Whether you’re a seasoned trucking company owner or just starting out as an owner-operator, one of the most critical aspects of protecting your business is securing comprehensive truck insurance coverage. However, navigating the complex world of truck insurance can be overwhelming, especially when it comes to understanding the rates and factors that determine them. That’s why we have created this comprehensive rate guide to help you make informed decisions when purchasing truck insurance.
This rate guide aims to provide you with the essential knowledge and insights necessary to navigate the truck insurance market effectively. We will explore the monthly and yearly truck insurance rates by state, truck insurance rates by make and model and the top ten most expensive and least expensive trucks.
Average truck insurance rates
The average truck insurance rate across all makes and models is $1,780, with the average maximum insurance rate at $2,605 and the average minimum insurance rate at $1,522. This provides a good baseline to consider when looking at specific truck models and their corresponding insurance rates.
| Average truck insurance rate | Average Maximum insurance rate | Average Minimum insurance rate |
| $1,780 | $2,605 | $1,522 |
Average truck insurance rates by state: Annual and monthly cost
Truck insurance rates can vary greatly depending on the state in which you reside. The lowest average annual premium is found in Maine, at $1,153 or $96 per month, while the highest average annual premium is in Louisiana, at $2,654, or $221 per month.
| State | Avg. annual premium | Avg. monthly premium |
| Alaska | $ 1,512 | $ 126 |
| Alabama | $ 1,742 | $ 145 |
| Arkansas | $ 1,894 | $ 158 |
| Arizona | $ 1,936 | $ 161 |
| California | $ 2,363 | $ 197 |
| Colorado | $ 2,220 | $ 185 |
| Connecticut | $ 1,658 | $ 138 |
| Washington D.C. | $ 2,305 | $ 192 |
| Delaware | $ 1,775 | $ 148 |
| Florida | $ 2,434 | $ 203 |
| Georgia | $ 1,963 | $ 164 |
| Hawaii | $ 1,514 | $ 126 |
| Iowa | $ 1,457 | $ 121 |
| Idaho | $ 1,316 | $ 110 |
| Illinois | $ 1,595 | $ 133 |
| Indiana | $ 1,559 | $ 130 |
| Kansas | $ 2,001 | $ 167 |
| Kentucky | $ 1,737 | $ 145 |
| Louisiana | $ 2,654 | $ 221 |
| Massachusetts | $ 1,660 | $ 138 |
| Maryland | $ 1,804 | $ 150 |
| Maine | $ 1,153 | $ 96 |
| Michigan | $ 2,111 | $ 176 |
| Minnesota | $ 1,720 | $ 143 |
| Missouri | $ 2,002 | $ 167 |
| Mississippi | $ 1,717 | $ 143 |
| Montana | $ 2,022 | $ 169 |
| North Carolina | $ 1,551 | $ 129 |
| North Dakota | $ 1,662 | $ 138 |
| Nebraska | $ 2,183 | $ 182 |
| New Hampshire | $ 1,164 | $ 97 |
| New Jersey | $ 2,090 | $ 174 |
| New Mexico | $ 1,613 | $ 134 |
| Nevada | $ 1,692 | $ 141 |
| New York | $ 1,333 | $ 111 |
| Ohio | $ 1,321 | $ 110 |
| Oklahoma | $ 1,808 | $ 151 |
| Oregon | $ 1,457 | $ 121 |
| Pennsylvania | $ 1,581 | $ 132 |
| Rhode Island | $ 2,243 | $ 187 |
| South Carolina | $ 1,817 | $ 151 |
| South Dakota | $ 2,303 | $ 192 |
| Tennessee | $ 1,485 | $ 124 |
| Texas | $ 2,149 | $ 179 |
| Utah | $ 1,688 | $ 141 |
| Virginia | $ 1,437 | $ 120 |
| Vermont | $ 1,482 | $ 123 |
| Washington | $ 1,634 | $ 136 |
| Wisconsin | $ 1,323 | $ 110 |
| West Virginia | $ 1,624 | $ 135 |
| Wyoming | $ 2,286 | $ 190 |
Which are the most expensive and least expensive trucks to insure?
When it comes to insuring trucks, the cost of insurance can vary significantly based on a variety of factors. Understanding which trucks are the most expensive and least expensive to insure can help truck owners and operators make informed decisions about their insurance coverage. In this guide, we will explore the trucks that tend to have higher insurance costs and those that are more affordable to insure. By gaining insights into these trends, you can better anticipate insurance expenses and make the right choices to protect your trucking business while optimizing your insurance budget.
The most expensive trucks to insure
As listed in the table, the Ford F-450 SD Platinum is the most expensive truck to insure, with an average annual premium of $2,605 or a monthly premium of $217. The lowest rate among the top 10 expensive trucks is for the Honda Ridgeline Black, with an average annual premium of $1,668 or a monthly premium of $139.
| Make | Model | Avg. Annual Premium | Avg. Monthly Premium |
| Ford | F-450 SD Platinum | $ 2,605 | $ 217 |
| GMC | Sierra 3500HD Denali | $ 2,159 | $ 180 |
| Nissan | Titan XD Platinum Reserve | $ 2,105 | $ 175 |
| Dodge | Ram 3500 Limited | $ 2,099 | $ 175 |
| Chevrolet | Silverado 3500HD High Country | $ 2,058 | $ 172 |
| Toyota | Tundra Platinum | $ 1,700 | $ 142 |
| GMC | Canyon Denali | $ 1,699 | $ 142 |
| Dodge | Ram 1500 Tradesman | $ 1,698 | $ 141 |
| Honda | Ridgeline Black | $ 1,668 | $ 139 |
The least expensive trucks to insure
For those looking to save on insurance costs, the Toyota Tacoma SR offers the lowest average annual premium at $1,522 or $127 per month. The Chevrolet Silverado 1500 Limited Custom is the most expensive among the least expensive trucks, with an average annual premium of $1,670 or a monthly premium of $139.
