The words “low-cost” and “auto insurance” really shouldn’t be used together, specifically when looking for the cheapest coverage for low income drivers. Because it’s so expensive, let’s start the ball rolling by going over some of the things that help determine insurance premiums, and figure out some ways to take the sting out of your next policy.
Shopping around for budget car insurance is not the easiest thing to accomplish, and determining which company offers the cheapest car insurance rates for low income drivers calls for additional perseverance. Every insurance company has a unique approach for determining rates, so first we will examine the overall cheapest car insurance companies in Oklahoma City.
It’s a good idea to be aware that Oklahoma City, OK car insurance rates are impacted by many factors that will increase or decrease the price you pay. Price variation is why consumers need to spend some time comparing rates when trying to get affordable insurance quotes for low income drivers. Prices can be altered by many risk factors and change substantially, so the cheapest company a year ago may now be one of the higher cost companies.
Find the Best Cheap Insurance in Oklahoma
|Rank||Company||Cost Per Year|
|1||Oklahoma Farmers Union||$1,154|
|11||OK Farm Bureau||$2,058|
|View More Rates Go|
Oklahoma Farmers Union has some of the best car insurance rates in Oklahoma City at around $1,154 per year. This is $813 less than the average price paid by Oklahoma drivers of $1,967. USAA, GEICO, The Hartford, and Safe Auto also are some of the cheaper Oklahoma City, OK car insurance companies.
In the above rates, if you have coverage with The Hartford and switched to Oklahoma Farmers Union, you might achieve an annual premium reduction of roughly $219. Oklahoma drivers with Safe Auto might save as much as $223 a year, and Farmers customers might cut rates by $240 a year.
If you want to see how much you could save, click here to get quotes or click several companies below for low rates.
It’s important to note that these policy prices are averages across all drivers and vehicles and are not factoring in an exact zip code location for low income drivers. So the company that fits your situation best may not even be in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
The vehicle model driven is probably the biggest factor that determines whether or not you find cheaper car insurance for low income drivers. Vehicles with lower acceleration and performance, good safety features, or a low likelihood of liability claims will cost much less to insure than higher performance models.
The information below outlines auto insurance costs for some of the cheaper vehicles to buy coverage for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Hyundai Elantra SE Touring Station Wagon||$1,080|
|Volkswagen Jetta S 2.5 Station Wagon||$1,088|
|Honda Accord LX-P 4-Dr Sedan||$1,141|
|Chevrolet Impala LS||$1,157|
|Chevrolet Malibu Hybrid||$1,180|
|Ford Explorer Eddie Bauer 4WD||$1,203|
|Honda CR-V EX 2WD||$1,221|
|Ford Escape Limited 2WD||$1,250|
|GMC Sierra SL Crew Cab 2WD||$1,264|
|Jeep Grand Cherokee Limited 4WD||$1,270|
|Ford Fusion SE 4-Dr Sedan||$1,264|
|Dodge Grand Caravan CV||$1,282|
|GMC Sierra 3500HD SLT Extended Cab 2WD||$1,286|
|Get a Custom Quote Go|
Data rating is based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Price information does not factor in specific location which can impact premium rates significantly.
Looking at the data, you can presume that models like the Hyundai Elantra, Volkswagen Jetta, Honda Accord, Chevrolet Impala, and Chevrolet Malibu are the most budget-friendly vehicles to insure for poor drivers.
For poor drivers, one of the big criteria that are looked at to help calculate car insurance rates is where you keep your car in Oklahoma City. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas more rural areas benefit from lower rates.
The illustration below sorts the most expensive cities in Oklahoma for low income drivers to buy car insurance in. Oklahoma City is ranked #3 with an annual cost of $2,199 for car insurance, which is about $183 each month.
|Rank||City||Premium Per Year|
|Find the Best Rates Go|
Rates are estimated as the vehicle garaging location can raise or lower coverage prices greatly.
