How Much Does Insurance Cost for Ride Shares in Oklahoma?

You have seen the ads from car insurance companies like Allstate and Progressive that claim big savings. So you just need to pick the one with the catchiest commercial, right?

That is not the case, however, as there are a whole bunch of unknown factors such as if you own the home you live in, if you are married, and whether you just want liability only, that help determine the price you have to pay. We are going to cover the best ways to avoid overpriced car insurance and will hopefully give you a good start in finding the cheapest insurance in Oklahoma.

Establishing which companies quote the most affordable auto insurance rates calls for a tad more effort in order to find the most economical policy. Every insurance company uses a slightly different approach for establishing rates, so we’ll go over the auto insurance companies with the overall best prices in Oklahoma.

It’s important that readers know that Oklahoma auto insurance rates are influenced by many factors that may substantially change the price you have to pay for coverage. Turning one year older, getting married, or getting into an accident can trigger rate changes that can now make some companies cheaper than others.

Best Auto Insurance Prices

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Oklahoma Farmers Union may have some of the most affordable car insurance rates in Oklahoma at around $1,190 a year. USAA, GEICO, The Hartford, and Safe Auto would also be considered some of the most economical Oklahoma insurance companies.

As depicted above, if you currently have a policy with USAA and switched to Oklahoma Farmers Union, you might realize savings of upwards of $6. Policyholders with GEICO may save as much as $150 a year, and The Hartford insureds might lower prices by $169 a year.

To see if you’re overpaying, click here to start your custom quote or quote prices from the following companies.

Be aware that those policy prices are averaged for all types of insureds and vehicles and do not take into consideration a price decrease . So the company that is most affordable for your situation may not even be shown in the company chart above. That underscores the importance of why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.

The vehicle model you are seeking coverage for is probably the biggest factor that determines whether or not you can buy cheap insurance in Oklahoma. Vehicles with limited speed and performance, good crash test ratings, or low incidents of liability claims will cost significantly less to insure than high performance models. The information below outlines insurance costs for some of the most budget-friendly automobiles to buy coverage for.

Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Rate quotes do not factor in specific location which can lower or raise prices substantially.

By looking at the data, we can expect vehicles like the Kia Forte, Chevrolet Traverse, Ford Escape, Honda Accord, and Ford Edge are likely to be a few of the less-costly vehicles to insure .

Do you need full coverage?

Finding cheap insurance in Oklahoma is probably important to the majority of people, and one way to find cheap insurance is to only buy liability coverage. The example below visualizes the comparison of car insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $100 deductibles, single status, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 4921,1351],[‘Age 30’, 2531,741],[‘Age 40’, 2525,687],[‘Age 50’, 2287,643],[‘Age 60’, 2209,631],[‘Age 70’, 2661,845]]);var options = {title: ‘Full Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Oklahoma’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If the expense is averaged for all age categories, full coverage costs an additional $2,856 per year over having just liability coverage. That is a large expense and it proposes the question when is the right time to remove full coverage. There is no definitive guideline of when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than around 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.

For example, let’s assume your vehicle’s book value is $5,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $4,500 after the policy deductible has been paid. If premium cost is more than $450 annually for full coverage, then it could be time to drop full coverage.

There are a few cases where eliminating full coverage is not financially feasible. If you haven’t paid off your loan, you have to keep full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.

Cautious drivers save money

One of the best ways to get cheap insurance in Oklahoma is to be a careful driver and avoid accidents and keep your driving record clean. The illustration below highlights how speeding tickets and accidents can affect insurance costs for different categories of driver ages. The data is based on a married male driver, full coverage, $250 deductibles, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘Two Speeding Tickets and No Accidents’, ‘Two Speeding Tickets and Two Accidents’],[‘Age 20’, 3469,4229,7047],[‘Age 30’, 1819,2585,5399],[‘Age 40’, 1751,2517,5335],[‘Age 50’, 1603,2371,5185],[‘Age 60’, 1575,2337,5155],[‘Age 70’, 1815,2579,5393]]);var options = {title: ‘Effect of Violations and Accidents on Oklahoma Insurance Rates’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Oklahoma’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

The data in the chart shows the average cost of car insurance per year with a clean driving record and no accidents is $2,005. Get two speeding tickets and the average cost jumps to $2,770, an increase of $764 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of auto insurance goes up to an average of $5,586. That’s an increase of $3,580, or $298 per month, just for not driving carefully!