The make and model of vehicle driven is one of the biggest factors when consumers are trying to find economical car insurance for 18 year olds. Vehicles with high performance engines, poor safety ratings, or a high likelihood of having liability claims will cost much more to insure than more modest models. The next table features coverage costs for a selection of the more affordable vehicles to insure.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $3,764 |
| Honda CR-V LX 4WD | $3,771 |
| Ford Escape XLT 4WD | $3,805 |
| Toyota Prius | $4,099 |
| Ford Explorer Eddie Bauer 2WD | $4,215 |
| Ford F-150 STX Regular Cab 4WD | $4,224 |
| Dodge Grand Caravan CV | $4,215 |
| Volkswagen Jetta SE 2.5 Station Wagon | $4,348 |
| Honda Civic DX 4-Dr Sedan | $4,425 |
| Ford Edge SEL 2WD | $4,431 |
| Chevrolet Malibu LS | $4,466 |
| Jeep Grand Cherokee Laredo 4WD | $4,474 |
| Chevrolet Equinox LT AWD | $4,466 |
| Toyota Camry LE | $4,476 |
| Toyota RAV4 Sport 4WD | $4,466 |
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Data based on single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in specific location information which can change rates significantly.
Looking at the data, we can conclude that vehicles like the Honda Accord, Honda CR-V, Ford Escape, and Toyota Prius will be some of the more affordable vehicles to insure for teen drivers. The cost of a car insurance policy will be more expensive because of the fact that there is more claim risk for 18 year olds, but in general those particular vehicles will probably have the least expensive rates possible.
For teen drivers, one of the largest considerations that are looked at to determine insurance cost is where you call home. Areas with a lot of weather claims or more people will most likely have higher rates, whereas areas that tend to be more rural receive better rates.
The table below rates the most expensive places in Oklahoma for 18 year olds in which to purchase auto insurance. Oklahoma City comes in at #9 with a yearly premium of $2,134 for coverage, which is approximately $178 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Bethany | $2,201 |
| 2 | Tulsa | $2,192 |
| 3 | Midwest City | $2,184 |
| 4 | Del City | $2,177 |
| 5 | Bixby | $2,169 |
| 6 | Sand Springs | $2,161 |
| 7 | Moore | $2,153 |
| 8 | Broken Arrow | $2,151 |
| 9 | Oklahoma City | $2,134 |
| 10 | Edmond | $2,126 |
| 11 | Sapulpa | $2,102 |
| 12 | Norman | $2,095 |
| 13 | Claremore | $2,069 |
| 14 | Owasso | $2,064 |
| 15 | Yukon | $2,055 |
| 16 | Shawnee | $2,028 |
| 17 | Muskogee | $1,962 |
| 18 | Ponca City | $1,956 |
| 19 | Duncan | $1,942 |
| 20 | Enid | $1,942 |
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Annual rates are approximated as the vehicle garaging location can decrease or increase rates significantly.
Deciding which companies have the cheapest auto insurance rates for 18 year olds will involve a bit more effort in order to find the most economical policy. Each auto insurance company has a unique formula to determine premium rates, so we need to take a look at the auto insurance companies with the most affordable rates in Oklahoma City.
It’s important to know that Oklahoma City auto insurance rates are influenced by many factors that control the policy price. Simply having a birthday, marrying your spouse, or getting a ticket for running a stop sign can cause premium changes resulting in some rates now being more affordable than the competition.
