The words “bargain” and “auto insurance” really don’t belong together, specifically when comparison shopping for the best car insurance for good students. Because it’s not cheap, let’s familiarize you with some of the things that impact insurance rates, and figure out some ways to take a little off your next policy.
The vehicle model requiring insurance is probably the largest consideration in finding affordable coverage for good students. Vehicles with lots of horsepower, a lack of advanced safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer models.
The data below ranks coverage premiums for a handful of the cheaper vehicles to insure in Oklahoma.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$4,549|
|Honda CR-V EX 4WD||$4,597|
|Ford Escape Limited 2WD||$4,604|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$5,051|
|Ford Edge SE 2WD||$5,060|
|Honda Odyssey EX W/Rear Entertainment||$5,348|
|Toyota Tacoma Double Cab 4WD||$5,396|
|Toyota RAV4 4WD||$5,406|
|Chevrolet Impala LT||$5,396|
|Ford Explorer Eddie Bauer 4WD||$5,444|
|Dodge Grand Caravan SXT||$5,451|
|Chevrolet Malibu LT||$5,444|
|Find Cheaper Rates Go|
Data variables include single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate quotes do not factor in specific location information which can change prices noticeably.
Looking at the numbers, models like the Hyundai Elantra, Honda CR-V, Ford Escape, Toyota Prius, and Jeep Wrangler should be a few of the more affordable vehicles to insure for student drivers.
Trying to find reasonably-priced auto insurance is hard enough, and deciding which company quotes the cheapest auto insurance rates for good students will take additional perseverance. Each auto insurance company has a different process to set policy rates, so let’s begin by examining the most competitive auto insurance companies in Oklahoma.
It’s important to understand that Oklahoma City auto insurance rates are impacted by many things that may substantially change the price you pay for coverage. This price variability is why it is important to perform an extensive rate comparison to get the most affordable auto insurance rates for good students. Prices consist of many things and change frequently, so the lowest-price company when you last compared rates may now be quite expensive.
Lowest Insurance Price Quotes for Students
USAA quotes some of the cheapest car insurance rates in Oklahoma City at around $1,185 annually. Oklahoma Farmers Union, The Hartford, GEICO, and Safe Auto would also be considered some of the best Oklahoma City, OK auto insurance companies.
As the example above demonstrates, if you are insured with GEICO and switched to Oklahoma Farmers Union, you could realize savings of upwards of $138. Insureds with Safe Auto might save as much as $161 a year, and Farmers policyholders might reduce rates by $220 a year.
These rates are averages for all types of drivers and the different vehicles they drive and do not factor in a vehicle location for good students. So the company that is best for you may not even be in the top 17 companies shown above. That emphasizes why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.
For student drivers, one of the more important considerations that are looked at to determine the amount you pay for auto insurance is the neighborhood you call home in Oklahoma City. Areas with increased crime or more people likely pay more, whereas more rural areas have the luxury of lower rates.
The illustration below ranks the most expensive areas in Oklahoma for good students in which to buy car insurance. Oklahoma City comes in at #10 with an annual rate of $2,113 for the average policyholder, which is approximately $176 monthly.
|Rank||City||Premium Per Year|
|Quote Best Rates Go|
Premium costs are estimated as zip code location can decrease or increase coverage prices significantly.
Full coverage rates vs. liability-only
Finding cheaper auto insurance is probably important to the majority of drivers, and one easy way to save on the cost of insurance for good students is to only pay for liability coverage. The diagram below shows the comparison of insurance costs with full coverage and liability only. Data assumes no violations or claims, $500 deductibles, drivers are single, and no discounts are applied to the premium.
If averaged out across all ages, comprehensive and collision coverage on your policy costs $2,815 per year over and above liability only. At some point, every insured wonders when is it safe to stop buying full coverage. There is no specific rule for excluding physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.
For example, let’s say your vehicle’s replacement cost is $9,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after the deductible is paid. If premiums are more than $800 a year to have full coverage, then you may need to consider dropping full coverage.
Types of discounts on Oklahoma City insurance rates
Insurance companies that provide policies for good students may additionally offer special discounts that may potentially lower prices by as much as 25% or more if you meet specific eligibility requirements. Large auto insurance companies and their possible discounts can be found below.
- State Farm may include discounts for passive restraint, defensive driving training, good driver, Drive Safe & Save, multiple policy, and anti-theft.
