Let’s say you’re ready and excited about the prospect of buying a new Ram 1500. However, before you start picking out your amenities, comparing trims, and making room in your garage, you’ll need to think about insurance. When paying taxes, insurance coverage is not something you can go without and is a must. This is the cost of ownership aspect of being a truck owner that you need to consider.
Before you shop for trucks, prepare to shop for insurance. Expect to see monthly premium estimates everywhere. Each insurance company will review your situation and provide a quote based on several critical criteria. If you’re not confident in your credit history or credit score, be prepared to pay even more to insure your Ram 1500.
Your insurance rates are uniquely based on you
Getting an insurance quote for your new or new-to-you Ram 1500 means providing tons of details about yourself. For starters, today’s insurance providers will look at your age, region and driving record. Younger drivers tend to pose a higher risk, resulting in higher premiums. Also, living in a big city can be more expensive than living in a rural area through the prism of car insurance.
It is also common knowledge that your insurance rates will increase if you have had a recent accident on your driving record. However, you may not realize that your credit history also plays a huge role in what you pay for car insurance. Because your credit report will highlight delinquent accounts, late payments and revolving credit, your insurance company will rely on it to judge your reliability as an insured customer. If your credit is in the tank, be prepared for ridiculously high insurance premiums.
Ram 1500 insurance cost if you have bad credit
Yes, each person’s situation will be unique. However, CarEdge lists some of the average insurance rates. Based on Ram 1500 insurance, someone in their 40s with strong credit can expect to pay the national average of $2,011 per year. That same 40-year-old with a recent accident would pay approximately $2,952 to insure a Ram 1500.
You might want to sit for the estimates for a younger 18-year-old who wants to insure a Ram 1500 but has bad credit. CarEdge estimates that it would cost you $10,903 each year in this scenario.
Here are other ratings based on bad credit Ram 1500 insurance, sorted by age:
- 25-year-old: $4,922 per year
- 30-year-olds: $3,834 per year
- 40-year-olds: $3,454 per year
- 50-year-olds: $3,082 per year
The latest on the 2023 Ram 1500
Once you’re prepared for insurance and other ownership costs associated with your new Ram 1500, you can get back to truck shopping. For new models, the 2023 Ram 1500 is a dream option to consider.
Edmunds calls it “unusually smooth” and applauds the Ram 1500’s distinctive rear suspension design. You can choose between a V6 or V8 engine, depending on how you plan to use your Ram 1500, neither of which will disappoint. There’s also a turbodiesel 3.0-liter V6 and a supercharged 6.2-liter V8 if you need more muscle.
New for 2023, the Ram 1500 gets a luxury-themed trim level called the Limited Elite Edition. Additionally, there are seven variants to choose from, including Tradesman (and Tradesman HFE), Big Horn (called Lone Star in Texas), Rebel, Laramie, Longhorn, Limited and the mighty TRX.
Before you test drive your new truck, be sure to do some insurance shopping. If credit isn’t your forte, just get ready to adjust your monthly budgets.