Is it cheaper to insure a Ram 1500 or Ford F-150?

UPDATED: Sep 26, 2015

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Asked September 26, 2015

1 Answer

As you more than likely know, the Dodge Ram 1500 and the Ford F-150 are competing for the top spot in sales all throughout the nation. While the Ford F-150 has earned the title of the nation's favorite vehicle, in several states the Ram 1500 wins hands down. If you are trying to decide which full-size pickup is best for you, you will have a lot of considering to do.

Style might be important, but you are more concerned with price. While the purchase price of the Ford F-150 is $1,600 higher than the purchase price of the Dodge Ram 1500, that does not mean that the Ford costs more in the end. To really evaluate how much you spend over a period of time for expenses like insurance, you will need to consider the True Cost of Ownership.

True Cost of Ownership: F-150 vs. Ram 1500

Edmunds collects data on each vehicle model sold to the public to calculate the True Cost to Own. These reports are designed to help consumers make more educated buying decisions. According to the data, over a 5-year period of time it costs $46,407 to own and maintain the Ford F-150. The estimate includes expenses for depreciation, titling, taxes, interest charges, fuel, repairs, routine maintenance and annual insurance rates. For the same 5-year time period, it costs just $44,667 to own the Ram 1500.

While the ownership costs of the Ram 1500 are $1,740 less than those of the F-150, the data reveals that the Ford costs less to insure. During year 1, owners pay an average of $1,667 for insurance on the F-150. This is compared to the year 1 cost of $1,984 to insure the Ram 1500. Over 5 years, owners of the Ram 1500 pay approximately $1,700 for the same level of insurance protection. So in the end, it is cheaper to insure the F-150 but will cost less to own the Ram 1500.

Understanding Why the Dodge Ram 1500 Costs More to Insure

Now that you know which vehicle costs more to insure, you might be interested in learning why. As you will notice, insurance premiums are not directly influenced by sales price. Instead, companies use factors like safety ratings and repair costs to assign a vehicle class that dictates the pickup's rate. Safety ratings will have a direct affect on rates for Bodily Injury, Uninsured Motorist and Medical Payments premiums. Repair costs for labor and parts will have an affect on comprehensive and collision.

The Ford F-150 has been issued a Good rating by the IIHS in crashworthiness and a Basic in Front Crash Prevention. The Dodge Ram 1500, on the other hand, was given a Good in restraints and front end structure but only a Marginal in roof strength. Since the Ram 1500 performed poorly in some crash tests, premiums for liability are higher.

Another reason that the premiums for the Dodge pickup are higher is because of the repair costs. The ownership data uncovers that repair costs are higher for the Ram. Since the insurance carrier would have to pay more out-of-pocket to repair the Ram 1500 than it would to repair the F-150, the premiums for comprehensive and collision are higher. This is why there is such a dramatic difference in premiums as a whole.

Answered October 1, 2015 by AutoGuy

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