The Cheapest Truck Insurance: Your Questions Answered
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Versatile, rugged, tough — trucks have a broad appeal that cars and SUVs can’t quite touch. But beyond the ability to tow and haul, make a statement, or go off-roading, trucks have one thing similar to every other type of vehicle: the need for truck insurance.
Due to a variety of reasons, truck insurance can get rather expensive, but it doesn’t have to break the bank. In this article, we’ll answer your questions about insuring this investment. If you’re in the market for a new or used truck or already own one, let’s find out how to get the cheapest truck insurance possible.
Compare Truck Insurance Rates
Compare Truck Insurance Rates
What Insurance Companies Have the Cheapest Truck Insurance?
Like car insurance rates, truck insurance rates can vary drastically from company to company. Typically, these rates reflect statistical information used by the insurer, history of claims in the area, the type of truck, and more. However, any insurer can have more affordable truck insurance policies than other companies on a given day. So if you’re searching for the cheapest truck insurance coverage, you may want to start your search with these reputable companies:
- Liberty Mutual
While you could gather individual personal auto insurance quotes from each of these companies or go through an insurance agent, using Compare.com lets you get dozens of quotes at once quickly and easily. By doing so, you can make sure you get the cheapest truck insurance.
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What Personal Factors Affect Truck Insurance Rates?
The average pickup truck insurance cost per month depends on several factors. Understanding what affects your truck insurance rates can help reduce your costs in the future if you can’t find cheaper truck insurance right now. Some common determinants include:
- Driving history or driving record
- Annual mileage and whether you use your truck primarily for commuting, personal, or business reasons
- If your truck is new or used
- Credit score and whether you take out a loan for the truck
- Marital status and whether you’re a renter or homeowner
- Age, gender, and other demographics
- ZIP code, state, and geographic location, as states have different minimum coverage requirements
- Type of insurance coverage you require (liability insurance, comprehensive coverage, multi-car insurance, etc.)
For example, a clean driving record can lower your rates, while several speeding tickets or accidents can cause your insurance premiums to increase. Moreover, a higher credit score may lower your rates, as the insurer perceives you as less of a risk than someone with a lower credit score.
What Are Some of the Cheapest Trucks to Insure?
With so many trucks on the market, figuring out which one to buy is fun but can feel overwhelming. The most popular considerations for truck buyers are engine size, capability, aesthetics, tech features, safety, and off-road prowess. Although the price of car insurance is probably at the bottom of your list, it can become the deciding factor if you’re stuck between two or three trucks.
To narrow your search or help you make an informed decision, here are 10 of the cheapest trucks to insure per month:
- Toyota Tacoma: liability coverage: $66; full coverage: $148
- Toyota Tundra: liability coverage: $68; full coverage: $141
- Ford Ranger: liability coverage: $69; full coverage: $135
- Ford F-150: liability coverage: $71; full coverage: $142
- Chevrolet Silverado: liability coverage: $71; full coverage: $153
- Nissan Frontier: liability coverage: $72; full coverage: $142
- Nissan TITAN: liability coverage: $73; full coverage: $155
- Chevrolet Colorado: liability coverage: $73; full coverage: $148
- Jeep Gladiator: liability coverage: $74; full coverage: $204
- Ram 1500: liability coverage: $89; full coverage: $170
Why Is Truck Insurance More Expensive Than Other Vehicles?
Although not a steadfast rule, truck insurance options are often more expensive than other types of vehicles. However, this comes with sound reasoning. Insurance companies usually charge more for trucks than cars, minivans, or SUVs because of:
- The potential for more damage to other vehicles or injury to other motorists due to the weight and power of many trucks
- The increased possibility of cosmetic damage to the truck in tight spaces due to its size
- A higher price tag than other vehicles
- The higher chance for damage to trucks due to their off-roading ability
What About Commercial Truck Insurance Rates for Business Owners?
If you own a business and have a fleet of trucks, you certainly have insurance needs. You must protect your assets and truckers, whether you use pickup trucks, semi-trucks and bobtails, or other commercial vehicles.
In most cases, commercial truck insurance is more expensive than personal truck insurance regardless of your insurance provider because:
- Commercial auto insurance tends to have greater limits for general liability insurance
- There is a heightened risk of higher claims for physical damage, bodily injury, and property damage in the event of an accident
- Add-on coverage, such as cargo insurance and damage coverage, is required
While commercial truck insurance may come with different limits and prices, gathering quotes from reputable insurance companies is vital to saving money. Always shop around for commercial truck policies to get the coverage you need without hurting your bottom line, whether you’re an owner-operator of a trucking business or a non-trucking entity.
How Can You Get Cheap Truck Insurance?
Whether you’re a new truck driver or you’ve owned several throughout your life, learning how to get the best car insurance rates is always a benefit to your wallet. Why pay more for the same coverage?
If you’ve received a few quotes on your truck insurance, but you’re still not satisfied with the price or what your insurance covers for your budget, here are some tips to help you get the cheapest truck insurance:
- Get a higher deductible: The lower your deductible, the more the car insurance company has to pay. For example, a deductible of $500 will cost you quite a bit more than a deductible of $1,000 because you pay less out of pocket, and the insurer has to pay more to repair the vehicle.
- Always search for discounts: There may be several discounts that you are eligible for, like bundling your home and auto insurance, a good student discount, telematics discounts, and safe driver discounts, to name a few.
- Maintain a clean driving record: If you have a few tickets in your past, you may be able to offset them by taking an accredited defensive driving class.
- Compare different coverage needs: If you have an old beater, you probably only need liability insurance, although you probably want full coverage on a new truck.
- Pay off your loan as quickly as possible: If you have a truck loan, your lender will require full coverage, but as soon as you pay it off, you’re allowed to get whatever coverage you want, which means far cheaper options.
- Hire experienced drivers only: If you own a trucking business, make sure that you only hire seasoned drivers with a commercial driver’s license (CDL).
Find the Cheapest Truck Insurance
Whether you’re buying a sparkling new, head-turning truck or you’re getting a tough and rugged off-road machine, the best way to get the cheapest truck insurance is by shopping around. Use Compare.com to gather truck insurance quotes for your auto insurance policy, so you always get the best rate possible. Type in your ZIP code below to hop on the road to savings:
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