Full coverage isn't legally required, but your lender almost certainly demands it if you're financing or leasing your 2024 F-150. This means you need both comprehensive and collision coverage beyond the state-required liability insurance.
When Full Coverage Matters Most
Your lienholder requires full coverage to protect their investment in your truck. If you have a loan or lease, skipping it violates your contract. The lender can force you to buy it at a higher rate or even repossess the vehicle.
If you own your F-150 outright, full coverage is optional but worth considering. Half-ton pickups like the F-150 are expensive to repair. A major accident could cost $15,000 to $25,000 in repairs. A transmission replacement alone averages around $4,700, and engine work can run $7,600 or more.
Coverage Breakdown for Your F-150
Comprehensive coverage pays for theft, weather, vandalism, and animal strikes. Collision coverage pays if you hit another vehicle or object. Together, they protect your truck's value but come with deductibles (usually $500 to $1,000).
For a 2024 F-150, expect to pay around $1,565 annually for insurance, registration, and taxes combined. Pickup trucks cost more to insure than sedans because repairs are pricier and claims are more frequent.
Smart Decisions
If your truck is financed, you have no real choice: get full coverage. If you own it outright, weigh the monthly premium against your emergency fund. Many owners keep full coverage because one accident could drain savings quickly.
You can lower your full coverage costs by raising your deductible to $1,000, bundling with home insurance, or asking about low-mileage discounts. Use online calculators to compare quotes from multiple insurers before deciding.
Sidekick can help you track all your F-150 ownership costs in one place. When you understand your total expenses, choosing the right insurance level becomes much clearer.