bikes and property damage.  The additional weight could help minimize injuries to the driver and passengers but will that outweigh the increased cost outside the vehicle in the event of an accident.  Hard to know at this point.

Consumer Analyst for Insurance.com and Insure.com Penny Gusner responded to questions about the cost of insurance and while there are no specifics, she did respond that data points to Tesla vehicles being more expensive to insure than other vehicles.  Historically, Tesla vehicles have been 67% more costly to insure than the national average, so there is no reason to believe the truck once it rolls off the assembly line would be different. 
While we are steadily moving towards Driverless Vehicles, the current manufacturers are still testing and improving all the bells and whistles to make our driving habits safer.  These features are no longer solely for the more expensive or luxury vehicle, but are now readily available in those lesser expensive ones.  While it is making it safer, many consumers forget the cost is also seen in the cost of repairs at claim time.  Just a dented bumper is no longer just a dented bumper. 

So, as with anything new to the market, there will be trials and errors.  The insurance companies hope to analyze all the data to come as close to an accurate assessment of the cost to insure as possible, but in my opinion, there will be several adjustments necessary before they determine what their individual company risk appetite is.
The cost to insure remains a mystery!