Insurance rate for your Lightning vs ICE

[hturnerfamily]

as an insurance agent and agency owner, and having my own PRO arrive in a few weeks, I can tell all of us the same I tell neighbors just across the street, or someone across the country: You cannot derive your own insurance premiums from conversations about what 'others' are paying - there are just TOO MANY variables, not even considering the major differences between this type of vehicle, with a huge expensive battery pack, new Motors, etc., but also just the regular differences between drivers, families, locations, usage, coming from an older vehicle to a much newer vehicle, and state required minimum Liability limits, and whether you have a Low deductible, or a High one, or whether you have a young driver in the household, or whether you have a great driving history, or a not so great one - don't rely on ANY numbers from anyone else - call YOUR insurer and simply ask. If you don't like it, call ANOTHER one!

It's work, but it's worth it.

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[Lightninorian]

When it comes to accident costs, a totalled vehicle is cheap compared to an ambulance ride and admittance to a hospital. Especially if it's the person that's not at fault.

 

[tls]

$120/year more than my 2020 STX, on Progressive.

 

[hturnerfamily]

to give an example, though, on my own 'comparison'... if I had a 2022 F150 6cyl 4x4, versus this new 2022 Ford Lightning PRO - the difference per year, full coverage, all things otherwise as close to 'equal' as possible - $300 more for the new Lightning PRO truck, using a $50k 'new' price.

Think about this, too... there is no 'aftermarket' or 'salvage yard' parts for these trucks, yet, and although it is certainly very, very similar to the regular ICE F150 supercrew 5 1/2' bed model, there are still many differences between them. The front 1/4 panels will not be the same, and may not even be available for a long, LONG, time. Being involved in an accident might warrant a long wait for a 'charge door' replacement, since it is unique. The battery, well, of course that's going to be a big deal if you have a problem with that due to an accident. Etc. you get the picture.
While the insurance might be one thing in question, the reality is that you'll want to drive VERY cautiously for a long, long time until these new platforms get very established. I'm sure parts companies are working on their versions of after market parts, and Ford should have 'some' OEM replacement parts, it might not be in any numbers that will suffice for a long time.

 

[FlasherZ]

Several hundred dollars less per year compared to 2018 Tesla Model S. But, like the early days with Tesla, I expect that insurers are going to tweak the knobs a lot the first few years of our EV journeys with new vehicles. I went through this experience in the first few years of Tesla Model S, when there was no track record.

 

[O’Majestic1’slightnigF150]

$99 per month thru State Farm. Texas. $250 k / $500k. $100k property. $1000 deductible for comp and collision. Uninsured motorist.
multiple cars on the account. Homes. Rentals. Boat. Jet skis. Also farm policy and farm equipment. Plus an umbrella.

 

[O’Majestic1’slightnigF150]

Oh. Forgot. I have not taken delivery but have vin. Platinum. Spray in bed liner. $94k

 

[metroshot]

Oh. Forgot. I have not taken delivery but have vin. Platinum. Spray in bed liner. $94k

Insurance company can still give you a rate on just the VIN.

I did that because my Lightning is supposed to show up this week.

Premium dropped $100 / year compared to my car I am trading in.

 

[O’Majestic1’slightnigF150]

Yes. Good clarification. I did provide the VIN to obtain the quote. I was pleasantly surprised. Much less than a boat of comparable value and for any plane owners / pilots out there, a helluva lot cheaper! Sold my older than me plane so I could get decent life insurance rates.

 

[SmoothJ]

When I spoke to my insurance agent he stated that the new truck will be $2,019 for the year and my current truck (2021 F150 Lariat PowerBoost) is $1,402.

I then asked why the large increase? He then stated the cost of the vehicle and the cost to repair the vehicle go into the rate. Another item to keep in mind is that electric batteries are more massive in terms of weight and it takes more energy to slow them down, so in a crash they will cause much more damage then a non electric vehicle of the same size. This can cause higher liability claims made by the other parties against your insurance should you hit someone.

Finally I asked if could this rate/quote go down in a few months as more and more people get this vehicle?

Mostly likely the rate will not go down this policy term. Over the long haul the rate may go down depending on how the vehicle performs in the insurance matrix. If they find that claims on the vehicle are not as high it could go down but it is unlikely and if it does it will not be by much money.

 

[GDN]

When I spoke to my insurance agent he stated that the new truck will be $2,019 for the year and my current truck (2021 F150 Lariat PowerBoost) is $1,402.

I then asked why the large increase? He then stated the cost of the vehicle and the cost to repair the vehicle go into the rate. Another item to keep in mind is that electric batteries are more massive in terms of weight and it takes more energy to slow them down, so in a crash they will cause much more damage then a non electric vehicle of the same size. This can cause higher liability claims made by the other parties against your insurance should you hit someone.

Finally I asked if could this rate/quote go down in a few months as more and more people get this vehicle?

Mostly likely the rate will not go down this policy term. Over the long haul the rate may go down depending on how the vehicle performs in the insurance matrix. If they find that claims on the vehicle are not as high it could go down but it is unlikely and if it does it will not be by much money.

Maybe time to shop around. The rates so far from several insurers have been very good on this truck. No more than another typical F-150.

Its one of those bad things, but just seems insurance has to be shopped once in a while to get better rates.

 

[SmoothJ]

I go through a broker, so they normally look for the best rates for me. My renewal is coming up anyway. We will see how things pan out in the end.

 

[Maximum Effort]

We have State Farm. Both trucks have commercial plates (NY requirement on lightning because of weight)
My 2022 f150 lariat powerboost is $895 a year. I am 51 with clean driving record.
My wife’s 2022 lightning lariat ER is $850 a year. She is 37 with clean driving record.
Interesting side note. My 2020 f250 lariat tremor was at least $150 less a year.
Hope this helps.

 

[rlbussard]

In the DFW area I am paying $1,800 every 6 months for a 21 Mach E and the 22 Lightning if I didn't have my kid on my insurance. With my kid and his 20 Kia Forte, it is costing me $4,300 every 6 months. I find that amount of money absolutely ridiculous. So my son and his $16,000 car will cost me an extra $2,500 a month. Absolutely absurd.

 

[Maximum Effort]

In the DFW area I am paying $1,800 every 6 months for a 21 Mach E and the 22 Lightning if I didn't have my kid on my insurance. With my kid and his 20 Kia Forte, it is costing me $4,300 every 6 months. I find that amount of money absolutely ridiculous. So my son and his $16,000 car will cost me an extra $2,500 a month. Absolutely absurd.

Put basic minimum coverage (no collision) on your sons car. At what they are charging you, you can buy him another $15,000 car every 6 months. That’s crazy!

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