Compare Hyundai Elantra Insurance Rates in Oklahoma City

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Insurance rates Hyundai Elantra in Oklahoma CityThe most effective way to get affordable Hyundai Elantra insurance is to make a habit of comparing prices annually from insurers who can sell car insurance in Oklahoma City. This can be done by following these guidelines.

  • First, gain an understanding of how insurance companies determine prices and the measures you can control to keep rates down. Many risk factors that cause high rates such as multiple speeding tickets and a poor credit score can be remedied by being financially responsible and driving safely. Read the full article for ideas to prevent expensive rate increases and find additional discounts you may qualify for.
  • Second, compare price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only provide price estimates from one company like Progressive or Allstate, while independent agencies can provide prices from multiple companies.
  • Third, compare the new quotes to your existing coverage to see if cheaper Elantra coverage is available in Oklahoma City. If you can save money and decide to switch, make sure there is no coverage gap between policies.
  • Fourth, provide notification to your current agent or company of your intention to cancel your existing policy and submit the required down payment along with the signed application to the newly selected company. Immediately keep the new proof of insurance certificate in your vehicle.

A crucial key to this process is to use identical limits and deductibles on every price quote and to quote with as many auto insurance providers as possible. Doing this ensures a fair rate comparison and a complete selection of prices.

It's an obvious assumption that auto insurance companies want to keep your business as long as possible. Drivers who compare rates once a year will presumably switch to a new company because there is a good chance of finding lower prices. A recent auto insurance study discovered that drivers who make a habit of shopping around saved on average $3,500 over four years as compared to drivers who never shopped around for better prices.

If finding the most affordable Hyundai Elantra insurance in Oklahoma City is your objective, then learning about how to shop for cheaper coverage can save time and make the process easier.

If you have coverage now or are looking for a new policy, take advantage of these tips to find the best rates and possibly find even better coverage. Choosing the most cost-effective insurance policy in Oklahoma City is quite easy. Drivers just need to understand the fastest way to get comparison rates from many companies at once.

The following companies can provide free rate quotes in Oklahoma. If multiple companies are shown, we recommend you visit two to three different companies in order to find the cheapest rates.

Detailed insurance information

The premium information displayed below showcases detailed analysis of insurance coverage prices for Hyundai Elantra models. Learning more about how insurance policy rates are formulated is important for drivers to make decisions when shopping your coverage around.

Hyundai Elantra Insurance Rates in Oklahoma City, OK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $262 $486 $366 $22 $110 $1,246 $104
Elantra Blue 4-Dr Sedan $262 $698 $430 $26 $128 $1,544 $129
Elantra GLS 4-Dr Sedan $302 $698 $430 $26 $128 $1,584 $132
Elantra SE 4-Dr Sedan $302 $698 $430 $26 $128 $1,584 $132
Elantra SE Touring Station Wagon $302 $592 $366 $22 $110 $1,392 $116
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Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Rate information does not factor in zip code location which can lower or raise premium rates significantly.

Choosing deductibles

A question often asked by Oklahoma City drivers is how high or low should comp and collision deductibles be. The comparison tables below sum up the premium difference when you choose different deductibles. The first data set uses a $100 deductible for physical damage and the second price grid uses a $1,000 deductible.

Hyundai Elantra insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $336 $572 $382 $22 $114 $1,451 $121
Elantra Blue 4-Dr Sedan $336 $822 $448 $26 $134 $1,791 $149
Elantra GLS 4-Dr Sedan $386 $822 $448 $26 $134 $1,841 $153
Elantra SE 4-Dr Sedan $386 $822 $448 $26 $134 $1,841 $153
Elantra SE Touring Station Wagon $386 $698 $382 $22 $114 $1,627 $136
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Hyundai Elantra insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $186 $302 $382 $22 $114 $1,006 $84
Elantra Blue 4-Dr Sedan $186 $432 $448 $26 $134 $1,226 $102
Elantra GLS 4-Dr Sedan $214 $432 $448 $26 $134 $1,254 $105
Elantra SE 4-Dr Sedan $214 $432 $448 $26 $134 $1,254 $105
Elantra SE Touring Station Wagon $214 $368 $382 $22 $114 $1,100 $92
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Oklahoma minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Information does not factor in garaging location in Oklahoma City which can lower or raise coverage prices noticeably.

