Table of Contents
- Differences Between Auto, Truck, and Commercial Truck Insurance
- How Much Does It Cost to Insure a Truck?
- Does It Cost More to Insure a Truck or an Automobile?
- Average Cost of Car Insurance for Truck by Make and Model
- What Is the Cheapest Pickup Truck to Insure?
- Cheapest Car Insurance Companies for Trucks
- Truck Features That Impact Insurance Costs
- FAQ
If you’re considering buying your first truck, you may be wondering how much the insurance is going to cost. While the cost of insuring a truck varies based on a few factors, the national average is $2,669 per year. (By comparison, the national average for car insurance is $2,513.)
Keep reading for more insights into how much truck insurance costs and how you can lower your premiums.
Key Points
• Annual personal auto insurance for a truck averages $2,669.
• Insurance costs can vary based on factors such as location, driving history, and the truck’s make and model.
• Comparing quotes from different insurers can lead to potential savings.
• Truck features that increase the likelihood of theft or the cost of maintenance and repairs can also increase the amount you pay for truck insurance.
• Regularly reviewing and adjusting coverage can help you ensure you get competitive rates that suit your needs.
Differences Between Auto, Truck, and Commercial Truck Insurance
There are really only two types of auto insurance. The type of auto insurance you need depends on what you’ll use your vehicle for.
• Personal auto insurance. If someone wants to buy or lease a truck for personal use, then they’ll need a personal auto insurance policy. This may be referred to as auto insurance or truck insurance.
• Commercial auto insurance. Companies that use cars and trucks for business purposes need to purchase this policy instead.
Both types cover property damage, bodily injury, and legal expenses related to auto accidents. Commercial auto insurance takes coverage a step further, usually featuring higher claim amounts and protection against more complex legal issues.
Keep in mind that each state has its own rules about car insurance and what car insurance should cover. If you’re unsure what the minimum requirements are where you live, you can check your state’s DMV site.
Recommended: Does Auto Insurance Roadside Assistance Cover Keys Locked in a Car?
How Much Does It Cost to Insure a Truck?
Exactly how much is insurance for a pickup truck? The average annual cost of personal auto insurance for a truck is $2,669.
The typical cost of commercial truck insurance depends on the type of business. Transport truckers haul general freight, such as automobiles, food, and products for retail stores. Specialty truckers cover a single type of freight, such as logs or garbage. The average monthly premium for commercial insurance is around $746 for specialty truckers and $954 for transport truckers.
Does It Cost More to Insure a Truck or an Automobile?
It isn’t necessarily more expensive to insure a truck than it is to insure a car. In fact, it’s generally cheaper to insure a truck compared to some other types of cars, including electric vehicles and luxury SUVs.
One exception is the driver’s age. College students may have a harder time finding affordable car insurance for their truck.
Average Cost of Car Insurance for Truck by Make and Model
How much is insurance for a new truck? Below are the average monthly rates for 7 of the cheapest and 3 of the most expensive trucks to insure, per Insure.com.
| Make and Model | Average Monthly Premium | Average Annual Premium |
|---|---|---|
| Ford Maverick | $177 | $2,118 |
| Ford Ranger | $180 | $2,156 |
| Nissan Frontier | $184 | $2,209 |
| Honda Ridgeline | $193 | $2,317 |
| Chevrolet Colorado | $194 | $2,327 |
| Toyota Tundra Hybrid | $230 | $2,755 |
| Ram HD | $230 | $2,759 |
| Ford Super Duty | $235 | $2,815 |
| Ram 1500 TRX | $271 | $3,255 |
| GMC Hummer EV Truck | $343 | $4,111 |
Source: Insure.com
Make and model aren’t the only things that determine auto insurance prices. For example, first-time drivers are more likely to pay higher auto insurance premiums.
If you have a truck and think you’re paying too much in premiums, it may be worth considering switching car insurance companies.
What Is the Cheapest Pickup Truck to Insure?
Many factors can impact the cost of car insurance, such as the type of deductible you choose and the make and model of your car. Generally, the Ford Maverick is one of the cheaper pickup trucks to insure, with an annual average full coverage rate of $2,118, according to Insure.com.
It’s important to note that even if someone chooses a model that is inexpensive to insure, their personal driving history will impact the insurance rate they’re offered. A driver with a clean record typically will get a better rate, whereas the same insurance goes up after an accident.
Cheapest Car Insurance Companies for Trucks
It’s always a good idea to shop around to get several quotes. You can include both traditional insurers and online insurance companies in your search to see which ones offer the most complete coverage and affordable rates.
There are several ways to lower your car insurance, but the simplest solution may be to choose a higher deductible. The following companies offer the lowest annual rates for car insurance, per U.S. News.
| Insurer | Annual Premium |
|---|---|
| USAA (limited to the military community) | $1,399 |
| Travelers | $1,788 |
| GEICO | $1,841 |
| Erie | $1,848 |
| Auto-Owners | $1,939 |
Source: U.S. News
Before shopping for quotes, it’s helpful to brush up on car insurance terms to better understand what type of coverage each provider offers.
Truck Features That Impact Insurance Costs
Truck features don’t directly impact the cost of insuring the vehicle, unless they increase the overall cost of the car. Generally speaking, the more expensive a truck is, the more it costs to insure.
Any features that increase the likelihood of theft or the cost of maintenance and repairs can also increase the cost of truck insurance.
The Takeaway
The average annual rate for personal (as opposed to commercial) car insurance for a truck is $2,669 per year. The overall cost of the truck can impact the price of insurance. In general, the more expensive a truck is, the more it costs to insure it. For this reason, special features may also increase your cost. Perhaps surprisingly, truck insurance isn’t more expensive than car insurance. In fact, pickups are cheaper to insure than some other types of vehicles.
When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.
SoFi brings you real rates, with no bait and switch.
FAQ
Do trucks cost more to insure than cars?
Generally, trucks don’t cost more to insure than other types of cars and are cheaper to insure than some types of vehicles. The insurance cost is usually based on the price of the car. So, an inexpensive truck may be much cheaper to insure than a luxury SUV or sedan.
Is insurance high on a pickup truck?
Insurance isn’t necessarily expensive for a pickup truck. Trucks usually cost less to insure than other types of cars. That said, high-value pickups can cost a lot to insure.
What is the cheapest truck to insure?
The Ford Maverick is generally one of the most inexpensive pickup trucks to insure. It has an annual average full coverage rate of $1,746, according to Insure.com.
Photo credit: iStock/JMichl
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