| Make | Model | Avg. Company Annual Premium | Avg. Monthly Premium |
| Toyota | Tacoma SR | $ 1,522 | $ 127 |
| Ford | Ranger XL | $ 1,533 | $ 128 |
| Chevrolet | Colorado WorkTruck | $ 1,541 | $ 128 |
| Nissan | Frontier S | $ 1,560 | $ 130 |
| GMC | Sierra 1500 Pro | $ 1,564 | $ 130 |
| Honda | Ridgeline RTL | $ 1,586 | $ 132 |
| Dodge | Ram 1500 Classic Express | $ 1,659 | $ 138 |
| Toyota | Tundra Limited | $ 1,659 | $ 138 |
| Ford | F-150 Lariat | $ 1,660 | $ 138 |
| Chevrolet | Silverado 1500 Limited Custom | $ 1,670 | $ 139 |
💡 Some important coverage options you should know:
Bobtail insurance: It is also known as non-trucking liability coverage, it provides liability coverage for truckers when they are driving their truck for non-business or personal use, such as driving home after completing a job.
Cargo insurance: This coverage protects the goods or cargo being transported in your truck. It provides compensation for losses or damages to the cargo caused by accidents, theft, or other covered events.
Occupational accident insurance: If you are an owner-operator, you may need to consider additional coverage options such as occupational accident insurance, which provides benefits in the event of an accident-related injury.
Which pick up truck is the cheapest to insure?
Among all pickup trucks, the Toyota Tacoma series appears to have the lowest insurance rates, is Tacoma SR, with an average annual rate of $1,522 or $127 monthly. Other affordable options include the Tacoma TRD Sport, Canyon Elevation with respective annual premiums of $1,552 and $1,554.
| Make | Model | Avg. Company Annual Premium | Avg. Monthly Premium |
| Toyota | Tacoma SR | $ 1,522 | $ 127 |
| Toyota | Tacoma TRD Sport | $ 1,552 | $ 129 |
| GMC | Canyon Elevation | $ 1,554 | $ 130 |
| Toyota | Tacoma SR5 | $ 1,555 | $ 130 |
| Toyota | Tundra SR | $ 1,560 | $ 130 |
| Toyota | Tacoma TRD Off-Road | $ 1,562 | $ 130 |
| Toyota | Tundra SR5 | $ 1,579 | $ 132 |
| GMC | Canyon AT4 | $ 1,650 | $ 138 |
| Toyota | Tundra Limited | $ 1,659 | $ 138 |
| Toyota | Tacoma Limited | $ 1,691 | $ 141 |
| GMC | Canyon Denali | $ 1,699 | $ 142 |
| Toyota | Tundra 1794 | $ 1,699 | $ 142 |
| Toyota | Tundra Platinum | $ 1,700 | $ 142 |
Frequently Asked Questions:
Are trucks more expensive to insure than SUVs?
Yes, trucks are not more expensive to insure than SUVs. The average annual cost of insuring a truck is $1,780. Whereas, the average annual cost of insuring an SUV is $1,765. This implies that the cost of insuring a truck is $15 more than cost of insuring an SUV.
How much is pickup truck insurance a month?
The average monthly cost for the cheapest pickup truck insurance is $130.The rates vary depending on the specific make and model, as well as the insurance company and state in which you reside.
What factors affect truck insurance rates?
Several factors influence truck insurance rates, including the make and model of the truck, the age and driving history of the driver, the state in which the truck is insured, and the coverage level and deductible chosen. Each insurance company weighs these factors differently, so it is essential to shop around for the best rates and coverage for your specific situation.
Conclusion
Throughout this guide, we examined the average insurance rates by state and identified the most expensive and least expensive trucks to insure. By understanding these trends, you can anticipate insurance expenses and make choices that balance protection and affordability. We have also highlighted important coverage options like bobtail insurance, cargo insurance, and occupational accident insurance to consider for comprehensive protection.
Whether you’re looking for the cheapest pickup truck to insure or comparing rates between trucks and SUVs, this guide provided valuable insights. It’s essential to consider factors beyond just the cost of insurance, such as the specific make and model of the truck, your driving history, and the coverage options that suit your needs.
In conclusion, with the knowledge gained from this rate guide, you can confidently make informed decisions when purchasing truck insurance aligning with your needs and budget.
Methodology
CompuQuote commissioned 2022 data for Truck insurance rates from Quadrant Data Services for all 50 states and Washington D.C. Rates are based on the following profile:
- 40-year-old male driver
- 12-mile daily commute and 10,000 annual miles
- Good credit
- Clean record.
Rates are based on coverage limits of:
- $100,000 bodily injury per person
- $300,000 bodily injury per accident
- $50,000 property damage per accident
- $500 comprehensive and collision deductible
CompuQuote analyzed rates for around 1278 vehicles from 57 companies for more than 45,740,880 million quotes. Rates sourced from Quadrant Data Services are for comparison purposes only; your rates may differ.
