Auto Insurance on the Cybertruck

[Crissa]

Yeah, since we have the composite what's new section... Someone is always going to read a post.

^-^

Much less worrisome than having to price out insurance.

-Crissa

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[firsttruck]

The more expensive the vehicle is to repair or replace, the more it will cost to insure.

The existing Teslas are safer than most cars, but more expensive to repair. As a result, they are far from the cheapest vehicles to insure.

Tesla needs to get repair and maintenance cost down.

Tires too.

All these expenses are way too high for most people that work service type jobs.

 

[Crissa]

Repair is always going to be difficult to bring down when a vehicle doesn't suffer damage often.

What maintenance is expensive?

-Crissa

 

[Luke42]

What maintenance is expensive?

Bodywork.

The Model S and X have aluminum bodies.

Bodywork is expensive for aluminum cars.

It is expensive for the aluminum F-150s, too. The "beer can" F-150s were a big thing in the truck world when they were introduced in 2015:

Innovative vehicles are just more expensive to repair. It's harder to find qualified shops to maintain them, and those shops aren't going to be the cheapest.

Boring mass-market vehicles have advantages, especially in situations where maintenance is challenging due to cost or remoteness.

I've deliberately made a maintenance-tradeoff whenever I bought an "interesting" car, such as my Jetta TDI or my GMC Sierra Hybrid. But that maintenance-tradeoff can evaporate if the vehicle becomes wildly popular after you buy it, which is what happened with my wife's 2004 Prius -- it was an oddball technological wonder when she bought it in 2004, and it was nearly as common as a Honda Civic when it met its untimely demise in 2016.

Perhaps Cybertruck will follow the Prius's path. Perhaps not. I'm eager for the future to arrive so I can learn the answer.

 

[Crissa]

Bodywork.

Yes, but that's repair, not maintenance. I was replying to a comment which separated them.

-Crissa

 

[firsttruck]

Cost to replace most windshields are $300-$400 but for Tesla cars/SUV it is $900. Tires are more expensive for Teslas. Bio-hazard filter (Model X) $500

 

[Tinker71]

I am very concerned about insurance cost for the CT. It is heavy and fast and there are many unknowns. So it will be expensive for a while. I think the body repair will be very expensive until people get tooled up to handle it.

The data loggers and the fact the the truck may be online kind of scares me a little for privacy. That being said, In order to lower insurance I wouldn't be opposed to some sort of short term memory data logger. Say something that erases after 5 minutes and would only be recorded after an accident.

Say if you are speeding over 10 mph your deductible is $5000 or even $10,00, if not it is what ever you have it set at.

I know there is a ton of regulation, but I am hoping Tesla insurance will be available in Utah and can take in account save driving habits while not compromising privacy.

 

[alan auerbach]

I am very concerned about insurance cost for the CT. It is heavy and fast and there are many unknowns. So it will be expensive for a while. I think the body repair will be very expensive until people get tooled up to handle it.

The data loggers and the fact the the truck may be online kind of scares me a little for privacy. That being said, In order to lower insurance I wouldn't be opposed to some sort of short term memory data logger. Say something that erases after 5 minutes and would only be recorded after an accident.

Say if you are speeding over 10 mph your deductible is $5000 or even $10,00, if not it is what ever you have it set at.

I know there is a ton of regulation, but I am hoping Tesla insurance will be available in Utah and can take in account save driving habits while not compromising privacy.

Each state and province has its own insurance regulations, ostensibly to protect the public, but they also protect the industry. But we see a good start in developments such as:
-Tesla insurance in California
-insurance offered also by some banks in Ontario
-GM announcing it's going to offer coverage (and not just for GM vehicles)

Also (to repeat myself), the cost of the required liability coverage should not be much different from one vehicle to another (unless one type has a record of more frequent damaging and killing). But collision-repair costs to the insured vehicle can vary widely and will likely be high for the CT. However, this coverage is generally optional for registration.

By declining it, you "self insure." That is, you'd be keeping the collision premiums, so the longer you avoid damage, the more likely you'll come out ahead. Additionally, if you did opt for optional collision coverage, (1) you'd likely have a $1,000 deductible, (2) if a writeoff you won't get more than they say it's worth, and (3) if it's repaired the insurer will get back some, all, or more of the claim payout in higher premiums (or the loss of a claims-free discount) for the next five years or so.

 

[Luke42]

Yes, but that's repair, not maintenance. I was replying to a comment which separated them.

Repair costs are what the insurance companies really care about.

It's not like Teslas are immune to crashes.

My wife works for an auto insurance company you've heard of. Based on what she says about work, the my conclusion is that thing insurance companies aren't pricing accurately for Tesla is the idea that Tesla's safety is a moving target with constant improvements over the life of the vehicle.

Those constant software improvements will take a while to show up in the insurance statistics.

 

[craz]

^^^ what Alan said. Repair costs will be insane, at least initially, due to the exoskeleton, imo.

 

[Luke42]

Repair costs to the insured vehicle can vary and will likely be high for the CT, but this coverage is generally optional. You can decline it, and essentially "self insure."

If you finance the vehicle, the leinholder will generally require that the vehicle carry full insurance coverage.

They want the vehicle to be paid for, even if you wreck it.

Self insuring for damage to your own vehicle is only an option if you pay cash, or after you've paid off the vehicle.

 

[alan auerbach]

If you finance the vehicle, the leinholder will generally require that the vehicle carry full insurance coverage.

They want the vehicle to be paid for, even if you wreck it.

Self insuring for damage to your own vehicle is only an option if you pay cash, or after you've paid off the vehicle.

For sure. And that's another issue I have with leasing.

 

[TerryMack]

Bodywork.

The Model S and X have aluminum bodies.

Bodywork is expensive for aluminum cars.

It is expensive for the aluminum F-150s, too. The "beer can" F-150s were a big thing in the truck world when they were introduced in 2015:

Innovative vehicles are just more expensive to repair. It's harder to find qualified shops to maintain them, and those shops aren't going to be the cheapest.

Boring mass-market vehicles have advantages, especially in situations where maintenance is challenging due to cost or remoteness.

I've deliberately made a maintenance-tradeoff whenever I bought an "interesting" car, such as my Jetta TDI or my GMC Sierra Hybrid. But that maintenance-tradeoff can evaporate if the vehicle becomes wildly popular after you buy it, which is what happened with my wife's 2004 Prius -- it was an oddball technological wonder when she bought it in 2004, and it was nearly as common as a Honda Civic when it met its untimely demise in 2016.

Perhaps Cybertruck will follow the Prius's path. Perhaps not. I'm eager for the future to arrive so I can learn the answer.

Me too!

 

[TerryMack]

Repair is always going to be difficult to bring down when a vehicle doesn't suffer damage often.

What maintenance is expensive?

-Crissa

Has anybody been thinking the "traveling brick wall" (ie. CT) is cruising down the road, minding its business when it veers and hits 'something', Damaging that 'something' severely! This HAS happened before but rarely. Then what? Liability insurance will have to be high. It seems Insurance for our beloved Cyber Truck will cost us in the end...one way or another...

 

[Crissa]

No higher than for any other truck, I would think.

-Crissa