Let’s talk about this insurance comparison I did

It’s that time of year again where I shop around for insurance to see which company wants to take the least amount of my money. (Pro tip: Always shop annually, or they’ll overcharge you!)

While comparing, I used a tool on my current insurer’s site that shows how insurance costs change based on the vehicle. Some of the numbers were pretty surprising.

Here’s what I found (annual full coverage costs):

  • 2023 F-150 Lightning Lariat Supercrew (EV): $2043
  • 2023 F-150 Lariat Supercrew 4WD (ICE): $2288
  • 2023 Rivian R1T Adventure (EV): $3147
  • 2023 Tesla Model S Long Range 100D (EV): $4183
  • 2023 Tesla Model 3 Standard Range (EV): $3356

It was surprising to see the EV F-150 is slightly cheaper to insure than its gas counterpart, even though EVs tend to have higher replacement and repair costs. The Rivian is about 50% higher than the F-150, but the truck itself also costs about 50% more, so maybe that explains it.

The Tesla numbers are wild, though. The Model S is double the cost of the F-150 Lightning, and even the “affordable” Model 3 costs 50% more to insure. For context, I used to drive a 2014 Tesla Model S, and this makes me glad I didn’t stick with Tesla. The insurance savings alone are a game changer.

No real question here, just some interesting data I thought I’d share. Curious if others have noticed similar trends?

When I asked my agent about insuring a Lightning, they said it’s one of the least expensive trucks to cover. Take that for what it’s worth!

This is so timely! I just noticed my rate went up by a few hundred dollars. My insurance company claimed it was because of a state thing (I’m in Maine). I shopped around and saw similar rates to what you’re mentioning. Thanks for sharing this!

@Vale
My rate also went up when I switched to the Lightning, but that’s because it’s 10 years newer than my old Tesla. The age of the vehicle seems to be a big factor. But yeah, always shop around every year to avoid those sneaky increases!

Thanks for this comparison! I expected the Rivian to be high, but the Tesla rates are shocking. Any idea why the Model S and 3 are so expensive?

Bailey said:
Thanks for this comparison! I expected the Rivian to be high, but the Tesla rates are shocking. Any idea why the Model S and 3 are so expensive?

Insurance on Teslas is crazy expensive. I went from $130/month on a BMW X5 to $280/month on my Model X. Repairs are also insane—our Model Y’s rear-end repair cost $18K, and a fender bender on the Model X cost $9K.

Bailey said:
Thanks for this comparison! I expected the Rivian to be high, but the Tesla rates are shocking. Any idea why the Model S and 3 are so expensive?

Same here. My old Tesla was the most expensive vehicle to maintain I’ve ever owned. I was spending $5K a year on maintenance after the warranty ended—and that’s without any accidents!

When I replaced my 2020 Tesla Model 3 with a 2023 Lightning XLT, I saved $400 a year on insurance.

I just got a refund check because my 2024 Lightning was cheaper to insure than my 2023 XLT. Go figure!

Frost said:
I just got a refund check because my 2024 Lightning was cheaper to insure than my 2023 XLT. Go figure!

That doesn’t even make sense!

I replaced my 2017 F-150 with a 2023 Lightning XLT ER, and my insurance only went up $50 for six months.

Sidney said:
I replaced my 2017 F-150 with a 2023 Lightning XLT ER, and my insurance only went up $50 for six months.

That’s way less than what I pay in New York with a perfect record.

Sidney said:
I replaced my 2017 F-150 with a 2023 Lightning XLT ER, and my insurance only went up $50 for six months.

I’d love to have rates like yours!

One more reason I’m getting rid of my Model X—it’ll save me $1,200 a year on insurance.

When I bought my Lightning, my insurance dropped by $30/month.

Ripley said:
When I bought my Lightning, my insurance dropped by $30/month.

Mine went up $900 a year, but I was coming from a 2014 Tesla. I think the age of the vehicle is the biggest factor.