Who Has the Cheapest Auto Insurance for Homeowners in Oklahoma City?

This would be a quick read if we could simply tell you the single best company that has the rock bottom lowest rates in Oklahoma. It’s just not that easy, however, as there are a whole bunch of unknown aspects like the type of vehicle you drive, where you live in Oklahoma City, if you own your own home, and your date of birth. This article will detail some of these criteria and will give you a solid foundation to find cheaper car insurance.

The type of vehicle on the policy is probably the biggest factor when comparing quotes for the cheapest car insurance for homeowners. Vehicles with average performance, advanced safety features, or a positive history of liability claims will cost quite a bit less to insure than adrenaline junky models. The information below shows auto insurance rates for the most budget-friendly vehicles to buy insurance for.

Cheapest Vehicles to Insure in Oklahoma City, OK
Vehicle Estimated Cost for Full Coverage
Ford Escape XLT 2WD $1,131
Honda CR-V EX 4WD $1,156
Hyundai Elantra GLS Touring Station Wagon $1,167
Honda Accord EX-L 4-Dr Sedan $1,229
Dodge Grand Caravan SXT $1,245
Toyota Tacoma 4WD $1,261
Ford Edge Sport AWD $1,288
Toyota Corolla S $1,293
Toyota Prius $1,291
Ford Explorer Eddie Bauer 2WD $1,311
Volkswagen Jetta SE 4-Dr Sedan $1,320
Jeep Grand Cherokee Limited 4WD $1,311
Chevrolet Equinox LTZ AWD $1,320
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Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Price estimates do not factor in specific location which can lower or raise premium rates significantly.

Based upon the table data, we can conclude that makes and models like the Ford Escape, Honda CR-V, and Hyundai Elantra are most likely going to be a few of the most economical vehicles to insure for people who own their homes.

Finding decent, reasonably-priced car insurance is easier said than done, and figuring out which company offers the cheapest insurance rates for homeowners requires a bit more work. Each auto insurance company uses their own method for setting rates, so let’s begin by taking a look at the insurance companies that tend to have lower prices in Oklahoma City, OK.

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Cheapest insurance companies in Oklahoma
Rank Company Cost Per Year
1 Oklahoma Farmers Union $1,154
2 USAA $1,185
3 The Hartford $1,319
4 GEICO $1,340
5 Safe Auto $1,377
6 Farmers $1,436
7 State Farm $1,583
8 Liberty Mutual $1,816
9 Travelers $1,925
10 Mercury $1,993
11 OK Farm Bureau $2,079
12 Shelter $2,108
13 Home State $2,149
14 MetLife $2,213
15 Progressive $2,223
16 Allstate $2,472
17 Safeco $5,056
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Oklahoma Farmers Union may offer some of the cheapest car insurance rates in Oklahoma City at around $1,154 annually. USAA, The Hartford, GEICO, and Safe Auto are also some of the lowest-priced Oklahoma City, OK car insurance companies.

As depicted above, if you currently have a policy with The Hartford and switched to Oklahoma Farmers Union, you may realize an annual premium reduction of in the neighborhood of $165. Insureds with GEICO might save as much as $186 a year, and Safe Auto insureds might lower prices by $223 a year.

To see if you’re overpaying, click here to start your free quote or quote rates from the companies below.

It’s important to note that these premiums are averaged for all drivers and vehicles and and are not calculated with an exact zip code location for homeowners. So the insurer that fits your needs best may not even be in the top 17 companies in the list above. That is why you need to get rate quotes from many companies using your own specific driver information and vehicle.

One of the many considerations that are looked at to determine the amount you pay each year for auto insurance is your zip code in Oklahoma City. Cities with larger populations tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.

The following table lists the highest-priced places in Oklahoma for homeowners to purchase a policy in. Oklahoma City ranks #7 with an annual premium of $2,134 for coverage, which is approximately $178 monthly.

