You have seen the ads from insurers like The General, Progressive, and Nationwide guaranteeing dirt cheap rates, so drivers should just pick one at random, right?
It’s just not that simple, as there are a ton of unknown factors like if you are a homeowner or renter, if you are a good driver, and how high your deductibles should be, that all factor into the price you pay. We are going to cover these things and will give you a good start in finding the cheapest insurance in Oklahoma.
Finding dependable, low-priced car insurance is tough enough, and figuring out which company offers the cheapest car insurance rates for drivers over age 60 requires even more perseverance.
Each auto insurer has a unique formula to establish rates, so first let’s look at the rankings for the car insurance companies with the overall cheapest rates in Oklahoma. It’s important that you understand Oklahoma City car insurance rates are impacted by many factors which can substantially change the price you pay. Improving your financial situation, adding a teenager to your policy, or getting caught speeding may prompt premium changes that may make certain companies more expensive than others.
Best Cheap Insurance Rates for Age 60+
|Rank||Company||Cost Per Year|
|1||Oklahoma Farmers Union||$1,190|
|11||OK Farm Bureau||$2,058|
|Compare Rates Now Go|
Oklahoma Farmers Union offers some of the lowest car insurance rates in Oklahoma City at around $1,190 a year. This is $777 less than the average premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, Farmers, and GEICO would also make the list of some of the lowest-priced Oklahoma City, OK auto insurance companies.
In the above rates, if you are currently insured with Farmers and switched to Oklahoma Farmers Union, you could realize a yearly price reduction of approximately $190. Policyholders with GEICO could save as much as $204 a year, and Safe Auto policyholders might lower prices by $215 a year.
To see if you’re overpaying, click here to start your custom quote or feel free to get quotes from the companies below.
Remember that these rates are averaged for all drivers and vehicles in Oklahoma and do not factor in a specific zip code for drivers over age 60. So the car insurance company that is most affordable for your situation may not even be in the top 17 companies shown above. That emphasizes why you need to compare prices as often as possible using your own individual information.
The make and model of vehicle you are buying coverage for is one of the main factors when looking for the best cheap auto insurance for drivers over age 60. Vehicles with high performance features, poor passenger safety features, or a high likelihood of having liability claims will cost significantly more to insure than more modest models. The list below features insurance costs for a number of the more affordable vehicles to insure in Oklahoma.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$1,028|
|Ford Escape Limited 4WD||$1,092|
|Chevrolet Silverado LS Regular Cab 4WD||$1,108|
|Ford F-150 STX Regular Cab 4WD||$1,129|
|Toyota Tacoma 2WD||$1,173|
|Chevrolet Malibu Hybrid||$1,193|
|GMC Sierra SLE Crew Cab 2WD||$1,198|
|Toyota RAV4 Limited 4WD||$1,193|
|Ford Explorer Limited 4WD||$1,216|
|Dodge Grand Caravan Crew||$1,221|
|Toyota Corolla LE||$1,258|
|Hyundai Elantra GLS 4-Dr Sedan||$1,268|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,258|
|Chevrolet Impala LTZ||$1,266|
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Premium data assumes single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Prices do not factor in specific zip code location which can change price quotes significantly.
Looking at the rates, you can see that vehicles like the Honda CR-V, Ford Escape, Chevrolet Silverado, Toyota Prius, and Ford F-150 will be the most economical vehicles to insure for older drivers.
Get discounts on Oklahoma City auto insurance
Auto insurance companies that provide coverage for drivers over age 60 may also provide special discounts that may potentially lower prices by as much as 30% if you meet eligibility requirements. A list of car insurance companies and some of the premium reductions they offer are shown below.
- State Farm offers discounts including student away at school, multiple policy, Drive Safe & Save, Steer Clear safe driver discount, and accident-free.
- American Family has discounts for mySafetyValet, Steer into Savings, defensive driver, TimeAway discount, and accident-free.
- GEICO includes discounts for military active duty, multi-policy, driver training, defensive driver, and anti-lock brakes.
- 21st Century may have discounts that include 55 and older, theft prevention, homeowners, early bird, defensive driver, and air bags.
- Progressive offers premium reductions for online signing, multi-policy, good student, multi-vehicle, continuous coverage, online quote discount, and homeowner.
