Cybertruck insurance costs $1,381 more per year than a gas-powered Chevy Silverado, study finds

Insuring a Tesla Cybertruck in the US costs an average of $4,135 per year—$1,381 more than a comparable gas-powered Chevrolet Silverado, which carries an average annual premium of $2,754, according to a new study by Insurify. The data shows that electric vehicles (EVs) remain significantly more expensive to insure than internal combustion engine (ICE) cars overall, with the average EV premium at $3,159 annually compared to $2,218 for gas-powered models—a 42% gap. However, the difference narrows sharply when comparing only 2024 and newer vehicles across all powertrains, where the average premium drops to $3,293 for EVs versus $2,792 for ICE models, an 18% gap. The study, which analyzed over 235 million insurance quotes, highlights dramatic regional variations. In Washington, D.C., newer EVs average $6,102 to insure compared to $4,821 for gas cars—a 27% premium—while Massachusetts sees the largest disparity at 54%, with EV premiums at $3,560 versus $2,318 for ICE vehicles. Rhode Island also stands out, with EV insurance costs 39% higher ($6,043 vs. $4,344). The analysis attributes these regional differences to factors like urban density, higher vehicle values, and elevated repair costs for EVs. Nationally, luxury EVs dominate the list of most expensive models to insure, with the Mercedes-Benz EQS Sedan topping the rankings at $4,703 annually, followed closely by the Tesla Model S ($4,558) and BMW i5 ($4,554). All five Tesla models rank among the top 10 priciest EVs to insure, though some exceptions exist where EVs are cheaper than their gas counterparts—such as the Mercedes-Benz EQS Sedan, which costs less to insure than the gas-powered Mercedes-Benz S-Class ($4,703 vs. $5,101). The study underscores that while EV insurance premiums are declining from a 2023 peak of $3,509, they still far exceed those of ICE vehicles, reflecting ongoing concerns about repair costs, parts availability, and the relative newness of EV fleets on US roads.