Finding cheap car insurance that still offers good coverage for accidents or damage can be a challenge. In Oklahoma, you can find some of the cheapest car insurance rates in comparison to the country. Understanding what you might pay for insurance can help you balance insurance coverage with what you can afford. Here’s a comprehensive guide to finding cheap car insurance in Oklahoma.
Minimum Insurance Coverage in Oklahoma
Oklahoma is one of many states that require drivers to carry current car insurance. Knowing what the minimum coverage requirements are for the state of Oklahoma can help you find and compare car insurance rates so you can get the coverage you need at a price that works for your budget. The minimum coverage requirements in Oklahoma, according to the Oklahoma Insurance Department include:
- $25,000 of bodily injury protection
- $50,000 per accident coverage
- $25,000 of property damage protection
Pursuing minimum coverage car insurance can help you reduce your insurance-related expenses. In some instances, minimum coverage might require additional out-of-pocket expenses if your coverage is not enough to cover all damages from an accident you cause. If you decide to forgo car insurance, you can expect penalties like having your license suspended, spending up to 30 days in jail, and paying up to $250 in fines to the state.
How To Find Cheap Car Insurance in Oklahoma
The main way to find cheap car insurance in Oklahoma is to gather quotes from a variety of insurance companies and compare rates. This can help you determine which insurance company offers the coverage you want for your vehicle at the price that is best for you. If you already bank with a company that offers car insurance, you might also consider purchasing insurance from them because many institutions offer bundle rates. This can help reduce your insurance expenses even further because bundling services often offers unique rates and discounts for bank customers.
After you purchase your car insurance, there are a few things to verify on your proof of insurance. This can help you register your vehicle or provide your proof of insurance at traffic stops. Some things to look for on your insurance card include the name and address of the insurance company, the vehicle owner’s name, the vehicle’s information, and when the insurance policy starts and ends.
Cheap Car Insurance in Oklahoma
The average annual cost for minimum coverage car insurance is $422 for Oklahoma drivers. This average is cheaper than the national average rate of $565 for minimum coverage. Premiums vary in the state due to specific factors like location, zip code, and personal driving record among other factors. Prices can also vary among providers and may be affected if you already have an account with the company.
If you finance your vehicle with a lease or loan, your lender might also require you to hold a certain level of insurance. This often results in having full coverage insurance until you satisfy the lease or loan on the vehicle. Full coverage insurance will cover damage to your vehicle and any injuries to yourself or your passengers if you are found to be at fault in an accident.
Oklahoma Car Insurance Rates
Oklahoma offers coverage from almost every large insurance company, which enables you to find the provider that works for you. These rates can vary significantly based on your driving history, credit score, and vehicle. If you want to find cheap minimum coverage insurance, you can expect to pay the following premiums from the following national providers:
- State Farm: $351 annually or $29 monthly
- Farm Bureau: $523 annually or $44 monthly
- Progressive: $581 annually or $48 monthly
- Allstate: $642 annually or $54 monthly
- Geico: $724 annually or $50 monthly
- Farmers: $763 annually or $64 monthly
- Shelter: $820 annually or $68 monthly
These rates can decrease if you decide to bundle home, auto, and other vehicle coverage. Some insurance companies also run promotions that offer special rates and premium pricing, which can help you reduce your insurance expenses for a period of time.
If you’re a current military member, veteran, or family member of a service member you can also pursue car insurance through USAA. If you fulfill these requirements, you can expect an annual premium of around $267 per year. This equals around $22 per month, which can help you budget for this expense easily.
Factors That Can Affect Your Insurance
There are several factors that can affect your insurance coverage requirements and annual premiums. Knowing about these factors beforehand can help you devise ways to save on your car insurance. Some insurance providers might also require certain coverage requirements based on these factors. Some common factors that can affect your insurance include:
- Driving history
- Credit score
- Car make and model
- Age and gender
Depending on these factors, you might be able to get minimum coverage insurance. If you have a low credit score, an older vehicle, or a poor driving record, you might have to get full coverage or additional insurance, which can affect your premium rates. Some additional factors that might affect your insurance rates include how far you drive, how often you drive, the engine size, the car’s price, and the cost associated with fixing the vehicle.
Ways To Reduce Your Insurance Premiums
Even if you find the cheapest car insurance, there are still ways to reduce your annual premium even further. Some ways to help you reduce your premium include:
- Having a clean driving record: Having a clean driving history can help you have a lower annual rate because insurance providers perceive you as a lower risk.
- Using provider discounts: Almost every large insurance company offers some type of discount for auto insurance, which can help you reduce your annual premium.
- Boosting your credit score: Your credit score is an influencing factor on your annual premium, so boosting your credit score can help you lessen your annual rate.
- Paying your bill on time: Ensuring you always pay your bill on or before the due date can help boost your credit score, and some providers also offer discounts for consistently paying your bill on time.
- Taking driving courses: Driving courses can help you improve your confidence on the road and can help you reduce your annual rate because some providers might consider you a lower risk.
By taking all of these factors into consideration and doing a bit of shopping around for quotes, you’ll be able to find cheap car insurance in Oklahoma that will keep you protected without breaking the bank.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.