The words “bargain” and “insurance” really don’t belong together, especially when comparison shopping for the cheapest auto insurance for 17 year olds. To help control this cost, let’s familiarize you with some of the things that impact auto insurance premiums, and find a few ways to lower the cost of your next policy.
For teen drivers, one of the more important factors that are looked at to help calculate the amount you pay for auto insurance is your address in Oklahoma City. More densely populated places tend to pay more, whereas more rural areas have the luxury of lower rates.
The next table rates the most costly cities in Oklahoma for 17 year olds in which to purchase auto insurance. Oklahoma City is ranked at #10 with an annual cost of $2,113 for the average policyholder, which is about $176 monthly.
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Annual rates are approximated as zip code location can raise or lower auto insurance rates substantially.
Figuring out which insurers offer the lowest-priced auto insurance rates for 17 year olds takes a little more work in order to find the best price. Each auto insurance company has their own unique process for determining rates in each state, so let’s rank the most affordable auto insurance companies in Oklahoma.
We do need to point out that Oklahoma auto insurance rates are influenced by many factors that will increase or decrease the price you pay for coverage. Simply improving your credit, having a teenage driver, or getting caught speeding may cause policy rate changes resulting in some rates now being cheaper than competitors.
Find Cheaper Auto Insurance for Teens
|Rank||Company||Cost Per Year|
|1||Oklahoma Farmers Union||$1,154|
|11||OK Farm Bureau||$2,058|
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Oklahoma Farmers Union may have some of the most affordable car insurance rates in Oklahoma City at around $1,154 per year. This is $813 less than the average policy premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, GEICO, and Farmers also make the cut as some of the cheapest Oklahoma City, OK auto insurance companies.
As the example above demonstrates, if you are a policyholder with GEICO and switched to USAA, you may see a yearly savings of in the neighborhood of $155. Drivers with Farmers could save as much as $209 a year, and Safe Auto insureds might reduce prices by as much as $234 a year.
To find the cheapest rates for your vehicle, click here or feel free to get quotes from the companies below.
Bear in mind that those premium estimates are averages for all types of insureds and vehicles and are not factoring in a specific location for 17 year olds. So the auto insurance company that has the cheapest price for you may not even be in the top 17 companies in the list above. That point stresses why you need to compare rates from multiple companies using your own driver and vehicle profiles.
The vehicle model you are insuring is one of the largest factors that determines whether or not you find cheap insurance for 17 year olds. Vehicles with lots of horsepower, poor crash test ratings, or an increased likelihood of liability claims will cost much more to insure than safer models.
The data below showcases coverage rates for the more affordable automobiles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$4,199|
|Honda CR-V EX-L 4WD||$4,204|
|Jeep Wrangler Sport 4WD 2-Dr||$4,343|
|Ford Edge SEL 2WD||$4,886|
|Honda Odyssey EX||$4,896|
|Chevrolet Impala LS||$4,886|
|Chevrolet Malibu LS||$4,929|
|Nissan Altima 2.5 4-Dr Sedan||$4,937|
|Volkswagen Jetta S 4-Dr Sedan||$4,929|
|Toyota RAV4 2WD||$4,935|
|Chevrolet Equinox LT AWD||$4,929|
|Toyota Tacoma Double Cab 4WD||$4,937|
|Toyota Camry LE||$4,929|
|Dodge Grand Caravan SXT||$4,972|
|Ford F-150 SVT Raptor Super Cab 4WD||$4,979|
|Ford Explorer Limited 4WD||$4,972|
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Table data represents single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, and safe-driver. Information does not factor in zip code location which can alter prices noticeably.
Based upon these rates, we can expect models like the Ford Escape, Honda CR-V, Jeep Wrangler, Toyota Prius, and Ford Edge are going to be a few of the cheapest vehicles to insure for teen drivers. Rates will be higher anyway just due to the fact that there is more liability risk for 17 year olds, but in general those particular vehicles will most likely have the lowest insurance prices that you’ll find.
