The words “low-cost” and “auto insurance” really should not be used together, specifically when you are searching for the best car insurance with multiple speeding tickets. To save some money, let’s familiarize you with some of the things that have an impact on auto insurance premiums, and find out if you can reduce the cost of your next policy.
Finding out which company has the most affordable insurance rates with multiple speeding tickets will take more work than just comparing rates from one or two companies.
Every insurance company uses a little different formula for setting rates, so let’s rank the overall cheapest insurance companies in Oklahoma City, OK. It’s a good idea to know that Oklahoma insurance rates are based on many factors which can substantially decrease or increase the cost of having a policy. Improving your credit score, increasing deductibles, or having an accident may generate price changes that may make certain companies cheaper than competitors.
Cheapest Insurance Rates with License Points
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,190|
|11||OK Farm Bureau||$2,018|
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USAA generally has some of the cheapest car insurance rates in Oklahoma City at around $1,161 annually. Oklahoma Farmers Union, The Hartford, GEICO, and Safe Auto also rank well as some of the best Oklahoma City, OK insurance companies.
In the above example, if you buy coverage from GEICO and switched to USAA, you might achieve an annual savings of roughly $192. Insureds with Safe Auto may save as much as $202 a year, and Farmers customers might reduce rates by $233 a year.
Understand that those estimates are averages across all ages of drivers and types of vehicles and do not take into consideration a vehicle location with multiple speeding tickets. So the auto insurance company that has the cheapest price for you may not even be in the top 17 companies shown above. That underscores the importance of why you need to get rate quotes from many companies using your own individual information.
The car, truck, or SUV you are buying coverage for is a large factor when consumers are trying to find the lowest-priced coverage with multiple speeding tickets. Vehicles with economical engines, advanced safety features, or low incidents of liability claims will cost less to insure than adrenaline junky models. The data below outlines insurance rates for some of the more affordable vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,481|
|Honda CR-V EX 2WD||$1,488|
|Honda Accord LX 4-Dr Sedan||$1,619|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,626|
|Ford F-150 XLT Regular Cab 2WD||$1,632|
|Ford Edge SEL 2WD||$1,722|
|Ford Explorer Eddie Bauer AWD||$1,789|
|Toyota Tacoma 4WD||$1,816|
|Chevrolet Equinox LT 2WD||$1,872|
|Chevrolet Malibu Hybrid||$1,881|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,888|
|Dodge Grand Caravan Crew||$1,906|
|Volkswagen Jetta S 4-Dr Sedan||$1,911|
|Toyota RAV4 4WD||$1,918|
|Hyundai Elantra Blue 4-Dr Sedan||$1,941|
|Ford Focus SEL 4-Dr Sedan||$1,968|
|Chevrolet Impala LTZ||$2,007|
|Honda Odyssey EX-L||$2,015|
|Toyota Corolla XRS||$2,012|
|Jeep Grand Cherokee Limited 4WD||$2,018|
|Dodge Ram 2500 Mega Cab Laramie 4WD||$2,044|
|GMC Sierra SLT Crew Cab 2WD||$2,049|
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Data rating is based on single male driver age 40, two speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, and multi-policy. Information does not factor in the specific area where the vehicle is garaged which can alter prices considerably.
By looking at the data, you can assume that models like the Ford Escape, Honda CR-V, Honda Accord, and Jeep Wrangler are going to be some of the most affordable vehicles to insure after a few driving violations.
After a few driving violations, one of the more important factors that help determine the cost of insurance is where you live in Oklahoma City. More populated areas will most likely pay more, whereas areas with less congestion benefit from having to pay less for coverage.
The information below ranks the highest-priced areas in Oklahoma with multiple speeding tickets in which to purchase auto insurance. Oklahoma City is ranked at #4 with an annual premium of $2,178 for the average insured, which is around $182 monthly.
|Rank||City||Average Per Year|
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Rate information is comparative as zip code location can decrease or increase coverage rates noticeably.
Liability rates compared to full coverage
Finding the cheapest insurance is important to most people, and one good way to buy cheaper insurance with multiple speeding tickets is to buy only liability coverage. The example below visualizes the comparison of insurance prices with full coverage and liability only. The rates are based on no claims or driving violations, $250 deductibles, marital status is single, and no discounts are applied to the premium.
Averaged out for all age groups, physical damage coverage costs an extra $2,349 per year over liability only. That amount may make you wonder if it’s worth it to buy full coverage. There is no written rule that is best for determining when to drop physical damage coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s settlement value is $11,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $10,500 after paying your policy deductible. If it’s costing in excess of $1,050 annually for physical damage coverage, then you may need to consider dropping full coverage.
Accidents and violations increase rates
One of the best ways to maintain the best insurance rates in Oklahoma City after a few driving violations is to be an attentive driver and not have accidents or get tickets. The information below demonstrates how traffic citations and accident claims can impact insurance costs for each different age group. The premiums assume a married female driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
In the chart above, the average cost of auto insurance per year with a clean driving record and no accidents is $2,634. Receive one speeding ticket and the average cost increases to $3,069, an increase of $435 each year. Then add one accident along with the one speeding ticket and the 12-month cost of insurance with multiple speeding tickets goes up to an average of $4,318. That’s an increase of $1,684, or $140 per month, just for a couple of infractions!
How to find low-cost car insurance with multiple speeding tickets
It’s not impossible to find cheaper rates, and here are some of the better thrifty solutions that can help you get lower-cost coverage.
- Try to pay small claims out-of-pocket
- Save money by bundling your home and auto policies
- Maintain a safe distance and avoid accidents
- Buy safe vehicles
- Avoid speeding and other traffic citations and pay less
- Compare rates regularly and switch companies to save money
That last idea is incredibly important, as was affirmed in the prior article. Auto insurance rates go up and down frequently, so drivers shouldn’t hesitate to change insurance companies if a more affordable rate is found.
Having a favorite company is great, but it’s not a great idea if that faithfulness ends up costing you a fortune every year. If you have a few minutes, compare prices to find cheaper auto insurance with multiple speeding tickets in Oklahoma City.