How Much Is Car Insurance for a Truck
Home » Auto Insurance for Trucks: How much is truck insurance?
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UPDATED: Oct 7, 2021
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In a Nutshell
- Truck insurance can be as low as $100 per month.
- The value of new model trucks are in the $20,000 to $40,000 price range.
- More safety features on your truck means big savings on monthly premiums.
- Commercial truck insurance for business use cost is much different than personal auto insurance cost for trucks.
In 2010, the national average truck auto insurance cost for a Ford F-150 was about $208 a month or $2,500 annually for both liability and comprehensive coverage. It's difficult to narrow down how much your truck insurance will cost because of many factors that affect car insurance rates.
There's more than one kind of truck, such as a pickup truck, flatbed truck, semi-truck, etc., and there is more than one type of coverage, which means there is no single answer to the question, "How much is auto insurance for trucks?" Knowing the factors that will impact your premium will give you the keys to getting the best truck insurance for your situation.
Continue reading our truck insurance guide to learn more about the average pickup truck insurance cost. We'll cover insurance for pickup trucks: basics and way to save as well as everything in between.
If you're looking to buy auto insurance for trucks, enter your ZIP code into our FREE tool above and compare truck insurance rates in your local area.
How much is insurance for trucks?
How much is auto insurance for a truck? That answer depends on what truck you're trying to insure, the insurer you choose, and whether or not you have a clean driving record. Pickup truck insurance rates also depend on the make and model year of the vehicle. So how much does it cost to insure a truck?
Let's look at the average pickup truck insurance cost per month of the top ten most popular trucks that drivers love. According to J. D. Power, these are the top trucks based on customer feedback and national truck sales.
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The cheapest trucks to insure are the Chevy Colorado, Ford Ranger, and Ford F-150. These monthly auto insurance rates are based on the latest model years of each automobile. Therefore, you probably save more than expected with a new truck.
Because these trucks are the most recent, they carry higher than average values, which means collision and comprehensive coverage is worth more than liability insurance.
Cheap pickup insurance depends on the company you're with, your age, gender, location, available insurance discounts, and several other factors. Continue reading to learn more about why pickup trucks are cheaper than most automobiles when getting auto insurance.
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Does it cost more to insure a truck or automobile?
The cost of insurance really depends on the type of truck you purchase and the other factors listed above. If you buy a $40,000 automobile and a $20,000 truck, then, typically, your vehicle will be the less expensive product to insure. If you're talking about commercial trucking, then you'll probably pay more for your insurance than someone who has commercial vehicle insurance for automobiles.
The price can also depend on where you live, as the best states for pickup owners will have cheaper insurance rates than a state with high pickup insurance rates.
Keep in mind that the rates for full coverage are generally more expensive than liability-only insurance. If your truck is new or being financed, you'll need full coverage auto insurance. These rates are also averages, which means some people will pay much less, and others will pay hundreds of dollars more.
You need to compare rates from multiple companies to save money on auto insurance. You should make some rate comparisons before you buy a truck if you're concerned about budget issues. Knowing what your insurance costs will be is an excellent way to help you choose between the Toyota Tundra Insurance vs. Chevy Silverado Insurance, for example. Continue reading to find the answer to the question: how much is insurance for a truck?
How much does it cost to insure a pickup truck?
There are several significant factors that will affect your auto insurance rates:
- Driving record – One factor is your personal driving record. This is also true for trucking companies hiring drivers; your driving record will directly affect your insurance cost. Safe driver discounts are available with some insurers.
- Truck type and coverage type– Another component is what kind of truck you are insuring. A personal vehicle will often be less expensive to insure than a commercial automobile, mainly because commercial vehicles tend to travel more, which increases the risk of an accident occurring.
- Truck usage – If you're talking about commercial insurance, then the type of goods you're hauling will factor in as well. For example, a company whose trucks haul livestock will have lower insurance rates than a company whose trucks haul oil, gas, dynamite, etc.
This isn't because they're hauling dangerous items but also because commercial insurance usually covers the products being carried as well. Often the more dangerous items have a much higher dollar value than something more benign.
For your personal vehicle, the amount of driving you to do will affect your rates, as well. Someone who drives to and from work 25 miles a day will pay less than someone who drives 120 miles a day. Other factors the insurance company will consider are:
- Age
- Gender
- Marital status
- Credit score
- Education level
- Year, make, and model of vehicle
- State, city, and ZIP code
There are dozens of factors insurance companies will take into consideration when determining your rates. For example, newer trucks come with better safety features. According to the Insurance Information Institute, crash avoidance technologies, such as backup cameras and lane departure warning systems, may retire old truck insurance, which is more expensive today.
What is the cheapest pickup truck to insure?
