The GMC Canyon SL leads the list of the most inexpensive insurance for pickup trucks
Foster City, CA – Oct. 22, 2020 – Trucks may be bigger in size, but insurance premiums aren’t always bigger in cost. Researchers at Insure.com, a comprehensive resource for insurance information, released a new report showing the most and least expensive pickup trucks to insure in 2020.
In the 5 most and least expensive trucks to insure in 2020 study, Insure.com finds the national average cost to insure a truck is $1,750. Compared to the average cost for cars ($2,209), that marks a 26% savings for truck insurance over car insurance.
There is a wide range of coverage costs for vehicles in general, and trucks are no different. Decked-out luxury pickups are on the higher side to insure; the most expensive truck in the new study costs 6% more than the national average for cars, and 67% more expensive than the cheapest truck.
This year’s list of the most and least expensive new trucks to insure shows the GMC Canyon SL 2WD has the lowest average national insurance premium of $1,411 annually.
The top five least expensive new trucks to insure in 2020
- GMC Canyon SL 2WD Extended Cab 4 door: $1,411
- Nissan Frontier S 2WD King Cab: $1,424
- Ford Ranger XLT: $1,437
- Chevrolet Colorado Extended Cab 2WD: $1,439
- Ford F-150XL: $1,440
“People may be surprised to know that trucks can actually be cheaper to insure than cars,” notes Penny Gusner, senior consumer analyst, Insure.com. “But there are several factors to consider beyond being cheaper to repair, such as their popularity in rural areas where there are fewer accidents and the fact that trucks offer very basic models.”
On the pricier side of the list, on which models can have a $90,000 price tag, includes larger trucks equipped with four-wheel drive, high-end features and turbo diesel engines. While Ford offers models that make our “cheapest” list to insure, the manufacturer nabs three of the top five most expensive trucks to insure in 2020, with Dodge claiming the other two spots with its Ram models.
This year’s five most expensive new trucks to insure
- Ford F-450 SD King Ranch Crew 4WD Turbo Diesel: $2,350
- Ford F-350 SD Limited: $2,327
- Dodge Ram 2500 Limited: $2,149
- F-250 SD Limited 4WD Turbo Diesel: $2,146
- Dodge Ram 1500 Classic Laramie: $2,113
“It’s always best to compare truck insurance quotes from at least three different carriers,” adds Gusner. “Be sure to compare apples to apples when it comes to coverage and deductibles. Vehicle insurance can also depend on where the driver lives and costs vary greatly state by state.”
Gusner is available to comment on this study, the methodology and other auto insurance topics.
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