Ram 1500 Insurance Costs: Everything You Need to Know if You’ve Had a Recent Accident
Auto insurance rates fluctuate based on a variety of circumstances, such as having a clean driving record or poor credit. A recent accident can also affect your insurance costs, and depending on the type of vehicle and who was at fault, the price increase can be substantial.
Ram 1500 insurance costs are slightly lower than other popular truck brands and can vary between providers. But, if you recently had an at-fault accident, you may experience a significant price hike. Here is everything you need to know about insuring your vehicle.
Factors that affect auto insurance costs
Car Edge recently determined the average cost to insure a Ram 1500 pickup truck is $2,011 per year, which is about $214 lower than other popular brands.
The car insurance comparison analyzed rates for a 40-year-old driver who drives approximately 13,000 miles per year, has a good credit score, and retains full coverage. The rate is based on a brand-new vehicle that is a single-car policy with no multi-car discounts.
While the price arrived at is an average cost for the Ram 1500, the rate can vary greatly depending on the driver’s age, credit score, where they live, the type of vehicle, and mileage driven each year. For instance, a 40-year-old driver with poor credit can expect to pay $3,454 annually to insure the same truck.
A driver 18 years old with good credit and a clean driving record can expect to pay $6,347 per year to insure a Ram 1500, while a person that is 55 years of age with the same parameters will pay approximately $1,794.
Ram 1500 insurance cost increases after an at-fault accident
If you have an accident while driving your Ram 1500 and are found to be at fault, the annual insurance rate can go to approximately $2,952 per year. This is a $941 increase compared to a driver with a clean driving record. A 55-year-old driver involved in an accident with their Ram 1500 will see an $841 price hike, making their annual premium approximately $2,635.
Meanwhile, an 18-year-old driver involved in an at-fault accident has the most considerable burden and can expect to pay approximately $9,320 per year, which is almost $3,000 more than a person of the same age who has never had an automobile accident.
Why is the Ram 1500 an expensive truck to insure?
According to The Detroit Bureau, the Ram 1500 is “popular among car thieves,” ranking eighth among the top stolen vehicles in 2019, with a staggering 11,000 Dodge pickups stolen that year. Insurance companies consider this data when determining rates, especially if you live in a high-crime area.
The price of the vehicle also plays an essential role in the cost of an annual insurance premium. The Ram 1500 varies in price from $37,410 for the base Tradesman model to a whopping $84,555 for the top-of-the-line TRX edition. Typically, the higher the price of the vehicle, the more it will cost to insure it since the price to repair or replace the truck after an accident is substantially higher than other passenger vehicles.
Demographic information also plays into the cost to insure a Ram 1500, with drivers living in a rural area paying less than those living in a high-crime urban area. To get the most affordable auto insurance on a Ram 1500 pickup truck, get quotes from various providers and do your best to maintain a good credit score and clean driving record.