What Insurance is Cheapest for High School Students in Oklahoma City?

The words “affordable” and “insurance” probably shouldn’t be used together, in particular when you are trying to find the best insurance rates for high school students. Let’s teach you some situations that have a considerable impact on auto insurance premiums, and find a few ways to lower the cost of your next policy.

The car, truck, or SUV to be insured is a large factor when looking for the best insurance for high school students. Vehicles with limited top-end speed, advanced safety features, or a track record of few liability claims will cost quite a bit less to insure than adrenaline junky models. The list below shows insurance prices for a selection of the more affordable automobiles to insure.

Cheapest Vehicles to Insure in Oklahoma City, OK
Make and Model Estimated Cost for Full Coverage
Ford Escape XLS 4WD $4,899
Honda Accord LX 4-Dr Sedan $4,908
Honda CR-V LX 4WD $4,899
Volkswagen Jetta S 2.5 Station Wagon $5,242
Toyota Prius $5,290
Ford F-150 XL Super Cab 2WD $5,463
Toyota Tacoma 4WD $5,508
Ford Focus S 4-Dr Sedan $5,761
Chevrolet Impala LS $5,770
Chevrolet Malibu LS $5,806
Toyota RAV4 4WD $5,812
GMC Sierra SLE Crew Cab 2WD $5,806
Chevrolet Equinox LT AWD $5,813
Dodge Grand Caravan Hero $5,806
Jeep Grand Cherokee Laredo 2WD $5,816
Ford Explorer Eddie Bauer 4WD $5,854
Chevrolet Silverado LS Regular Cab 2WD $5,953
Hyundai Elantra Blue 4-Dr Sedan $6,062
Honda Odyssey EX-L W/Rear Entertainment $6,107
Nissan Altima 2.5 S 4-Dr Sedan $6,116
Ford Edge Limited AWD $6,107
Toyota Corolla S $6,117
Toyota Camry XLE $6,107
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Premium data assumes single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in vehicle garaging location which can decrease or increase rates greatly.

Based upon the table data, we can assume that makes and models like the Ford Escape, Honda Accord, Honda CR-V, and Volkswagen Jetta will be a few of the cheaper vehicles to insure for teenagers. Auto insurance rates will trend higher just because there is more liability risk for high school students, but overall those particular vehicles will most likely have the least expensive rates compared to other vehicles.

Finding dependable, reasonably-priced insurance is not the easiest thing to accomplish, and deciding which company has the lowest-priced car insurance rates for high school students will involve even more work.

Each insurer uses their own calculation to set premium rates, so let’s rank the overall cheapest car insurance companies in Oklahoma. It’s important that readers know that Oklahoma car insurance rates are impacted by many factors that control the cost of coverage. This is why Oklahoma City drivers need to compare lots of rates when trying to find the best car insurance quotes for high school students. Insurance prices are impacted by many different factors and change substantially, so the most economical option when you bought your policy may now be one of the more expensive options.

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USAA may have some of the lowest car insurance rates in Oklahoma City at around $1,150 a year. Oklahoma Farmers Union, GEICO, The Hartford, and Safe Auto would also be considered some of the best Oklahoma City, OK auto insurance companies.

As shown in the table above, if you currently have a policy with The Hartford and switched to Oklahoma Farmers Union, you could see yearly savings of upwards of $183. Insureds with Safe Auto could save as much as $187 a year, and Farmers insureds might reduce rates by $246 a year.

Understand that those rates are averaged across all ages of drivers and types of vehicles and do not factor in a specific location for high school students. So the company that is most affordable for your situation may not even be in the top 17 companies in the list above. That illustrates why you need to get rate quotes using your own driver information and specific vehicle type.

Difference between liability only and full coverage rates

Reducing premiums for car insurance is probably important to most vehicle owners, and an easy way to buy cheaper insurance for high school students is to not buy comprehensive and collision coverage. The example below illustrates the difference between insurance premiums with and without physical damage coverage. The premiums assume a clean driving record, no at-fault accidents, $100 deductibles, marital status is single, and no policy discounts are applied.

If averaged out across all ages, full coverage on your policy costs $2,564 per year more than just buying liability insurance. That may make you wonder when is it safe to stop buying full coverage. There is no written rule that is best for determining when to drop physical damage coverage, but there is a general convention. If the annual cost of having full coverage is more than 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.

For example, let’s assume your vehicle’s replacement cost is $11,500 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $10,500 after paying the physical damage deductible. If you are paying more than $1,050 a year for physical damage coverage, then it could be time to drop full coverage.

There are some cases where dropping physical damage coverage is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not drop full coverage.

Insuring your vehicle with the top company is hard considering how many different companies there are to choose from in Oklahoma. The ranking data shown below may help you pick which auto insurance companies you want to consider when shopping around. These rankings are only comprised of companies that insure vehicles nationwide, so companies that only write business in Oklahoma or surrounding areas are not taken into consideration for these rankings.

Top Ten Car Insurance Companies for High School Students in Oklahoma
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
Mercury Insurance 97 96 88 89% A+ 93.4
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
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Data Source: Insure.com Best Car Insurance Companies

Who has the cheapest Oklahoma City car insurance?

Oklahoma City, OK car insurance rates are determined by lots of factors that may substantially change the price of coverage. Turning one year older, moving to a new city, or getting a reckless driving citation can trigger changes in premium that can now make some companies affordable when they were higher priced.

Not only may your situation change, but insurance companies file new rates as needed in order to remain profitable. Significantly higher losses can result in increased policy costs, while a better loss history may produce cheaper Oklahoma City car insurance rates.

To illustrate this example, the bar chart below analyzes the cheapest car insurance in Oklahoma City, OK for a 45-year-old female driver with no accidents, a clean driving record, and solid credit. Based on her current rating profile, USAA might quote the lowest car insurance rates in Oklahoma City at $1,362 a year. This is $605 less than the average policy premium paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, GEICO, and Farmers are also on the list of the most affordable Oklahoma City, OK auto insurance companies.

Now we will pretend the driver in the first example a claim, a lower credit rating, and a few traffic violations. Because each insurer uses a different method to set policy rates, comparing rates may result in a different ranking of affordable companies as shown below.

State Farm now has the lowest price in Oklahoma City, OK with Oklahoma Farmers Union, The Hartford, GEICO, and Liberty Mutual completing the list. This illustrates why it is important to take the time to shop around when trying to get cheap car insurance rates for high school students.

Insurance prices are determined by many risk factors and can decrease or increase without notice, so the best price the last time you shopped your coverage around may now be quite expensive.