In general, a car is cheaper to insure than a truck, but the reality is that there is more to that statement than meets the eye. There are many factors that contribute to how an insurance premium is calculated, and that goes beyond making a division between cars and trucks. How that vehicle is used, for instance, greatly affects your ability to find cheap car insurance. This article discusses the factors that affect truck insurance as well as the factors for insuring a car.
Factors that impact insuring a truck
The reason why trucks tend to be more expensive to insure has little to do with how they are made or even their safety ratings. Trucks tend to be used for work more frequently than cars are used for business purposes. So, when insurance comes into play, the driver of a truck used for work often needs to also insure tools or even the business as well. This simple difference in usage skews that picture of whether it is cheaper to insure a truck or a car greatly.
Naturally, a truck used in the line of business requires greater coverage than a car with the same value because the protection exceeds just the amount to replace the vehicle. In this case, insurance also protects against the loss of income. When a truck is used for normal, non-work activities, insurance is based on the same factors as that of a non-business car, such as its year, condition, and safety features.
Factors that impact insuring a car
Although, on paper, cars are cheaper to insure than trucks when leaving how they are used out of the equation, the replacement value of a traditionally used car vs a similarly used truck can be more expensive. After all, the bed of a truck does not have a lot of material to it beyond sheet metal. A car, on the other, hand has many more components like the back seat, trunk, and locking mechanisms. In this case, the car may cost more to insure than the truck.
As with comparing insurance between any two vehicles, the only way to really know which will cost less to insure is by shopping around. Unfortunately, time is a valuable commodity many people do not have these days. It takes time and effort to call different providers and make sure all the discounts for which you are eligible have been applied. Also, insurance shopping is a continual process as premium prices are not static, changing according to the climate in the industry and your driving record as well.