If you’re considering buying your first truck, you may be wondering how much the insurance is going to run. While the cost of insuring a truck varies based on a few factors, the national average is $2,160 per year. (By comparison, the national average for car insurance is $2,790.)
Keep reading for more insight into how much truck insurance costs, and how to lower your premiums.
Key Points
• Annual personal auto insurance for a truck averages $2,160.
• Insurance costs can vary based on factors like location, driving history, and truck make and model.
• Comparing quotes from different insurers can lead to potential savings.
• Increasing deductibles may lower premiums but increases out-of-pocket costs in an accident.
• Regularly reviewing and adjusting coverage can ensure rates are competitive and appropriate for 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 purpose 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 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 it should cover. If you’re unsure what the minimum requirements are where you live, you can check your state’s DMV site.
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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 $2,160.
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, like logs or garbage. The average monthly premium for commercial insurance is around $1,000 for specialty truckers, and $650 for transport truckers.
Does It Cost More to Insure a Truck or Automobile?
It isn’t necessarily more expensive to insure a truck over a car. In fact, it’s generally cheaper to insure a truck than some other types of cars, such as electric vehicles or luxury SUVs.
One exception is the age of the driver. 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 10 of the least (and most) expensive trucks to insure, per Insure.com. You may figure out at a glance whether it’s worth switching car insurance companies.
| Make and Model | Average Monthly Premium | Average Annual Premium |
|---|---|---|
| Ford Maverick | $146 | $1,746 |
| Ford Ranger | $155 | $1,864 |
| Nissan Frontier | $157 | $1,885 |
| Toyota Tacoma | $160 | $1,917 |
| Hyundai Santa Cruz | $162 | $1,941 |
| Ford F-350 | $196 | $2,347 |
| Ram 3500 | $203 | $2,434 |
| Nissan Titan XD | $205 | $2,464 |
| Ram 1500 TRX | $214 | $2,565 |
| Ford F-450 | $251 | $3,010 |
Make and model aren’t the only things that determine auto insurance prices. For example, first-time drivers are more likely to pay more for auto insurance.
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 more inexpensive pickup trucks to insure with an annual average full coverage rate of $1,746, according to Insure.com.
It’s important to note that even if someone chooses a model that is known to be inexpensive to insure, their personal driving history impacts 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.
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Cheapest Car Insurance Companies for Trucks
It’s always a good idea to shop around to get several quotes. You can include traditional insurers and online insurance companies. This will give you a good idea of which companies offer the most complete coverage and affordable rates.
There are several ways to lower your car insurance, but the easiest 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 | $1,335 |
| Erie | $1,532 |
| Auto-Owners | $1,619 |
| Nationwide | $1,621 |
| GEICO | $1,778 |
| American Family | $2,170 |
| Farmers | $3,253 |
| Allstate | $3,374 |
Before shopping for quotes, it’s helpful to brush up on car insurance terms to better understand what type of coverage each provider is offering.
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 drive up the price of insurance for trucks.
The Takeaway
The average annual rate for personal car insurance (as opposed to commercial) for a truck is $2,160 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 is not more expensive than car insurance. In fact, pickups are relatively less expensive to insure than 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.
FAQ
Do trucks cost more to insure than cars?
Generally, trucks don’t cost more to insure than other types of cars. They’re actually relatively cheaper to insure than some types of vehicles. How much it costs to insure a car is usually based more on the overall cost of the car than the type of car someone chooses to drive. So an inexpensive truck may cost much less to insure than a luxury SUV or sedan.
Is insurance high on a pickup truck?
Insurance isn’t necessarily high on 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. The higher a truck’s (or any car’s) price, the higher the insurance premiums tend to be.
Photo credit: iStock/JMichl
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