Whether you currently own a truck or are considering purchasing one, understanding car insurance premiums and ways to save should factor into your vehicle budget. Car insurance companies typically consider factors such as repair costs, safety, theft and collision risks when determining premiums.
“Trucks are generally more expensive to insure than cars because the value of the truck is higher,” says Lauren Mckenzie, senior agent with A Plus Insurance. “Drivers should consider its value and get an idea of what they should expect to pay for insurance on the vehicle before purchasing. Oftentimes, the cost for full coverage insurance on a truck may be the same, if not more than the cost of the loan payments.”
Learn more about the cheapest trucks to insure in 2023. In CarInsurance.com’s guide, find a ranking of the most affordable car insurance companies, the lowest average annual premiums and tips for saving on premiums.
- The cheapest truck to insure is the Ford Maverick at an annual premium of $1,746.
- State Farm offers the cheapest insurance annual premium for trucks, followed by Nationwide and Geico.
- Truck insurance is comparable in price to SUVs, but may be cheaper than some sedan models because of parts, safety features and repair costs.
- How much is truck insurance?
- Which are the cheapest trucks to insure, by make and model?
- What are the car insurance requirements for trucks?
- Which companies offer the cheapest insurance for trucks?
- Average annual insurance rates from top insurance companies for trucks
- How has the cost of insurance for trucks changed over time?
- Factors that affect the insurance rate for your truck
- How can you save money on truck insurance?
- Final thoughts on cheap truck insurance
- Resources & Methodology
How much is truck insurance?
On average, truck owners spend $2,152 per year nationwide for car insurance, according to 2023 CarInsurance data. There are ways to save on premiums, especially if you’re in the market for a new or new-to-you truck. Learn more about the cheapest trucks to insure in the following table.
Which are the cheapest trucks to insure, by make and model?
Ford and Nissan top the rankings for the cheapest trucks to insure. Starting with an annual average of $1,726, the Ford Maverick is the number one most affordable truck to insure in CarInsurance’s 2023 ranking.
To see more rankings of make and model groups, find the top 25 cheapest trucks to insure in the table below.
|Rank||Make||Model||Average Annual Premium|
|16||Chevrolet||Silverado 2500 HD||$2,208|
What are the car insurance requirements for trucks?
In general, car and truck insurance requirements are the same. According to Mckenzie, differences typically arise when leasing a vehicle versus financing, or if there are specific deductibles mandated by the lender. She says that differences in coverage result from the terms of the loan or lease agreement, rather than the type of vehicle.
There may be circumstances where commercial truck insurance is necessary, such as the following situations:
- Transporting people or goods for a fee
- Conducting business or a service with the truck
- Needing a higher deductible when the truck is used as a business
- Hauling heavy tools, equipment or towing trailers
Which companies offer the cheapest insurance for trucks?
State Farm offers the cheapest truck insurance, according to CarInsurance.com’s 2023 data analysis, with average annual premium rates starting at $1,477. Nationwide follows, with an average annual premium of $1,795 and Geico comes in third with an average annual premium of $1,812. Allstate and Farmers have the most expensive car insurance for trucks.
Average annual insurance rates from top insurance companies for trucks
Not all trucks are created equal when it comes to insurance companies and premiums. For $101 a month, you could insure a Nissan Frontier at an average annual premium of $1,216 with State Farm. However, the Nissan Frontier is $307 more expensive when insured through Nationwide, at an average annual premium of $1,523.
Learn more about how makes and models’ premiums range by insurance company, and the cheapest insurance companies for trucks in the table below.
|Make||Model||Company||Average Annual Premium|
|Hyundai||Santa Cruz||State Farm||$1,243|
|Ram||1500 Classic||State Farm||$1,417|
|GMC||Sierra 1500||State Farm||$1,486|
|GMC||Sierra 2500HD||State Farm||$1,507|
|Chevrolet||Silverado 2500 HD||State Farm||$1,519|
|Chevrolet||Silverado 1500||State Farm||$1,521|
|Ford||F-150 Raptor||State Farm||$1,525|
|GMC||Sierra 3500HD||State Farm||$1,546|
|Nissan||Titan XD||State Farm||$1,558|
|Ram||1500 TRX||State Farm||$1,797|
|Chevrolet||Silverado 2500 HD||Nationwide||$1,799|
|Chevrolet||Silverado 2500 HD||Geico||$1,885|
|Chevrolet||Silverado 2500 HD||Progressive||$2,364|
|Chevrolet||Silverado 2500 HD||Farmers||$2,501|
|Chevrolet||Silverado 2500 HD||Allstate||$3,204|
How has the cost of insurance for trucks changed over time?
There have been various changes in insurance coverage for trucks, along with cars over time, according to Mckenzie. She says these have been impacted by factors, such as driver data, technology integration, usage-based insurance, ride-share and carpooling.
“The cost of insurance premiums are calculated with several factors taken into consideration. Now with the new technology in which vehicles are being manufactured, there are more things that must be weighed in order to determine the cost of insurance,” she says.
Factors that affect the insurance rate for your truck
Insurance companies consider personal variables and assessed risks when determining a driver’s premium. These may include vehicle value, theft, safety features, how often you drive your vehicle, your credit and the type and amount of your insurance coverage.
“Many factors impact truck insurance rates, aside from just the cost of the truck itself. Some factors include the location (the number of accidents and claims in your area and surrounding areas), weather, and driver demographics such as age, gender and driving history,” Mckenzie says. “Other factors that impact the cost of truck insurance rates are the value of the truck and the cost it would take to repair or replace the truck, such as truck parts.”
How can you save money on truck insurance?
Finding the cheapest car insurance for your truck is one way you can save, so shop around. Our CarInsurance.com rate analysis has shown that some of the best insurance companies for truck owners are State Farm, Nationwide and Geico, but it may be worth it to contact other top insurers for a personalized rate.
It also helps to know what you’re going to pay on premiums when you’re in the market for a new truck. This can help ensure you keep costs within your budget. And, bundling your insurance needs — auto, home and other vehicles you own — can save you money.
“Drivers who maintain continuous coverage, rather than letting their insurance policies lapse or cancel, will be offered cheaper premiums when searching for new auto insurance. Consider different coverage options such as deductibles, and leave off any extra coverages that may not be needed to cut the cost down,” Mckenzie says.
Final thoughts on cheap truck insurance
While it may be thought that truck insurance premiums are excessively high, based on the make and model you drive, and the insurer you go through, you may find that your premiums are comparable to SUV and sedan insurance rates.
In general, small to midsize trucks are often less expensive to insure, and having a clean driving record, shopping around for rate quotes and bundling your insurance needs could also save you money.
If you drive a larger truck model, you may pay more for premiums, but you may also want to consider a commercial policy if you use your vehicle for work, services or hauling large equipment.
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Resources & Methodology
CarInsurance.com editors in 2023 collected rates from Quadrant Information Services for a 40-year-old male with a 12-mile commute and 10,000 annual mileage for a full coverage insurance policy with limits 100/300/100 and $500 comprehensive and collision deductible. We analyzed 28,561,720 records, 510 ZIP codes and 58 insurance companies nationwide.