How Much are Auto Insurance Rates for Young Drivers in Oklahoma City?

For youthful drivers, one of the big considerations that are looked at to help calculate the cost of insurance is where you keep your car. Regions with more people or even just more weather-related claims tend to have higher auto insurance costs, whereas areas with less congestion have the luxury of cheap car insurance rates.

The information below rates the priciest cities in Oklahoma for young drivers in which to purchase auto insurance. Oklahoma City makes the list at #10 with an annual rate of $2,134 for coverage, which is around $178 monthly.

How much does auto insurance cost in Oklahoma City?
Rank City Average Per Year
1 Del City $2,243
2 Bixby $2,213
3 Midwest City $2,205
4 Broken Arrow $2,195
5 Tulsa $2,192
6 Sapulpa $2,165
7 Sand Springs $2,161
8 Bethany $2,157
9 Moore $2,153
10 Oklahoma City $2,134
11 Owasso $2,127
12 Edmond $2,126
13 Norman $2,095
14 Shawnee $2,048
15 Claremore $2,048
16 Yukon $1,994
17 Bartlesville $1,981
18 Stillwater $1,970
19 Ponca City $1,956
20 Muskogee $1,943
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Rate quotes are approximated as the specific geographic location can raise or lower prices substantially.

Deciding which companies offer the most affordable insurance rates for young drivers takes more time than just quoting one company’s rates. Each company uses a slightly different approach for determining rates, so we need to take a look at the most affordable insurance companies in Oklahoma.

It’s important that readers know that Oklahoma insurance rates are impacted by many things that will increase or decrease the price you pay. Simply improving your credit, moving to a new city, or getting a reckless driving citation may generate price changes that can now make some companies cheaper than competitors.

Cheap Insurance Rates for Teens

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Who has the cheapest car insurance in Oklahoma?
Rank Company Cost Per Year
1 Oklahoma Farmers Union $1,166
2 USAA $1,185
3 The Hartford $1,319
4 Safe Auto $1,377
5 GEICO $1,394
6 Farmers $1,422
7 State Farm $1,583
8 Liberty Mutual $1,816
9 Travelers $1,925
10 Mercury $1,973
11 OK Farm Bureau $2,079
12 Home State $2,128
13 Shelter $2,129
14 MetLife $2,147
15 Progressive $2,179
16 Allstate $2,472
17 Safeco $5,005
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Oklahoma Farmers Union offers some of the cheapest car insurance rates in Oklahoma City at around $1,166 per year. This is $801 less than the average rate paid by Oklahoma drivers of $1,967. USAA, The Hartford, Safe Auto, and GEICO are also some of the best Oklahoma City, OK insurance companies.

In the above rates, if you are a customer of GEICO and switched to USAA, you might see annual savings of in the neighborhood of $209. Customers with Farmers might save as much as $237 a year, and State Farm policyholders might lower prices by up to $398 a year.

To find the cheapest rates for your vehicle, click here to begin a quote or quote rates from the companies below.

Remember that these premiums are averaged across all types of insureds and vehicles and and are not calculated with an exact vehicle garaging location for young drivers. So the auto insurance company that can offer you the lowest price may not even be in the top 17 companies shown above. That points out the importance of why you need to get rate quotes from many companies using your own driver information and specific vehicle type.

The vehicle to be insured is probably the most important factor that determines the availability of the best car insurance for young drivers. Vehicles with high performance features, a lack of modern safety features, or high incidents of liability claims will cost much more to insure than safer models. The next list illustrates car insurance prices for a number of the most economical vehicles to buy insurance for.

Cheapest Vehicles to Insure in Oklahoma City, OK
Vehicle Estimated Cost for Full Coverage
Honda Accord EX 4-Dr Sedan $4,282
Ford Escape XLT 4WD $4,326
Honda CR-V EX-L 2WD $4,333
Volkswagen Jetta S 2.5 Station Wagon $4,604
Toyota Prius $4,649
Chevrolet Silverado LS Regular Cab 4WD $4,758
Ford Edge SE 2WD $4,765
Jeep Wrangler Sahara 4WD 2-Dr $4,802
Dodge Grand Caravan CV $4,808
Chevrolet Equinox LS AWD $5,080
Chevrolet Impala LT $5,086
Toyota RAV4 Limited 4WD $5,080
Toyota Camry LE $5,090
Ford Fusion S 4-Dr Sedan $5,080
Chevrolet Malibu Hybrid $5,088
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Data based on single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in Oklahoma City, OK location which can lower or raise premium rates substantially.

Based upon the table data, we can assume that vehicles like the Honda Accord, Ford Escape, Honda CR-V, Volkswagen Jetta, and Toyota Prius will be some of the most economical vehicles to insure for youthful drivers. The cost of auto insurance will be higher anyway because there is more inherent risk for young drivers, but generally speaking those models will probably have the lowest insurance rates compared to other types of vehicles.

The illustration below demonstrates how deductibles can raise or lower yearly insurance costs when searching for cheap insurance for young drivers. The rate quotes are based on a married male driver, full physical damage coverage, and no other discounts are factored in.

As shown above, a 40-year-old driver could lower rates by $312 a year by increasing from a $100 deductible to a $500 deductible, or save $472 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old example, could possibly save up to $1,038 or even more by using a higher deductible. If you make the decision to raise deductibles, it will now be necessary to have enough spare savings to satisfy the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

Careless Oklahoma City drivers pay higher rates

The common sense way to maintain low insurance rates in Oklahoma for youthful drivers is to drive attentively and avoid accidents and traffic violations. The diagram below demonstrates how citations and accidents can drive up insurance premiums for each different age group. The premiums are based on a single female driver, full physical damage coverage, $100 deductibles, and no other discounts are factored in.

In the previous chart, the average cost of car insurance per year with no accidents or violations is $2,431. Receive one speeding ticket and the average cost increases to $2,754, an increase of $323 each year. Now include two accidents along with the one speeding ticket and the yearly cost of insurance for young drivers increases to an average of $5,474. That’s an increase of $3,043, or $254 per month, just for not being more responsible behind the wheel!

Liability-only versus full coverage

Buying cheaper insurance is probably important to most drivers, and one common way to buy cheaper insurance for young drivers is to not pay for full coverage. The information below shows the difference between yearly insurance costs with full physical damage coverage and with liability coverage only. Data assumes no tickets, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are factored in.

If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $2,564 per year over having just liability coverage. At some point, almost every driver questions when is the right time to remove full coverage. There is no definitive formula of when to phase out full coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.

For example, let’s say your vehicle’s claim settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $5,000 after you pay the deductible. If you are paying in excess of $500 a year for full coverage, then you may want to consider only buying liability coverage.