The top three best selling vehicles in America just happen to be full-size trucks: the Ford F-Series, the Ram Truck, and the Chevy Silverado. With a host of luxury features and upper tier price tags exceeding $90,000, how does insurance cost compare for the large truck lineup?
How much does pickup truck insurance cost?
For 2023 half-ton models, the Nissan Titan has the cheapest insurance rates at $1,746 per year, with the GMC Hummer EV Pickup being the most expensive at an average of $2,228 for an annual full coverage policy. The average cost of insurance for the entire large truck segment is $1,915 per year.
The table below shows monthly and yearly pickup truck insurance rates for the entire 2023 half-ton truck segment.
|Rank||Make/Model||Annual Cost||Monthly Cost|
|7||GMC Hummer EV Pickup||$2,228||$186|
All three American-made truck nameplates include larger three-quarter and one-ton versions, so let’s see how insurance rates for heavy duty trucks compares to the more mainstream half-ton versions.
How much do heavy duty trucks cost to insure?
Insurance rates for heavy duty trucks average $2,027 per year, with the 2023 GMC Sierra 2500 HD having the cheapest insurance rates at $1,804 per year, and the Ford F450 Super Duty being the most expensive, at an average cost of $2,358 for an annual full coverage policy.
Here’s how the lineup of 2023 heavy duty trucks compare for annual and monthly insurance cost.
|Rank||Make/Model||Annual Cost||Monthly Cost|
|1||GMC Sierra 2500 HD||$1,804||$150|
|2||GMC Sierra 3500||$1,866||$156|
|3||Chevrolet Silverado HD 2500||$1,936||$161|
|4||Chevrolet Silverado HD 3500||$1,940||$162|
|5||Nissan Titan XD||$1,970||$164|
|6||Ram Truck 2500||$2,002||$167|
|7||Ford F350 Super Duty||$2,108||$176|
|8||Ford F250 Super Duty||$2,132||$178|
|9||Ram Truck 3500||$2,158||$180|
|10||Ford F450 Super Duty||$2,358||$197|
Heavy duty trucks are the towers and haulers, having upgraded frames, brakes, and powertrains. The cost of these beasts can easily exceed that of the regular-duty trucks, with the upper end trim for the GMC Sierra heavy duty line having a MSRP of $67,495.
Which pickup models have the cheapest insurance?
The cheapest 2023 model year pickup truck to insure for is the Nissan Titan, costing an average of $1,746 annually. For a 6-month policy term, expect to pay around $873, or about $146 each month.
Taking second and third place honors in the full-size truck segment are the Ford F150, costing $1,794 per year, and the Toyota Tundra at $1,856 annually.
Which large truck is most expensive to insure?
The large truck with the most expensive insurance for 2023 is the GMC Hummer EV Pickup, costing an estimated $2,228 per year. It will cost around $482 more on average to insure a GMC Hummer EV Pickup each year compared to the cheapest large truck to insure, the Nissan Titan.
At an average of $2,228 a year for insurance on a 2023 GMC Hummer EV Pickup, that is a 15.1% premium over the $1,915 average for the large truck class, and 27.8% more than the national average car insurance rate (all vehicles) of $1,685.
What is average pickup truck insurance cost?
Average pick up truck insurance cost is $1,915 per year, or about $160 per month. This estimate is for a middle-aged safe driver and a full coverage policy with $500 comprehensive and collision deductibles.
Higher policy deductibles can save money on insurance because the insured is willing to pay more money out-of-pocket if they have a covered claim. Conversely, choosing low deductibles means the insurance company will pay more of a claim, which in turn costs the policyholder more with each renewal.
Using the Ford F150 as an example, policy cost ranges from $1,514 having $1,000 deductibles to $2,336 with $100 deductibles. That’s a $822 variation in the price of insurance just for a difference in deductibles.
What is average pickup truck insurance cost per month?
Insurance rates for half-ton pickup trucks average from $146 a month for the Nissan Titan to $186 for the GMC Hummer EV Pickup. Larger three-quarter and one ton trucks cost a little more on average from $150 a month for the GMC Sierra 2500 HD to $197 for the Ford F450 Super Duty.
As mentioned before, the deductible amount on your policy is a large factor when determining the cost of insurance, as are your age, driving record, and financial responsibility. If insuring an older model, it may make sense to drop full coverage and just insure your truck for liability only. Physical damage coverage makes up the large majority of policy expense for mature drivers, whereas liability tends to cost more for younger drivers.
Is F-150 or Silverado insurance cheaper?
The average insurance cost for a Ford F150 is $1,794 per year while the Chevrolet Silverado insurance cost averages $1,930 per year. On average, F150 insurance is $136 cheaper per year than the Silverado.
The final outcome does obviously depend on the trim level of each truck being insured. For example, a Ford F150 Limited SuperCrew costs around $1,950 a year for insurance, while a Silverado WT Regular Cab 4WD averages around $1,725 a year. In this case, the F150 is more expensive. But when all trim levels are averaged together, the F150 comes out the winner.
See our F150 vs. Silverado insurance rate comparison article for detailed costs by model year and trim level.
What is the most popular truck sold in America?
Not a big surprise, but the Ford F-Series still leads the large truck segment in number of vehicles sold. The F-150 has been the top-selling truck for almost 45 years, but the Ram Truck is eating into it’s lead thanks to the last generation redesign.
GM trucks (Chevy and GMC) actually outsell the F-Series, but thanks to nameplate cannibalization, splitting GMC Sierra and Chevrolet Silverado sales figures means neither brand will probably ever catch Ford.
What is the best way to compare truck insurance quotes?
The best way to compare truck insurance rates is to get apples-to-apples truck insurance quotes. The key to finding the cheapest rates is to ensure coverages are identical on each price quote so that you can make a fair price comparison.
There are a lot of variables that affect the cost of truck insurance, like your location, driving record, make and model of the truck, driver age, and more. Not only that, but there are many different insurance companies that insure pickup trucks in your state.
When trying to find the best cheap truck insurance, the key is to get price quotes from as many companies as possible. This helps ensure that you have a good selection of prices and policy options to choose from. You may not end up insuring with the absolute cheapest company, which is OK. Most times it’s more important to choose the right company rather than the cheapest company.