Before purchasing a truck, it is a good idea to consider all aspects of ownership, including auto insurance rates. In this article, we’ll tell you everything you need to know about personal and commercial truck insurance, including average rates and how to compare multiple quotes.
To find out how much truck insurance would cost for your vehicle, enter your zip code to get free quotes from the best auto insurance companies in your area.
How much does it cost to insure a truck?
The cost of truck insurance varies depending on your vehicle, driving history, location, and other factors.
When providing a quote for a pickup truck, insurance companies consider its make, model, and year. They will also take into account your age, credit rating and driving record. Any special modifications, such as lift kits and other accessories, will also influence the cost of insurance.
If you are insuring a commercial truck, the total cost will depend on the type of truck, your area of operation, and the type of business you have. For example, a flatbed truck that operates in a rural area will likely be cheaper to insure than a semi-trailer that hauls loads across the country.
Commercial Truck Insurance Statistics
As stated above, the type of business you conduct will be a major factor in determining the cost of your policy. The way you conduct your business will also be taken into account. Specifically, owner-operators without a permanent lease pay more for insurance coverage.
According to Progressive, the national average monthly cost to insure a commercial truck ranged from $ 640 to $ 982 in 2020. The lowest figure was the average cost for specialized truckers such as tow truck drivers. The highest amount was the average cost to transport truckers.
The East Insurance Group reported that owner-operators with permanent leases pay approximately $ 3,000 to $ 5,000 per year for coverage. On the other hand, owner-operators who operated under their own authority paid between $ 9,000 and $ 12,000 per year. Costs have increased dramatically in recent years, forcing new owner-operators to pay up to $ 16,000 per year for auto insurance.
Does Truck Insurance Cost More Than Standard Auto Insurance?
Insuring your van won’t necessarily cost more to insure than a standard car. A premium vehicle will likely have a higher premium than a standard pickup truck. However, commercial vehicles will cost significantly more to insure than personal vehicles.
Insurance cost of a van
As mentioned above, there are a ton of factors that come into play when determining rates. The vehicle itself will have a huge impact on the rates. For example, an older, cheaper pickup truck will often cost less to insure than a brand new, loaded vehicle.
Your personal driving history and demographic information will also play an important role in determining the cost of coverage. Generally, male drivers between the ages of 16 and 25 have the highest rates. If you have a bad driving record and fall into that high-risk bracket, you can expect your rates to be even steeper.
Location is also another factor to consider. Drivers in rural areas often pay less for coverage because they are not near as many vehicles. On the other hand, since drivers in metropolitan areas are statistically more likely to be involved in an accident, they will generally have higher rates.
What is the cheapest van to insure?
If you’re in the market for a new pickup truck, we want to help you make a wise purchase. With that in mind, we’ve compiled a list of 2019-2021 pickup trucks and ranked them from cheapest to most expensive to insure for most drivers:
- GMC Canyon SL
- Nissan Frontier S King Cab
- Ford ranger
- Chevrolet Colorado Extended Cab
- Ford F-150 XL
- Ram 1500 Classic Laramie (2019)
- Ford F-250 Limited Diesel
- Ram 2500 Limited Diesel
- Ford F-350 Super Duty Limited
- Ford F-450 Super Duty King Ranch
The top five trucks on our list all cost less than $ 1,500 per year to insure. This figure represents the national average with fully covered auto insurance. The last five trucks on our list all cost at least $ 2,100 per year to insure. If you want to get that new pickup but want to keep your rates low, we recommend you consider one of our top five picks.
When do you need commercial truck insurance?
Commercial Truck Insurance is coverage specially designed to protect owners / operators of commercial vehicles. This includes tow trucks, garbage trucks, semi-trailers, and even pickup trucks. If a vehicle is designed specifically for commercial purposes, it needs commercial truck insurance.
That said, businesses with three or more trucks will need commercial auto insurance for truck drivers. This type of coverage is often referred to as fleet insurance. It’s important to make sure you have the right coverage for your growing business.
Conclusion: how much does truck insurance cost?
Ultimately, the cost of insuring your pickup will be comparable to the cost of insuring a car. However, insuring a commercial vehicle will cost much more.
Whatever type of truck you need to insure, it’s essential that you choose the right amount of coverage. This will protect you and your property in the event of an accident.
Our recommendations for auto insurance
Now that we’ve covered how much truck insurance can cost, it’s time to share our top picks for auto insurance coverage. During our industry-wide review of the nation’s top providers, we narrowed our search down to a handful of reputable insurance companies. To start getting free quotes from insurers in your area, enter your zip code below.
GEICO: better overall
Our experts ranked GEICO as the nation’s leading comprehensive insurance provider, giving it a score of 9.5 out of 10.0. The company also received a 9.5 rating for industry reputation and 9.0 for coverage, costs and customer experience.
GEICO is known to provide excellent coverage at a great price. The company offers flexible policy options and a plethora of discounts. GEICO even offers carpooling and mechanical breakdown coverage. However, GEICO does not currently insure commercial trucks.
Progressive: Ideal for high risk drivers
Although Progressive did not perform as well as GEICO, the company still received excellent ratings from our experts. Our team gave Progressive an overall rating of 8.9 out of 10.0. The company also got 9.5 for reputation, 9.0 for coverage, and 8.5 for customer experience and cost.
Progressive offers many discount options and flexible policies. Unlike GEICO, it also offers commercial truck insurance. The company has general and business owners liability insurance policies so that you can cover all aspects of your business with one policy.
Frequently Asked Questions
Do you need special auto insurance for forklifts?
Technically, you don’t need special auto insurance just because your truck is lifted. However, your policy may not be sufficient to cover the cost of replacing spare parts in the event of an accident.
That said, you should consider adding aftermarket parts to your existing coverage. This additional coverage is offered by many major providers, including Progressive and GEICO. Progressive calls its offering a coverage of custom parts and equipment.
When do you need commercial truck insurance?
You need commercial truck insurance if you own and operate a vehicle for business purposes. For example, semi-trucks and platforms used for commercial purposes require commercial truck insurance.
What is the best auto insurance for trucks?
The best auto insurance for trucks will depend on a variety of factors, including the type of truck you own and your driving record. We recommend vendors like GEICO and Progressive. Both topped our list of top auto insurance providers in categories such as coverage, costs, customer service, and industry reputation.
The Detroit Bureau collects data from each major auto insurance provider to formulate rankings of the best insurers. Our in-depth rating system takes into account market share, coverage, pricing, customer satisfaction, and industry expert ratings. Each insurer is assigned a weighted score in four categories, as well as an overall score out of 10.0.
We recommend auto insurance companies based on these rankings, but we also encourage you to do your own research and compare quotes to find the best coverage.