While the price of insurance coverage for each type of truck changes from year to year, here are the five cheapest trucks to insure as of 2019:
- 2019 Nissan Frontier S 2WD King Cab
- 2019 GMC Canyon SL 2WD 4 door
- 2019 Ford F-150 2WD
- 2019 Chevrolet Colorado 4 door 2 WD
- 2019 Toyota Tacoma SR 2WD 2 door
These trucks are all very close in insurance costs, ranging from $1,350 to $1,400 in average annual premiums for standard insurance. However, this is a very rough estimate and doesn't take into account any of the personal information that will impact your insurance premiums. Teen drivers should expect to pay several times as much as a 40-year-old driver, no matter what truck they're driving.
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What about Dodge RAM insurance?
How much does Dodge Ram 1500 insurance cost? The Dodge Ram didn't make the list of the five cheapest trucks to insure in 2019, but it didn't make the five most expensive trucks to insure either. When it comes to lowering the average cost of Dodge Ram 1500 insurance, take advantage of any available discounts and keep your driving record clean.
Here are some of the things that can garner you a discount on your auto insurance:
- Being married
- Being college-educated
- Bundling your policies
- Maintaining a good GPA (if you're in high school or college)
- Having good credit
- Reducing driving time
- Driving a safe vehicle
Also, a common way to save money on your premiums is by choosing a higher deductible option. Just make this move consciously. If you can't afford a $1,000 deductible, it isn't the right choice for you. Even if there are some good savings, if you can't pay that amount out of pocket, those monthly savings won't do you any good.
Is insurance higher on diesel trucks?
Insurance is sometimes a little higher for diesel vehicles, but not because of the type of fuel they use. Diesel automobiles cost a little more than standard trucks. Therefore, they cost more to replace if they're totaled, and they cost more to repair if you have to fix any part of the fuel system. These factors make insurance for diesel trucks a little more expensive than non-diesel vehicles.
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What is the difference between auto insurance, truck insurance, and commercial truck insurance?
There's no noticeable difference between auto insurance and truck insurance when it comes to your personal vehicle. You'll have access to the same coverages, the same deductibles, and the same policies, whether you're driving a Toyota Corolla or a Dodge Ram 1500. Insurance costs will be different, but the policy basics don't change from vehicle to vehicle.
Commercial coverage is an entirely different product, however. Commercial truck insurance is designed for owned by a corporation or otherwise intended for business purposes. Some examples of these policies are:
- Auto insurance for lifted trucks
- Auto insurance for garbage trucks
- Auto insurance for tow trucks
You wouldn't buy the same auto insurance for pickup trucks that you would for a corporate fleet of dump trucks because they have two completely different purposes. The answer to "How much is truck insurance for a semi?" will not resemble the price for your pickup truck. The insurance needs of personal and commercial vehicles, including repair costs and liability levels, are vastly different from the two products that aren't comparable.
Auto Insurance for Trucks: What's the bottom line?
Just because you drive a truck doesn't mean you can't get cheap auto insurance. If you do some research before making a purchase and keep your driving record clean, you can find trucks' best insurance. Now that we've discussed all of the keys to getting the best truck insurance, you should be ready to roll.
How much is truck insurance per month? We can help you to find affordable auto insurance for trucks right here. Enter your ZIP code below and find affordable truck insurance quotes in a matter of minutes.
Frequently Asked Questions: Auto Insurance For Trucks
Below are some of the most frequently asked questions regarding personal truck insurance:
#1 – What is the best auto insurance for trucks?
For the most part, all insurance companies are capable of offering excellent auto insurance for trucks. The most important part of choosing an insurance policy is choosing the right one for your needs, not your specific vehicle.
#2 – Do I need special auto insurance for lifted trucks?
To answer this question, we need to be specific are we talking about a lift truck or a lifted truck? A lift truck is a piece of warehouse equipment, often referred to as a forklift. Lift trucks will require commercial insurance because they are not personal vehicles. Auto insurance for lifted trucks, on the other hand, is for pickup trucks that have a modified suspension to raise it much higher off the ground than a standard truck.
Any time you have a modification like this, you take a chance that you may need to find specialty insurance. When getting a quote for a policy, you'll need to make sure you're upfront about any vehicle modifications so that your quote is accurate. According to the FBI, not telling your insurance company about a change like this may constitute insurance fraud.
#3 – When do I need commercial truck insurance?
If you're a business owner with three or more trucks, you'll need commercial auto insurance for truck drivers or fleet insurance. Commercial auto insurance will issue rates per vehicle on one policy. You could pay as low as $1,000 per year for each automobile. That's not including other service fees or other coverages. Shop around to afford fleet insurance rates to save money.
How Much Is Car Insurance for a Truck
Source: https://www.autoinsurance.org/how-much-is-truck-insurance/
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