The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, in particular when you are trying to find the lowest insurance prices for used cars. Let’s teach you some of the things that help determine insurance rates, and see how we can help you lower the cost of the next policy you buy.
The type of vehicle to be insured is one of the largest factors when consumers are trying to find low-priced auto insurance for used cars. Vehicles with economical engines, an excellent safety record, or a low likelihood of having liability claims will cost quite a bit less to insure than high performance models.
The table below estimates auto insurance costs for some of the cheaper automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Ford F-150 XL Crew Cab 2WD||$1,271|
|Ford Escape XLS 4WD||$1,300|
|Honda CR-V LX 2WD||$1,309|
|Ford Edge SEL 2WD||$1,315|
|Dodge Grand Caravan SXT||$1,368|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,387|
|Honda Odyssey EX-L W/Rear Entertainment||$1,411|
|Kia Optima LX||$1,438|
|Dodge Ram Crew Cab SLT 2WD||$1,464|
|Toyota Camry Hybrid||$1,534|
|Volkswagen Jetta S 4-Dr Sedan||$1,539|
|Toyota RAV4 Sport 2WD||$1,549|
|Dodge Ram 2500 Crew Cab ST 4WD||$1,559|
|Ford Explorer Eddie Bauer 2WD||$1,564|
|Hyundai Elantra Blue 4-Dr Sedan||$1,590|
|Toyota Tacoma 2WD||$1,612|
|Chevrolet Impala LS||$1,622|
|Chevrolet Silverado LTZ Extended Cab 4WD||$1,646|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$1,653|
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Data 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 claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Table data does not factor in specific garaging location which can increase or decrease insurance rates noticeably.
Based on these rates, you can see that vehicles like the Ford F-150, Ford Escape, Honda CR-V, and Ford Edge should be a few of the cheaper vehicles to insure for pre-owned vehicles.
Trying to buy affordable insurance is difficult, and figuring out which company offers the cheapest auto insurance rates for used cars calls for additional perseverance.
Each insurer has their own formula to determine rates, so let’s rank the overall cheapest auto insurance companies in Oklahoma City, OK.
Cheap Insurance Rates for Used Cars
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,166|
|10||OK Farm Bureau||$1,997|
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USAA quotes some of the lowest car insurance rates in Oklahoma City at around $1,150 a year. This is $817 less than the average rate paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, GEICO, and Safe Auto also qualify as some of the best Oklahoma City, OK car insurance companies.
As shown in the rates above, if you have coverage with The Hartford and switched to USAA, you could realize a yearly price reduction of in the vicinity of $209. Policyholders with GEICO could save as much as $231 a year, and Safe Auto insureds might realize rate reductions of up to $255 a year.
These premiums are averaged across all ages of drivers and types of vehicles and and are not figured with an exact zip code location for used cars. So the auto insurance company that is most affordable for your situation 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 specific driver and vehicle information.
For pre-owned vehicles, one of the big factors that help determine insurance cost is where you normally keep your vehicle. Regions with more people or even just more weather-related claims tend to have higher rates, whereas less populated areas have the benefit of cheaper car insurance.
The information below ranks the highest-priced areas in Oklahoma for used cars to purchase a policy in. Oklahoma City is ranked at #7 with a yearly premium of $2,134 for coverage, which is about $178 each month.
|Rank||City||Average Per Year|
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Rate information is approximated as the garaging address in Oklahoma City can raise or lower price quotes substantially.
Oklahoma auto insurance companies
Ending up with the best insurer is difficult considering how many companies are available to choose from in Oklahoma. The ranking information displayed below could help you decide which car insurance companies you want to consider buying from. These ratings are only comprised of companies that insure vehicles nationwide, so companies that may only write in Oklahoma are not included in the list.
Top 10 Large Car Insurance Companies in Oklahoma City Ranked by A.M. Best Rating
- Travelers – A++
- GEICO – A++
- State Farm – A++
- USAA – A++
- Nationwide – A+
- Allstate – A+
- Mercury Insurance – A+
- The Hartford – A+
- Esurance – A+
- Progressive – A+
Top 10 Large Car Insurance Companies in Oklahoma City Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
The example below illustrates how your deductible choice can increase or decrease premium costs when researching cheap insurance for used cars. The costs are based on a married female driver, full physical damage coverage, and no policy discounts are applied.
As shown above, a 30-year-old driver could lower their car insurance rates by $354 a year by switching from a $100 deductible to a $500 deductible, or save $538 by changing to a $1,000 deductible. Younger drivers, such as the Age 20 example, can save $758 annually just by choosing higher deductibles when buying full coverage.
When raising deductibles, it will now be necessary to have spare funds to enable you to pay the extra out-of-pocket expense that is associated with using high deductibles.
Does it make sense to buy full coverage?
Saving on auto insurance is important to most drivers, and a great way to pay lower rates for insurance for used cars is to only buy liability insurance. The diagram below illustrates the comparison of auto insurance rates with liability coverage only compared to full coverage. The premiums assume no accidents or driving violations, $250 deductibles, marital status is single, and no discounts are taken into consideration.
If we average all the age groups together, physical damage coverage costs $3,141 per year over and above liability coverage. That is a large expense and it proposes the question if paying for full coverage is worth it. There is no definitive rule of when to eliminate full coverage, but there is a guideline you can use. If the yearly cost of full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your vehicle’s claim settlement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $2,000 after paying the physical damage deductible. If you are paying more than $200 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.