Who Has Affordable Oklahoma City Auto Insurance for Drivers with Bad Credit?

The words “low-priced” and “auto insurance” really shouldn’t be used in the same sentence, specifically when you are trying to find the best car insurance rates for drivers with bad credit. To help control this cost, let’s start off by going over a few of the things that have an impact on car insurance rates, and come up with some ideas to lower the price of the next policy you buy.

For people with poor credit, one of the big components that aid in calculating the amount you pay each year for auto insurance is where you keep your vehicle in Oklahoma City. Areas with more people or even just a higher incidence of claims tend to pay more, whereas areas with lower crime rates and fewer weather claims profit from lower rates.

The illustration below lists the most expensive places in Oklahoma for drivers with bad credit to purchase car insurance in. Oklahoma City makes the list at #7 with the annual price of $2,178 for coverage, which is approximately $182 per month.

How much does car insurance cost in Oklahoma City, OK?
Rank City Average Per Year
1 Tulsa $2,282
2 Bethany $2,223
3 Del City $2,221
4 Broken Arrow $2,216
5 Bixby $2,213
6 Sand Springs $2,205
7 Oklahoma City $2,178
8 Sapulpa $2,144
9 Moore $2,132
10 Midwest City $2,119
11 Owasso $2,085
12 Norman $2,075
13 Edmond $2,063
14 Shawnee $2,048
15 Yukon $1,994
16 Claremore $1,987
17 Stillwater $1,970
18 Muskogee $1,962
19 Bartlesville $1,941
20 Duncan $1,923
21 Ponca City $1,918
22 Enid $1,904
23 Ardmore $1,898
24 Altus $1,894
25 Lawton $1,884
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Table data uses comparative as the specific geographic location can raise or lower rates noticeably.

Trying to buy cheap insurance is not most people’s favorite thing to do, and deciding which companies have the cheapest car insurance rates for drivers with bad credit will require more quotes for comparison.

Every auto insurer has a unique approach for determining prices, so first we will examine the most affordable car insurance companies in Oklahoma. It’s a good idea to know that Oklahoma City, OK car insurance rates are determined by lots of factors that control the policy premium. Improving your credit score, getting married, or having an accident may cause policy rate changes resulting in some rates now being less affordable than competitors.

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Cheapest Oklahoma auto insurance companies
Rank Company Cost Per Year
1 Oklahoma Farmers Union $1,154
2 USAA $1,185
3 GEICO $1,340
4 The Hartford $1,359
5 Safe Auto $1,419
6 Farmers $1,422
7 State Farm $1,536
8 Liberty Mutual $1,852
9 Travelers $1,906
10 Mercury $1,993
11 OK Farm Bureau $1,997
12 MetLife $2,169
13 Shelter $2,173
14 Progressive $2,179
15 Home State $2,214
16 Allstate $2,472
17 Safeco $5,005
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Oklahoma Farmers Union normally has some of the best car insurance rates in Oklahoma City at around $1,154 each year. This is $813 less than the average policy premium paid by Oklahoma drivers of $1,967. USAA, GEICO, The Hartford, and Safe Auto also are some of the cheapest Oklahoma City, OK car insurance companies.

In the above example, if you are currently insured with The Hartford and switched to USAA, you could realize an annual premium reduction of upwards of $174. Oklahoma drivers with Safe Auto could save as much as $234 a year, and Farmers policyholders might cut rates by $237 a year.

Be aware that those rates are averaged across all types of drivers and the different vehicles they drive and and are not calculated with an exact location for drivers with bad credit. So the insurer that is best for you may not even be in the top 17 companies in the list above. That emphasizes why you need to get auto insurance quotes using your own driver data and vehicle information.

The information below highlights how deductible choice can increase or decrease insurance costs when quoting cheap insurance for drivers with bad credit. The information is based on a single female driver, comp and collision included, and no discounts are applied to the premium.

The chart above illustrates that a 40-year-old driver could reduce rates by $354 a year by increasing from a $100 deductible up to a $500 deductible, or save $538 by choosing a $1,000 deductible. Younger drivers, like the age 20 example, could save up to $902 annually by selecting a higher deductible.

When choosing a higher deductible, it is essential to have emergency funds available to enable you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Discount Oklahoma City insurance rates

Car insurance for people with poor credit in Oklahoma City, OKAuto insurance companies that offer coverage for drivers with bad credit may have policy discounts that can lower rates by 35% or more if you meet specific eligibility requirements. Large car insurance companies and some of the premium reductions they offer are included below.

The information below shows the comparison of insurance prices with and without discounts applied to the policy rates. The premiums assume a female driver, a clean driving record, no claims, Oklahoma state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with defensive driving course, safe-driver, passive restraint, homeowner, accident-free, and anti-theft discounts applied. When these discounts are applied, the average amount saved each year on car insurance for drivers with bad credit is 28% or $681.

Full coverage rates vs. liability-only in Oklahoma City

Saving money on car insurance is important to the majority of people, and one of the quickest ways to save on the cost of insurance for drivers with bad credit is to only pay for liability coverage. The example below illustrates the difference between insurance costs when comparing full coverage to liability only. The premium estimates are based on a clean driving record, no claims, $1,000 deductibles, marital status is single, and no discounts are applied.

If averaged for all ages, physical damage coverage costs an additional $2,538 per year more than just buying liability only. That brings up the question if paying for full coverage is worth it. There is no exact formula to stop paying for full coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.

For example, let’s assume your vehicle’s claim settlement value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $4,500 after paying your deductible. If you are currently paying more than $450 a year to have full coverage, then you might want to consider buying only liability coverage.

The benefit of shopping around

Oklahoma City, OK car insurance rates are based on many factors that may substantially change the price you pay for coverage. Simply turning a year older, buying higher coverage limits, or getting a DUI can trigger price changes resulting in some companies being cheaper than competitors.

In addition to those changes, car insurance companies change the rates they charge in Oklahoma without warning as an adjustment for underwriting gains or losses. Higher than usual claims can cause increased rates, while less frequent claims may produce lower-cost Oklahoma City car insurance rates.

To illustrate this example, the chart below shows rates for the cheapest car insurance in Oklahoma City, OK for a 40-year-old female driver with no accidents, a clean driving record, and a good credit history. Based on her personal profile, USAA may have the cheapest car insurance rates in Oklahoma City at $1,362 per year. This is $605 less than the average policy premium paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, GEICO, and Safe Auto round out the rest of the top five cheapest Oklahoma City, OK auto insurance companies.

The next chart shows rates after we give the driver from the first rate comparison some claims, less-than-perfect credit, and a couple of points charged on her driving record. Due to the fact that each insurance company has a different formula for determining rates in each state, comparing quotes most likely will result in a new list of cheap Oklahoma City auto insurance companies as shown below.

State Farm now has the lowest price in Oklahoma City with Oklahoma Farmers Union, The Hartford, GEICO, and Travelers also being competitive. This example shows why it is important to shop around to find cheap auto insurance rates for drivers with bad credit. Prices can be altered by many risk factors and change substantially, so the most affordable company when you bought your policy may now be wasting a lot of money.