The diagram below compares insurance rates with and without discounts. The data assumes a female driver, no tickets, no at-fault accidents, 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 lower bar shows the rates with multiple vehicle, homeowner, vehicle safety, marriage, safe-driver, and claim-free discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on car insurance for drivers over age 60 is 30% or $571.
Does full coverage make sense?
Reducing the cost of car insurance should be important to most drivers, and one of the quickest ways to buy cheaper insurance for drivers over age 60 is to buy only liability coverage. The illustration below visualizes the comparison of insurance prices with full physical damage coverage compared to only buying liability only. The information is based on a clean driving record, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are applied to the premium.
If we average the cost for all age groups, physical damage insurance costs $2,564 per year over liability only. That raises the question when is the right time to remove full coverage. There is no definitive formula for dropping comp and collision coverage, but there is a general convention. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s book value is $10,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $9,500 after paying your deductible. If premium cost is more than $950 a year to have full coverage, then it may be the right time to buy liability only.
There are a few situations where dropping physical damage coverage is not a good idea. If you still have a lienholder on your title, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.
Why you should compare rates
Oklahoma car insurance rates are determined by lots of factors which can substantially change your annual premium. Simply getting older, moving to a different location, or getting a DUI may generate price changes that can cause some rates to be cheaper than others.
Not only may your risk profile change, but companies change their prices as often as every quarter in order to remain profitable. An extended period of higher than normal claims may result in increased rates, while lower claim expenses may cause lower-cost Oklahoma City car insurance rates.
For example, the data below demonstrates which company has the cheapest car insurance in Oklahoma City, OK for a 35-year-old male driver with a clear driving record, no claims, and a high credit rating. If we look at prices based on his current risk factors, Oklahoma Farmers Union may have the most affordable car insurance rates in Oklahoma City at $1,341 each year. This is $626 less than the average rate paid by Oklahoma drivers of $1,967. USAA, GEICO, The Hartford, and Safe Auto round out the rest of the best Oklahoma City, OK auto insurance companies.
Now we will pretend the driver from the first rate comparison a claim or two, less-than-perfect credit, and an imperfect driving record. Since each auto insurer has a proprietary method for setting rates, comparing quotes could result in a different set of affordable Oklahoma City car insurance companies as shown below.
State Farm now has the cheapest auto insurance in Oklahoma City, OK with USAA, Liberty Mutual, GEICO, and Travelers now rounding out the top five. This example illustrates why it is critical to perform an extensive rate comparison to get cheap auto insurance rates for drivers over age 60.
Prices are determined by many different factors and can decrease or increase without notice, so the most economical company when you bought your policy may now be quite expensive.
If you aren’t sure which coverage you need and prefer to get some professional advice when buying car insurance for drivers over age 60, the agents listed below can aid you in deciding which insurance coverage you need.
To locate an Oklahoma City auto insurance agent nearest to you, click the link after the list or click here to compare prices now.
State Farm: Vicky Richey Insurance Agency Inc
8601 S Walker Ave – Oklahoma City, OK 73139 – (405) 635-0677
Knight’s Insurance Agency
3825 NW 23rd St – Oklahoma City, OK 73107 – (405) 946-0111
Russ Warren Insurance Agency
3431 NW 36th St – Oklahoma City, OK 73112 – (405) 947-6745
Lynnae Insurance Group
5119 N Western Ave – Oklahoma City, OK 73118 – (405) 217-8851
Becky Stevens – State Farm Insurance Agent
7105 W Hefner Rd – Oklahoma City, OK 73162 – (405) 722-0004
How to find more affordable insurance for drivers over age 60
Here are some of the better thrifty solutions that can help you buy lower-cost coverage.
- Increase deductibles to save money
- Do not get into accidents
- Save money by only buying liability coverage for older vehicles
- Just one traffic violation will increase your rates
- Safe vehicles generally have lower rates
- Improve your credit
- Shop around for lower rates once a year
The last tip is extremely vital, as we stressed in this write-up. Auto insurance prices in Oklahoma City vary considerably, so drivers shouldn’t be resistant to buy a different policy if you can save money. Brand loyalty is not necessarily bad, but it isn’t a good idea if that inflexibility results in costing you hundreds of dollars a year. In just a couple of minutes you could compare rates to find cheaper car insurance for drivers over age 60.