Compact and Midsize Pickup Insurance: 2024 Cost and Rankings for All Models

The success of small and midsize SUVs has brought about a resurgence in midsize trucks. Consumers who want better fuel economy and the ability to haul, but did not want the size or sticker price of a full-size truck now have more options in midsize trucks.

The success of the Chevy Colorado and Canyon lines prodded Ford to bring back the Ranger, which had been discontinued with the 2011 model year and reintroduced in 2019. Jeep even got in on the truck action with the Gladiator, which was new for the 2020 model year.

New models have been recently introduced like the Ford Maverick and Hyundai Santa Cruz. We combine those two models with the rest of the midsize pickups for comparison purposes. Another newer variation is the fully-electric Rivian R1T.

Does the cost of insurance for these midsize trucks drop along with their tow capacity when compared to their full-size big brothers? Let’s take a look at the average insurance rates for the segment.

How much does insurance cost for a midsize truck?

For the 2024 model year, the Chevrolet Colorado has the cheapest insurance cost at $1,624 per year for a policy with full physical damage coverage. On the opposite end of the spectrum, the Rivian R1T costs an average of $2,368 for an annual policy. The average cost of insurance for the entire midsize pickup segment is $1,911 per year.

This is definitely an improvement over the larger and more expensive full-size truck class which averages $2,104 per year for full coverage. The cheapest large pickup insurance costs $1,776 for the Nissan Titan and goes up to $2,258 for the Toyota Tundra. Insuring a midsize truck on average will definitely be easier on the budget.

Below is the breakdown of annual and monthly insurance rates for all the trucks in the midsize segment.

The Rivian R1T has the most expensive insurance in the segment, primarily due to it’s starting MSRP of $73,000. If the R1T is excluded, the range of insurance cost for the segment is under $400.

Since we average all trim levels for each model to achieve an average cost, it’s important to note that the actual trim level of the vehicle being insured can significantly impact cost. A high-end Chevy Colorado model can cost $1,802 per year to insure, while a base model Gladiator averages $1,860 per year. That’s only a $58 per year difference in cost.

Which midsize pickups are cheapest to insure?

The cheapest 2024 model year midsize truck to insure is the Chevrolet Colorado, costing $1,624 annually. For a semi-annual or 6-month policy term, expect to pay around $812. On a monthly basis, this equates to about $135 each month.

Coming in right behind the Chevrolet Colorado are the Nissan Frontier, costing $1,796 per year, and the Ford Ranger at $1,814 annually.

For comparisons sakes, insurance rates for full-size 2024 model year pickups start with the Nissan Titan, costing $1,776 annually, or about $148 each month. Ranking second cheapest is the GMC Sierra at $2,096 per year or $175 per month, and the Chevrolet Silverado at $2,098 per year or around $175 per month.

Which midsize truck is most expensive to insure?

The midsize truck with the most expensive insurance is the Rivian R1T, costing an estimated $2,368 per year. It will cost around $744 more on average to insure a Rivian R1T each year compared to the cheapest midsize truck to insure, the Chevrolet Colorado.

At $2,368 a year for insurance on a 2024 Rivian R1T, that is a 21.4% premium over the $1,911 average for the midsize truck class, and 22.8% more than the national average car insurance rate (all vehicles) of $1,883.

What is average midsize pickup truck insurance cost?

The average insurance rate for all vehicles in the midsize truck segment is $1,911 per year. This is $28 lower (1.5%) than the overall all-vehicle national average insurance rate of $1,883.

How much is midsize truck insurance per month?

Insurance rates for the midsize truck truck segent average from $135 a month for the Chevrolet Colorado to $197 for the Rivian R1T.

Buying a policy with lower deductibles will push up the cost, whereas drivers can save money by raising the deductibles. Our estimates use $500 deductibles to establish an average rate.

The trim level of the truck you’re insuring also factors into the policy cost. We factor in all trim levels to achieve an estimate, so if you are insuring a Canyon Denali (top level trim), the rate is going to be higher than the overall Canyon average rate. Conversely, insuring a base level model will come in under the average estimate and have a smaller price tag.

Is insurance cheaper on midsize trucks or full-size trucks?

Average annual insurance rates for the midsize truck segment are $1,911 per year, while the full-size trucks like the F150, Silverado, and Sierra average just over $1,900 a year, making midsize trucks about $11 cheaper per year on average.

What is the most popular midsize truck sold in America?

The Toyota Tacoma (fondly referred to as a ‘taco’ among enthusiasts) is the best selling midsize truck in the U.S. It outsells the nearest competitors (Ford Ranger and Chevy Colorado) and even it’s big brother the Tundra by over a 2-to-1 margin.

The Tacoma trucks have an excellent reputation for reliability and dependability, despite the lack of updates and powertrain options like it’s competitors. It’s a tough truck that excels off-road and maintains it’s resell value better than any other midsize truck.