How much does auto insurance cost in Oklahoma City?
Rank City Premium Per Year
1 Tulsa $2,259
2 Bixby $2,235
3 Del City $2,221
4 Midwest City $2,205
5 Bethany $2,201
6 Sand Springs $2,161
7 Oklahoma City $2,134
8 Broken Arrow $2,130
9 Norman $2,095
10 Moore $2,090
11 Sapulpa $2,081
12 Owasso $2,064
13 Edmond $2,042
14 Claremore $2,008
15 Bartlesville $2,000
16 Yukon $1,994
17 Shawnee $1,988
18 Stillwater $1,970
19 Muskogee $1,962
20 Enid $1,961
21 Duncan $1,942
22 Ponca City $1,898
23 Ardmore $1,879
24 Lawton $1,865
25 Altus $1,838
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Information shown are approximated as the specific zip code location can increase or decrease premiums noticeably.

The chart below demonstrates how choosing different deductibles can increase or decrease insurance costs when trying to find cheap insurance for homeowners. The costs are based on a single male driver, full physical damage coverage, and no discounts are applied.

A 50-year-old driver could reduce rates by $370 a year by increasing from a $100 deductible up to a $500 deductible, or save $558 by switching to a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could reduce their rates $1,208 every year by selecting a higher deductible. When raising deductibles, it’s a good idea to have additional funds squirreled away to be able to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Impact of violations and accidents on rates

The recommended way to receive the most affordable insurance prices in Oklahoma for people who own their homes is to drive attentively and avoid tickets and accidents. The chart below demonstrates how traffic citations and at-fault accidents raise annual premium costs for different age groups of insureds. The information is based on a married male driver, comp and collision included, $500 deductibles, and no policy discounts are applied.

In the chart above, the average cost of auto insurance in Oklahoma per year with no accidents or violations is $1,969. Receive two speeding tickets and the average cost surges to $2,717, an increase of $749 each year. Now get two accidents along with the two speeding tickets and the annual cost of insurance for homeowners goes up to an average of $5,513. That’s an increase of $3,545, or $295 per month, just for not being a responsible driver!

Cost of full coverage in Oklahoma City

Lowering the price of insurance should be important to most people, and one easy way to pay less for insurance for homeowners is to not pay for full coverage. The diagram below visualizes the comparison of insurance costs when comparing full coverage to liability only. The data is based on no accidents or driving violations, $500 deductibles, single marital status, and no additional discounts are factored in.

If we average the cost for all age groups, physical damage coverage costs $2,108 per year more than just buying liability only. Lot’s of drivers question if it’s worth it to buy full coverage. There is no specific rule of when to exclude physical damage insurance, but there is a general guideline. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, then you might consider buying liability only.

Don’t make the mistake of not shopping around

Oklahoma City insurance rates are determined by lots of factors that can increase the policy price. Simply improving your credit, buying a home, or getting a driving violation can trigger rate changes that can cause some rates to be more affordable than before.

Not only may things change on your end, but insurance companies modify pricing every year or even multiple times each year in order to remain profitable. Larger than normal claims may result in higher prices, while profitable underwriting may produce lower-cost Oklahoma City car insurance rates.

The bar chart below shows which companies have the cheapest car insurance in Oklahoma City, OK for a 45-year-old female driver with no prior accidents, a clean driving record, and a good credit rating. If we estimate prices based on her current rating profile, Oklahoma Farmers Union has the lowest car insurance rates in Oklahoma City at $1,321 annually. This is $646 less than the average premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, GEICO, and Safe Auto are the remainder of the most affordable Oklahoma City, OK auto insurance companies.

In this example, we will give the driver in the first chart an accident claim, a lower credit rating, and a speeding ticket. Because every insurance company has a unique formula to set policy rates, comparing prices could now result in a different set of companies as shown below.

State Farm now has the best price in Oklahoma City, OK with USAA, Liberty Mutual, The Hartford, and Travelers now rounding out the top five. This example proves why it is critical to compare as many rates as possible when trying to get the most affordable auto insurance rates for homeowners. Rates can be altered by many risk factors and change dramatically, so the cheapest rate the last time you shopped around may now cost much more than other companies.