Automakers have long touted the fact that EVs provide customers with lower operating costs than their ICE counterparts, which makes sense given the fact that in most markets, electricity is cheaper than gas, and EVs have fewer moving parts that can break as well – not to mention, no oil to change. However, as it turns out, one EV in particular – the Ford F-150 Lightning – is also one of the cheapest electric vehicles to insure as well.
According to Mercury Insurance, the Ford F-150 Lightning is among the top 10 cheapest EVs to insure right now, and in fact, is second only to the Nissan Leaf in that regard. The agency didn’t provide any specific dollar amounts to back up this data, but did note that EVs cost up to $44 more per month on average to insurance than gas-powered vehicles. Regardless, this is good news for Ford F-150 Lightning owners and those considering purchasing one, given how high some EV insurance costs can be.
“One of the most important aspects when researching your ideal EV is to consider the total cost of ownership, in which insurance plays an important part,” said Chong Gao, Director of Product Management R&D for Mercury Insurance. “We realize that for many customers this may be their first time considering an EV and it helps to have as much information as possible.”
The Lightning also recently won a 2024 Best Fleet Value in America Award from Vincentric due to the fact that it has the lowest ownership costs in its class. That same organization’s 2024 Electric Vehicle (EV) Cost of Ownership Analysis found that the 2023 Ford F-150 Lightning Pro, specifically, is projected to be $16,231 cheaper to operate than a 2023 Ford F-150 XL SuperCrew model equipped with the turbocharged 2.7L V6 EcoBoost powerplant, too.
We’ll have more on the Ford F-150 Lightning soon, so subscribe to Ford Authority for the latest Ford F-150 Lightning news and ongoing Ford news coverage.
Comments
Who cares? No one wants one. Let’s talk about a vehicle that Ford currently has that people actually WANT. Goose eggs there.
Thats not true. I see them driving all over so clearly that is not true.
My insurance company has better rates for EVs and hybrids tbsn for gasoline only vehicles. My Fusion Hybrid is insured.
BTW, SCEcoBoost is an idiot.
You might be saving money on gas but in my area electricity has gone up 40% since 2021. They are trying to get even more increases also. They know the electricity demand is coming, and they also know it will be harder to get increases when people are paying for electric cars in the future.
An electric car or truck might be cheaper to operate but those savings are negated in the overall high cost of purchase. In many states the registration fees are much higher than ICE vehicle’s which adds extra cost.