Tesla Cybertruck insurance costs ways more than the national average, study says

The Tesla Cybertruck doesn’t just come with a hefty price tag. It also has high insurance costs.

A new report from insurance marketplace Insurify found that full coverage insurance for the electric truck costs 45% more than the national average.

Insurify said the average Cybertruck driver is paying $3,392 per year in insurance, compared to the national average of $2,336.

The high insurance costs are in part because of the truck’s high cost. The truck’s starting price is over $80,000 and can cost more than $100,000 once customers add different trims and other add-ons.

Despite the high cost, Insurify found that Cybertruck premiums are actually cheaper than other Tesla (TSLA) models. The Model Y has an average annual insurance cost of $3,832 and the Model 3 has an average annual cost of $4,347, Insurify found. That’s in part because Cybertruck drivers tend to be older, meaning they pay less for insurance on average than the younger drivers of other models.

While the Cybertruck’s design is certainly polarizing, more than 28,000 vehicles have been sold since Tesla unveiled the EV truck last year, Insurify reported. Still, the truck’s rollout has been plagued by issues, with six different recalls, including ones that involved its backup camera and accelerator pedal.

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