Cheap Insurance Rates for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,150 |
| 2 | Oklahoma Farmers Union | $1,166 |
| 3 | The Hartford | $1,333 |
| 4 | GEICO | $1,353 |
| 5 | Safe Auto | $1,363 |
| 6 | Farmers | $1,422 |
| 7 | State Farm | $1,583 |
| 8 | Liberty Mutual | $1,852 |
| 9 | Travelers | $1,925 |
| 10 | Mercury | $1,993 |
| 11 | OK Farm Bureau | $2,018 |
| 12 | Home State | $2,128 |
| 13 | Shelter | $2,173 |
| 14 | MetLife | $2,213 |
| 15 | Progressive | $2,245 |
| 16 | Allstate | $2,376 |
| 17 | Safeco | $5,005 |
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USAA generally has some of the most affordable car insurance rates in Oklahoma City at around $1,150 annually. This is $817 less than the average price paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, GEICO, and Safe Auto would also make the list of some of the cheaper Oklahoma City, OK auto insurance companies.
As shown in the rates above, if you are a customer of Oklahoma Farmers Union and switched to USAA, you might see an annual premium reduction of roughly $16. Drivers with The Hartford could save as much as $183 a year, and GEICO customers might see rate reductions of $203 a year.
To compare your rates to other Oklahoma insurance companies, click here to start a quote or visit any of the companies below.
Bear in mind that those policy prices are averages for all drivers and vehicles and are not factoring in an exact location for 18 year olds. So the car insurance company that fits your needs best may not even be in the top 17 companies in the list above. That affirms the importance of why you need to compare as many prices as possible using your own driver and vehicle profiles.
The diagram below illustrates how choosing a deductible can change insurance costs when researching cheap insurance for 18 year olds. The premium estimates are based on a married male driver, full coverage, and no other discounts are factored in.
The data above shows that a 40-year-old driver could lower rates by $434 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $656 by switching to a $1,000 deductible. Even younger insureds, like the age 20 example, could save up to $1,458 each year just by choosing higher deductibles when buying full coverage.
When increasing deductibles, it will now be necessary to have spare funds to allow you to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Liability rates compared to full coverage
Finding the cheapest auto insurance is the goal of the majority of people, and one of the fastest ways to lower the cost of insurance for 18 year olds is to not buy full coverage. The information below illustrates the comparison of insurance costs when comparing full coverage to liability only. The premiums are based on no claims or violations, $250 deductibles, drivers are not married, and no discounts are applied.
If averaged for all ages, full coverage on your policy costs an additional $2,597 per year over and above liability only. That is a large expense which might make you wonder if physical damage coverage is worth the money. There is no clear-cut rule for phasing out physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
There are a few cases where removing full coverage is not in your best interest. If you still have a loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not drop full coverage.
Why you should be shopping around
Oklahoma auto insurance rates are calculated based on many things which can significantly increase or decrease the price of coverage. Simply turning a year older, having a teenage driver, or getting a couple of tickets can produce rate changes that may make certain companies affordable when they were higher priced.
In addition to those changes, insurance companies change their prices as often as every quarter in order to offset underwriting gains or losses. A period of increased losses can result in increased rates, while lower claim expenses may produce lower-cost Oklahoma City car insurance rates.
The graph below shows rates for the cheapest car insurance in Oklahoma City, OK for a 40-year-old female driver with a clean driving record, no accidents, and good credit. If we estimate prices based on her personal profile, Oklahoma Farmers Union quotes the most affordable car insurance rates in Oklahoma City at $1,308 per year. This is $659 less than the average rate paid by Oklahoma drivers of $1,967. USAA, The Hartford, Safe Auto, and GEICO round out the rest of the cheapest Oklahoma City, OK auto insurance companies.
In the next rate comparison, we’ll give the driver from the above example an accident surcharge, bad credit, and a stop sign violation. Because each insurer uses their own calculation for establishing rates, comparing prices could now result in a completely different list of companies as shown below.
State Farm now has the best auto insurance rate in Oklahoma City, OK with USAA, The Hartford, Travelers, and Liberty Mutual now rounding out the top five. This example illustrates why it is critical to do a thorough rate comparison to get the most affordable car insurance rates for 18 year olds.
Auto insurance prices can be altered by many different factors and can increase or decrease at any time, so the lowest-price company the last time you compared rates may now be one of the higher cost companies.