How accidents and violations affect rates in Oklahoma City
The common sense way to earn the most affordable car insurance premiums in Oklahoma for poor drivers is to drive attentively and avoid tickets and accidents. The example below illustrates how speeding tickets and accidents can influence auto insurance rates for each age group. The premium estimates are based on a married female driver, comp and collision included, $1,000 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of a car insurance policy in Oklahoma City per year with a clean driving record and no accidents is $1,940. Factor in one speeding ticket and the average cost rises to $2,267, an increase of $327 each year. Then include one accident along with the one speeding ticket and the yearly cost of car insurance for low income drivers jumps again to an average of $3,178. That’s an increase of $1,238, or $103 per month, just for not driving attentively!
Discounts on Oklahoma City car insurance rates
Insurance providers that provide policies for low income drivers may also offer premium discounts that can lower rates by as much as 40% or more if you qualify. A few of the larger companies and some of the discounts include:
- GEICO has savings for multi-vehicle, federal employee, good student, anti-lock brakes, and membership and employees.
- MetLife may offer discounts for good driver, good student, defensive driver, multi-policy, and claim-free.
- Progressive includes discounts for online signing, good student, continuous coverage, homeowner, and multi-vehicle.
- Travelers may include discounts for continuous insurance, good student, driver training, new car, IntelliDrive, and early quote.
- SAFECO offers discounts including drive less, multi-car, anti-theft, teen safe driver, and accident prevention training.
- AAA offers premium reductions for good student, good driver, education and occupation, pay-in-full, AAA membership discount, multi-policy, and multi-car.
The chart below visualizes the comparison of auto insurance rates with and without discounts applied to the rates. The costs are based on a female driver, no tickets, no at-fault accidents, Oklahoma state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with multiple vehicle, claim-free, accident-free, multiple policy, safe-driver, and vehicle safety discounts applied. When discounts are factored in, theaverage yearly reduction on car insurance for low income drivers is 28% or $759.
The importance of shopping around
Oklahoma City, OK car insurance rates are calculated based on many things which can significantly increase or decrease the price of your policy. Improving your credit score, having a teenage driver, or getting a DUI can trigger rate changes that can cause some rates to be more affordable than competitors.
Not only may things change on your end, but car insurance companies amend pricing as needed to adjust for unexpected claims or profits. Unexpectedly high claims may result in higher priced premiums, while long-term profits can cause lower-cost Oklahoma City car insurance rates.
For example, the data below shows rates for the cheapest car insurance in Oklahoma City, OK for a 35-year-old male driver with a clean driving record, no accidents, and a high credit rating. Based on his current risk profile, USAA has the lowest car insurance rates in Oklahoma City at $1,342 a year. This is $625 less than the average price paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, GEICO, The Hartford, and Safe Auto are the remainder of the cheapest Oklahoma City, OK auto insurance companies.
The next chart shows rates after we give the driver from the first rate comparison a claim or two, poor credit, and a speeding citation. Because each insurer has their own unique process for determining rates, analyzing rate quotes may now present a completely different list of the cheapest Oklahoma City car insurance companies as shown below.
State Farm now has the cheapest insurance rate in Oklahoma City, OK with Oklahoma Farmers Union, Liberty Mutual, GEICO, and Safe Auto also being competitive. This shows why drivers need to shop around to get cheap car insurance quotes for low income drivers. Insurance rates are made up of many different factors and can increase or decrease at any time, so the cheapest company the last time you shopped your coverage around may now be costing you a lot of money.
If you have coverage questions and would like to have some advice when comparing insurance rates for poor drivers, the agents below are willing to provide answers to your questions and help you determine which insurance coverage you need. To find an Oklahoma City insurance agent nearest to you, click the button link following the list.
Ed Dater – State Farm Insurance Agent
6700 S Western Ave – Oklahoma City, OK 73139 – (405) 634-0504
GEICO Insurance Agent
6218 Northwest Expy – Oklahoma City, OK 73132 – (405) 384-1518
Jim Hoffhines – State Farm Insurance Agent
3838 NW 36th St #160 – Oklahoma City, OK 73112 – (405) 948-8881
Ledbetter Insurance and Risk
1000 NW Grand Blvd #110 – Oklahoma City, OK 73118 – (405) 840-9090