Oklahoma requires car insurance by law, but fortunately there are plenty of options for finding cheap car insurance in Norman, OK. You can meet the minimum legal requirements or get a bit more coverage without having to break the bank thanks to the wealth of opportunities available for drivers in the town known for being the home of the National Weather Center. Learn all about cheap car insurance in Norman, Oklahoma, and discover which insurance would be the right fit for you.
The first step in getting the car insurance you need in Norman is determining the minimum level you’re required to have by law. Oklahoma’s requirements are fairly straightforward. When it comes to liability coverage, the minimum requirement is 25/50/25. That means $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $25,000 for property damage per accident.
While these requirements are sometimes enough, that’s not always the case. If an accident involves serious injuries, these minimums may not even come close to covering the medical expenses. Additionally, the property damage minimum isn’t enough to cover the average cost of a new vehicle in the country. Plus, these minimum requirements leave out coverage for your own vehicle, so consider opting for physical damage coverage as well.
If you decide to drive without insurance in Norman, you could face some serious penalties. You may be fined up to $250 and have to spend up to 30 days in prison. Plus, the authorities can seize your license plate, after which you’ll have to pay a fee and obtain insurance to get your driving privileges back.
How Much Is Car Insurance in Norman, OK?
The average cost of car insurance in Oklahoma is about $1,786 per year, but in Norman, it’s a bit cheaper at $1,624. While this does give you a slight advantage compared with the rest of the state, it’s still more expensive than the average for the rest of the country, which is $1,548.
Keep in mind that these averages can vary widely from the price you end up paying, considering the variety of factors that affect the cost of insurance in Norman. Some of the most impactful factors include age, gender, driving record, and credit rating. Young drivers tend to pay more, while the price drops steadily until middle age. If you’re 60 or older, however, premiums tend to go back up, though insuring a teenager is still drastically more expensive than insuring a senior.
The ways these factors affect prices tend to be dependent on the statistical likelihood of getting into an accident, as well as the ability to pay, even if the statistics don’t seem to be all that relevant. For example, married people tend to get better rates than single people.
Cheapest Car Insurance Providers in Norman
Cheap car insurance in Norman, OK, is easy to find when you know where to look. Most of the market share in town is dominated by a handful of providers, but the average premiums between them can vary wildly. The cheapest, on average, is State Farm, with the yearly premium for full coverage coming to $1,543. This is largely why State Farm has the largest market share in town.
Discount ratings are important when looking for the proper insurer, however, as a discounted premium from a typically more expensive insurer may end up being cheaper than a full-price premium from the initially cheaper provider. For example, State Farm has a discount rating of 3 stars in Norman, but Progressive, which is typically more expensive on average, has a better discount rating of 5 stars. It also owns almost as much of the local market share as State Farm does, and that’s no accident because people typically flock to the insurance that is most affordable.
If you are a current or former military service member, you have access to an especially cheap option with USAA. This insurance is even cheaper than State Farm’s, and the difference is significant with the annual rate sitting comfortably in the three-digit range. If you have served or are serving, consider this option if you’re looking to save as much as possible.
On top of the factors that affect insurance costs, it’s also important to consider which company levies the harshest penalties for certain factors. For example, young drivers and drivers with prior speeding tickets will still find State Farm to be the cheapest option, but drivers with a previous DUI will find the cheapest policies at Progressive. If you have a poor credit history, the Farm Bureau becomes your best bet for cheap car insurance in Norman, OK.
How to Think About Insurance
It’s easy to simply flock to the cheapest insurance company you can find, but it’s important to remember what you need them for. You need insurance to meet the minimum legal requirements in Oklahoma, of course, but you also need to be protected if an accident were to happen. That is the true benefit of having insurance, and that’s exactly the outcome that insurance companies work against.
Insurance companies have to operate against your interests because they profit by denying as many claims as they can possibly get away with. The amount of coverage you get, as well as the actual amount your insurer pays out, can play a greater role in the event of an accident than your monthly premium. Saving monthly doesn’t do much when you’re burdened with immense hospital bills.
In terms of affordability, State Farm is the clear winner if you’re not a military member, but if you want to judge insurance companies based on a combination of affordability and claim satisfaction, Shelter has the advantage. It’s important to note, however, that claim satisfaction is still relatively high with State Farm, so you’re likely to be satisfied with your claims even if you choose the cheapest option in Norman. If you qualify for USAA, you can count on cheap rates as well as excellent customer service, so seriously consider that if you’re eligible.
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.