All-electric vehicles are typically more expensive to insure when compared to their ICE counterparts for one very good reason – their replacement parts are generally more expensive, particularly in regard to batteries. However, when cross-shopping brands, EV customers will also find that insurance costs tend to vary greatly by model, and that’s certainly the case in the all-electric pickup space. In fact, the Ford F-150 Lightning is cheaper to insure than the Tesla Cybertruck, it seems.
According to Insurify, the average annual full coverage insurance rate in the U.S. for the Tesla Cybertruck is $3,392 per year, compared to the average EV at $2,892 and the national average of all vehicles, which stands at $2,336. Interestingly, the Cybertruck is 22 percent cheaper to insure than the Tesla Model 3 even though it touts a higher sticker price. However, the Cybertruck is slightly more expensive to insure than the Ford F-150 Lightning, which has an average annual full coverage cost of $3,193 at the moment. Insurify calculated these average insurance costs using 97 million rates from car insurance applications in its proprietary database.
This isn’t the first time we’ve seen the Ford F-150 Lightning praised for its lower insurance costs, at least, compared to other all-electric vehicles. As Ford Authority reported last August, Mercury Insurance found that the Ford F-150 Lightning is among the top 10 cheapest EVs to insure, and in fact, was 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.
This past October, Insurify also found that the ICE version of the Ford F-150 is 11 percent cheaper to insure than than the U.S. average, with an annual full-coverage premium of $2,069, compared to $2,329 – though those rates did vary greatly depending on the state one lives in.
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