- GEICO may have discounts that include multi-vehicle, military active duty, air bags, multi-policy, membership and employees, and defensive driver.
- Allstate offers premium reductions for passive restraint, premier discount, safe driver, good student, auto/life discount, utility vehicle, and early signing.
- SAFECO policyholders can earn discounts including homeowner, anti-theft, bundle discounts, anti-lock brakes, accident prevention training, teen safety rewards, and multi-car.
- Farm Bureau may offer discounts for driver training, youthful driver, multi-vehicle, multi-policy, and 55 and retired.
- Progressive offers discounts including online signing, multi-vehicle, good student, multi-policy, continuous coverage, and homeowner.
- AAA discounts include multi-car, AAA membership discount, good student, education and occupation, anti-theft, and pay-in-full.
The chart below shows the comparison of car insurance costs with and without some available policy discounts. The premiums are based on a female driver, no violations or claims, Oklahoma state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with continuous coverage, passive restraint, good student, vehicle safety, paperless filing, and anti-theft discounts applied. In this example, the average savings per year on auto insurance for good students is 28% or $1,157.
Here’s why you should compare rates often
Oklahoma City auto insurance rates are determined by lots of factors which can substantially change the cost of coverage. Simply getting older, buying a home, or getting a few speeding tickets can trigger changes in premium that can make some companies cheaper than competitors. Not only may things change on your end, but car insurance companies change their prices multiple times each year in order to maintain liquidity for claims. An unexpected high level of claims may cause additional price hikes, while long-term profits can cause lower-priced Oklahoma City car insurance rates.
As an example, the data below shows rates for the cheapest car insurance in Oklahoma City, OK for a 30-year-old male driver with no prior claims, no tickets, and a high credit rating. If we estimate rates based on his current situation, USAA has the most affordable car insurance rates in Oklahoma City at $1,417 each year. This is $550 less than the average policy premium paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, GEICO, and Farmers round out the rest of the top five cheapest Oklahoma City, OK auto insurance companies.
The example below compares rates after we give the driver in the first chart a chargeable claim, bad credit, and a speeding ticket. Since each auto insurer has a proprietary method for determining rates in each state, comparing quotes may result in a significantly different list of companies as shown below.
State Farm now has the best price in Oklahoma City, OK with Oklahoma Farmers Union, The Hartford, Liberty Mutual, and Travelers completing the list. This illustrates why drivers need to spend some time comparing rates when trying to get the most affordable insurance rates for good students. Car insurance prices are influenced by many different factors and change substantially, so the best company the last time you shopped your coverage around may now be wasting a lot of money.
Tips for finding budget-friendly auto insurance for good students
Below you’ll find some of the recommended money-saving suggestions that can help you get low-cost coverage.
- Maintain a safe distance and avoid accidents
- Vehicles with safetly features generally cost less to insure
- Increase your credit rating
- Bundle home or renters insurance to earn a discount on car insurance
- Remove physical damage coverage on older vehicles
- Compare rates once a year for cheaper prices
That last idea is very necessary, as we noted in the article above. Prices charged by companies change a lot, so drivers shouldn’t hesitate to switch to a new company if a more affordable rate is found. Being loyal to a particular company is commendable, but it’s not a good idea if that devotion results in you overpaying money that could be going to better use. In just a few minutes you could shop around and find cheaper auto insurance for good students in Oklahoma City.
The auto insurance agents in Oklahoma City shown below can most likely help you decide which is the best policy, as some drivers have questions and prefer to have some professional guidance when trying to find lower insurance rates for good students. It’s not always simple to find the best coverage on your own, so getting advice from a licensed Oklahoma insurance agent can give you comfort knowing your policy gives you sufficient protection if you have a claim. To find an Oklahoma City insurance agency near you, click the link at the bottom or click here to compare rates now.
Claire Faulkner-Truong – State Farm Insurance Agent
840 NW 50th St – Oklahoma City, OK 73118 – (405) 787-2626
Dan Ryan Insurance
6300 S Western Ave – Oklahoma City, OK 73139 – (405) 631-6300
Kevin Murphy – State Farm Insurance Agent
1707 S Morgan Rd – Oklahoma City, OK 73128 – (405) 265-2500
One General Agency
817 NE 63rd St – Oklahoma City, OK 73105 – (405) 840-9393