Based on these figures, using a $100 deductible would cost the average driver about $44 more each month or $528 annually than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you have at a minimum 20 months between claim filings, you would probably be better off if you elect the higher deductible.

Insurance rate increases from tickets or accidents

The chart below highlights how speeding tickets and accident claims increase Hyundai Elantra premium costs for different ages of insureds. The information is based on a married male driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.

Hyundai Elantra insurance premiums by gender and age

The chart below illustrates the comparison of Hyundai Elantra insurance costs for male and female drivers. The prices are based on a clean driving record, no claims, comp and collision included, $100 deductibles, single status, and no additional discounts are factored in.

Full coverage or liability only

The diagram below illustrates the difference between Hyundai Elantra insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no tickets, no at-fault accidents, $100 deductibles, drivers are not married, and no additional discounts are factored in.

When to drop comp and collision

There is no definitive formula of when to drop comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.

For example, let's assume your Hyundai Elantra replacement value is $4,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $3,000 after you pay the deductible. If you are paying over $300 annually for physical damage coverage, then it might be time to consider dropping full coverage.

There are some cases where dropping physical damage coverage is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage in place.

Why You Might Pay Inflated Rates in Oklahoma City

The best way to find cheaper car insurance is to take a look at a few of the rating criteria that help determine the level of your policy premiums. When you understand what determines base rates, this helps enable you to make changes that could help you find much lower annual insurance costs.

The factors shown below are a partial list of the pieces companies use to determine premiums.

Low stress job equals lower rates - Do you have a high-stress occupation? Occupations such as lawyers, business owners, and emergency personnel tend to have higher average rates because of job stress and lots of time spent at work. On the flip side, jobs such as professors, engineers and performers pay lower than average rates.

Vehicle risk influences prices - The performance of the vehicle you are insuring makes a significant difference in your car insurance bill. The cheapest insurance rates are usually for smaller low performance passenger vehicles, but the final cost of insurance is determined by many other factors.

The data below is based on a married male driver age 20, full coverage with $100 deductibles, and no discounts or violations. It shows Hyundai Elantra insurance rates compared to other makes and models that have a range of performance risks.

Reserve claims for larger damages - If you frequently file small claims, you can definitely plan on higher rates. Companies in Oklahoma generally give cheaper rates to insureds who do not rely on their insurance for small claims. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.

Cut premiums and deter theft - Buying a car that has an advanced theft prevention system can get you a discount on your car insurance. Advanced theft deterrents like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all hinder auto theft.

Insurance loss statistics a Hyundai Elantra - Car insurance companies take into consideration historical loss data for every vehicle when setting premium rates. Vehicles that statistically have higher losses will have increased rates.

The next table illustrates the compiled insurance loss statistics for Hyundai Elantra vehicles. For each policy coverage, the claim probability for all vehicles combined as an average is a value of 100. Values that are 100 or less suggest losses that are better than average, while values over 100 indicate more frequent losses or statistically larger losses.

Car Insurance Loss Data for Hyundai Elantra Models
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Hyundai Elantra 102 102 90 133 137 117
Hyundai Elantra GT 95 91 95 112 114 107
BETTER
AVERAGE
WORSE

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Auto insurance in Oklahoma serves several purposes

Despite the high cost, paying for auto insurance is mandatory in Oklahoma but it also protects more than you think.

First, almost all states have mandatory liability insurance requirements which means you are required to buy specific limits of liability coverage in order to get the vehicle licensed. In Oklahoma these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if your car has a loan, most lenders will have a requirement that you buy full coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the bank may insure your Hyundai for a much higher rate and force you to pay the higher price.

Third, auto insurance protects both your car and your assets. It will also reimburse you for hospital and medical expenses for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance will also pay for a defense attorney if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, your auto insurance policy will pay to restore your vehicle to like-new condition.

The benefits of carrying enough insurance are without a doubt worth the cost, especially when you need to use it. On average, a vehicle owner in Oklahoma City overpays as much as $865 each year so we recommend shopping around at least once a year to help ensure money is not being wasted.