Full coverage versus liability-only in Oklahoma City
Paying less for auto insurance should be important to the majority of vehicle owners, and an easy way to find cheap insurance for 17 year olds is to not insure for full coverage. The information below shows the difference between yearly insurance costs when comparing full coverage to liability only. The information is based on a clean driving record, no claims, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.
As an average, full coverage on your policy costs $1,878 per year more than just insuring for liability. That brings up the question if it’s worth it to buy full coverage. There is no clear-cut rule for eliminating full coverage, but there is a broad guideline. If the annual cost of coverage is more than 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
Types of discounts on Oklahoma City car insurance
Auto insurance companies that sell policies for 17 year olds could also offer rate discounts that can lower rates by as much as 35% if you meet the requirements. Companies and a summarized list of policyholder discounts include:
- Travelers offers discounts for driver training, multi-car, new car, multi-policy, IntelliDrive, student away at school, and continuous insurance.
- 21st Century discounts include theft prevention, student driver, early bird, teen driver, air bags, and anti-lock brakes.
- State Farm has savings for good student, driver’s education, Drive Safe & Save, multiple autos, accident-free, safe vehicle, and Steer Clear safe driver discount.
- GEICO offers discounts including multi-vehicle, air bags, anti-lock brakes, anti-theft, driver training, and military active duty.
- SAFECO has discounts for anti-lock brakes, anti-theft, multi-car, teen safety rewards, and safe driver.
- AAA offers premium reductions for good driver, AAA membership discount, good student, multi-policy, pay-in-full, and multi-car.
The illustration below visualizes the comparison of insurance premiums with and without discounts applied to the premium. The prices are based on a female driver, a clean driving record, no claims, Oklahoma state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with anti-theft, good student, vehicle safety, continuous coverage, paperless filing, and passive restraint discounts applied. When discounts are applied, theamount saved on auto insurance for 17 year olds is 28% or $855.
Tickets and at-fault accidents raise rates
The common sense way to enjoy cheap auto insurance rates in Oklahoma City for teen drivers is to drive safe and avoid accidents and keep your driving record clean. The information below shows how speeding tickets and at-fault accidents drive up car insurance costs for different ages of insureds. The data is based on a single male driver, full coverage, $500 deductibles, and no other discounts are factored in.
In the chart above, the average cost of a car insurance policy in Oklahoma City per year with no accidents or violations is $2,108. Add in one speeding ticket and the average cost hikes up to $2,378, an increase of $270 each year. Then add two accidents along with the one speeding ticket and the annual cost of auto insurance for 17 year olds jumps again to an average of $4,796. That’s an increase of $2,688, or $224 per month, just for a couple of infractions!
How to find the cheapest car insurance for 17 year olds
The list below shows some of the recommended penny-pinching solutions that can help Oklahoma City drivers locate cheap auto insurance.
- Higher credit scores may earn you cheaper rates
- Accidents can significantly increase rates
- If possible, pay for small claims out-of-pocket
- Save money by observing traffic laws and speed limits
- Raise deductibles to save money
- Buying car and homeowners insurance together can save money
- Compare rate quotes often
That last piece of advice is incredibly significant, as we stressed in the prior information. Rates fluctuate constantly, so don’t be hesitant to switch companies if a better rate can be found.
Having a favorite company is great, but it isn’t a good idea if that dedication is costing a small fortune. Now is a great time to compare prices to find cheaper car insurance for 17 year olds in Oklahoma City.
If you have coverage questions and would like to have the advice of a professional agent when comparing insurance rates for 17 year olds, the agents listed below are a good start to help you make a decision which policy is best.
To find an auto insurance agency near you, click the link at the bottom or click here to compare price quotes now.
Jim Hoffhines – State Farm Insurance Agent
3838 NW 36th St #160 – Oklahoma City, OK 73112 – (405) 948-8881
5002 S Anderson Rd – Oklahoma City, OK 73150 – (405) 737-6231
Tom Woodward – State Farm Insurance Agent
4401 W Memorial Rd #115 – Oklahoma City, OK 73134 – (405) 755-5958