The words “cheap” and “insurance” really shouldn’t be used together, specifically when you are shopping around for the lowest insurance rates for business use. Because it’s so expensive, let’s start the ball rolling by going over some situations that help determine insurance premiums, and see if we can help you take the bite out of the next policy you buy.
The vehicle you are insuring is one of the main factors when consumers are trying to find cheap auto insurance for business use. Vehicles with higher performance, a lack of modern safety features, or high incidents of liability claims will cost much more to insure than more economical and safe models.
The data below illustrates car insurance prices for a selection of the most budget-friendly automobiles to insure in Oklahoma.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,177|
|Honda CR-V EX-L 2WD||$1,243|
|GMC Sierra SL Extended Cab 2WD||$1,273|
|Ford Fusion S 4-Dr Sedan||$1,283|
|Hyundai Elantra SE Touring Station Wagon||$1,280|
|Ford Explorer XLT 4WD||$1,315|
|Volkswagen Jetta SE 4-Dr Sedan||$1,364|
|Dodge Grand Caravan CV||$1,366|
|Ford F-150 Lariat Crew Cab Platinum 4WD||$1,390|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,420|
|Ford Focus SE 2-Dr Coupe||$1,432|
|Toyota RAV4 Sport 2WD||$1,434|
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Price information does not factor in specific location information which can raise or lower premiums considerably.
Looking at the data, you can see that models like the Ford Escape, Honda CR-V, and GMC Sierra are going to be the cheaper vehicles to insure for using your car for business. Car insurance rates will trend higher because of the fact that there is more liability risk for business use, but overall those particular models will have the lowest prices that you’ll find.
Figuring out which company has the most affordable car insurance rates for business use requires a bit more work in order to find the lowest price quote.
Each auto insurer has a proprietary formula for determining rates in each state, so let’s rank the lowest cost car insurance companies in Oklahoma.
Compare Cheap Insurance Quotes for Business Use
|Rank||Company||Cost Per Year|
|1||Oklahoma Farmers Union||$1,166|
|11||OK Farm Bureau||$2,058|
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Oklahoma Farmers Union generally has some of the most affordable car insurance rates in Oklahoma City at around $1,166 each year. This is $801 less than the average rate paid by Oklahoma drivers of $1,967. USAA, The Hartford, Safe Auto, and Farmers also rank well as some of the more affordable Oklahoma City, OK car insurance companies.
In this example, if you currently have a policy with Safe Auto and switched to USAA, you could see annual savings of upwards of $192. Customers with Farmers might save as much as $209 a year, and GEICO insureds might reduce rates by $209 a year.
To get a fast rate comparison, click here or visit any of the low-priced companies below.
Bear in mind that those premiums are averages across all drivers and vehicles in Oklahoma and and are not figured with an exact vehicle garaging location for business use. So the company that can offer you the best rate may not even be in the top 17 companies in the list above. That is why you need to compare as many prices as possible using your own driver information and specific vehicle type.
One of the many things that aid in calculating the cost of insurance is where you keep your vehicle in Oklahoma City. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas areas with less crime or weather claims tend to receive cheaper rates.
The information below sorts the most costly cities in Oklahoma for business use in which to purchase auto insurance. Oklahoma City comes in at #5 with the yearly price of $2,178 on average, which is around $182 monthly.
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Premium amounts are estimated as vehicle location can decrease or increase price quotes considerably.
The diagram below illustrates how your choice of deductibles can change annual premium costs when searching for cheap insurance for business use. The rate quotes are based on a single female driver, full coverage, and no discounts are factored in.
In the chart above, a 40-year-old driver could lower their policy premium by $354 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $538 by changing to a $1,000 deductible. Young drivers, like the age 20 example, could reduce their rates $902 each year just by choosing larger deductibles. When insureds make the decision to increase the deductibles on their policy, it is important to have additional savings on hand to enable you to pay the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Discounts on Oklahoma City insurance
Auto insurance companies that offer cheap quotes for business use could also offer rate discounts that may potentially lower prices by 35% or more if you are eligible. The best car insurance companies and a partial list of their discounts are included below.
- State Farm may have discounts that include Drive Safe & Save, good driver, Steer Clear safe driver discount, passive restraint, and good student.
- American Family offers premium reductions for air bags, good student, early bird, accident-free, and good driver.
- AAA has discounts for anti-theft, good student, pay-in-full, AAA membership discount, education and occupation, and multi-policy.
- GEICO may include discounts for multi-vehicle, federal employee, anti-theft, emergency military deployment, daytime running lights, and air bags.
- Mercury Insurance policyholders can earn discounts including good driver, multi-car, age of vehicle, anti-theft, and low natural disaster claims.
- Farmers Insurance discounts include business and professional, distant student, pay in full, bundle discounts, mature driver, homeowner, and youthful driver.
- Progressive includes discounts for homeowner, multi-policy, online quote discount, good student, continuous coverage, and online signing.
The chart below shows the difference between car insurance rates with and without discounts applied to the rates. The data assumes a female driver, no accidents, no driving violations, Oklahoma state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with passive restraint, accident-free, anti-theft, safe-driver, defensive driving course, and multiple vehicle discounts applied. When taking advantage of discounts, theamount saved on car insurance for business use is 28% or $540.
Finding a high-quality insurer can be challenging considering how many different insurance companies sell coverage in Oklahoma City. The company ratings in the next section could help you analyze which coverage providers to look at purchasing coverage from. These rankings are for companies that write coverage in many states, so companies that have a smaller presence are not included in this list.
Top 10 Major Auto Insurers in Oklahoma City Ranked by Value
- Mercury Insurance
- American Family
- Safeco Insurance
- AAA Insurance
- The Hartford
- 21st Century
- The General
Chances are good that you’re overpaying for Oklahoma City car insurance
Oklahoma City car insurance rates are influenced by many factors that may substantially change the price you have to pay. Simply improving your credit, increasing deductibles, or getting caught speeding can cause premium changes resulting in some companies being much cheaper than others. In addition, insurance companies change rates as often as every quarter to adjust for unexpected claims or profits. Higher than normal claims may result in increased rates, while a profitable period can produce lower-cost Oklahoma City car insurance rates.
To illustrate this point, the data below demonstrates which company has the cheapest car insurance in Oklahoma City, OK for a 30-year-old female driver with no accidents, a clean driving record, and a high credit rating. If we compare prices based on her current rating profile, Oklahoma Farmers Union offers the cheapest car insurance rates in Oklahoma City at $1,362 each year. This is $605 less than the average premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, Farmers, and GEICO are also included in the top five cheapest Oklahoma City, OK auto insurance companies.
In this example, we will give the driver from the first set of rates a chargeable accident, less-than-perfect credit, and a speeding citation. Due to the fact that each insurance company uses a different method to determine rates, analyzing rates may now present a significantly different list of the cheapest Oklahoma City car insurance companies as shown below.
State Farm now has the best insurance rate in Oklahoma City with USAA, Liberty Mutual, The Hartford, and Travelers also being competitive. This example illustrates why it is critical to compare many different companies to find the most economical insurance rates for business use. Auto insurance prices are influenced by many things and change dramatically, so the best option two years ago may now be wasting a lot of money.