In 2010, the average insurance cost, nationwide, for a Ford F150 was about $2500 annually for both liability and comprehensive coverage. As with any kind of auto insurance, it is impossible to say how much your truck insurance will be because it is based on a number of factors and considerations by the auto insurance company. In addition, there is more than one kind of truck, such as a pick up truck, flatbed truck, semi-truck and so on.
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The above average may be way above what you will pay for truck insurance, as it is definitely on the high side of average insurance rates. Knowing the factors that will impact your personal truck insurance premium will help you select an insurer.
What factors will affect my truck insurance?
There are several major factors that will affect your auto insurance rates:
- Driving record: One factor is your personal driving record. This is also true for trucking companies that are hiring drivers; your driver’s driving record will directly affect the cost of your insurance.
- Truck type: Another aspect is what kind of truck you are insuring. A personal vehicle will often be less expensive to insurance than a commercial vehicle, mainly because commercial vehicles tend to travel more, which increases the risk of an accident occurring.
- Truck usage: If you are talking about commercial insurance, then the type of goods you are hauling will factor in as well. For example, a company whose trucks haul livestock will have lower insurance rates than a company whose trucks haul oil, gas, dynamite, etc.
This isn’t simply because they are hauling dangerous items but also because commercial insurance usually covers the products being carried as well. Often the more dangerous items have a much higher dollar value than something more benign.
Mileage: For your personal vehicle, the amount of driving that you do will affect your rates as well. Someone who drives to and from work 25 miles a day will pay less than someone who drives 120 miles a day.
Other factors the insurance company will consider are:
- Age of driver
- Gender of driver
- Marital status of driver
- Credit score of driver
- Education level of driver
- Year, make and model of vehicle
- State, city and zip code of driver
Is truck insurance more expensive than car insurance?
This really depends on the type of truck that you purchase, as well as the other factors listed above. The truth is that if you buy a $40,000 car and a $20,000 truck, then, typically, your truck will be the less expensive product to insure.
However, if you are talking about commercial trucking, then you will probably pay more for your insurance than someone who has commercial insurance for cars. Again, this will depend on what the vehicles are used for and how often they are used.
The truth is that until you actually start comparing rates for your truck, you won’t be able to say for sure whether or not you will pay more or less for your auto insurance. You can do some rate comparing before you buy a truck if you are concerned about budget issues because there is no obligation for getting a quote and you don’t need a VIN either.
How can I save money on my truck insurance?
The good news is that it doesn’t matter whether you are talking about commercial truck insurance or personal truck insurance, finding savings is just as easy for either. In fact, the way that you save money on any type of auto insurance is the same.
One of the best way to keep your rates low is to keep your driving record clean. In addition, you should look at each insurance company carefully to see what kind of discounts they offer.
Here are some of the things that can garner you a discount on your auto insurance:
- Being married
- Being college educated
- Carrying multiple insurance policies with the same company
- Maintaining a good GPA (if you are in high school or college)
- Having good credit
- Reduce driving time
- Driving a safe vehicle
In addition, a common way to save money on your premiums is by choosing a higher deductible option. Just make this move consciously; if you can’t afford a $1000 deductible then don’t take one!
Even if there are some good savings, if you can’t pay that amount out of pocket, then, if you have an accident, those monthly savings won’t do you any good. The most common deductible amount is $500, which should garner you some decent savings on your premiums.
Lastly, don’t forget to compare prices between companies; this will ensure that you find the lowest rates available.
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