It’s hard to avoid all the catchy advertisements from insurers like Liberty Mutual, State Farm, and Farmers that claim the cheapest rates, so drivers should just pick the company with the best ad, right?
Unfortunately, it’s just not that easy, as there are a whole slew of unknown factors like your marital status, your credit score, and the crime level of your neighborhood. In this article, we will teach you about the things that cause high insurance rates and will hopefully give you a good beginning to your quest for cheaper car insurance.
Deciphering which companies offer the most affordable car insurance rates for unemployed drivers will involve a bit more effort in order to find a policy that fits your budget.
Every insurance provider has a unique formula for filing rates in each state, so let’s examine the most affordable car insurance companies in Oklahoma.
Best Cheap Insurance Rates for Job Seekers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,161 |
| 2 | Oklahoma Farmers Union | $1,166 |
| 3 | The Hartford | $1,319 |
| 4 | GEICO | $1,353 |
| 5 | Farmers | $1,394 |
| 6 | Safe Auto | $1,419 |
| 7 | State Farm | $1,568 |
| 8 | Liberty Mutual | $1,852 |
| 9 | Travelers | $1,906 |
| 10 | OK Farm Bureau | $2,018 |
| 11 | Mercury | $2,053 |
| 12 | Home State | $2,128 |
| 13 | Shelter | $2,129 |
| 14 | MetLife | $2,147 |
| 15 | Progressive | $2,223 |
| 16 | Allstate | $2,400 |
| 17 | Safeco | $5,005 |
| Find Cheaper Rates Go | ||
USAA may have some of the best car insurance rates in Oklahoma City at around $1,161 each year. This is $806 less than the average rate paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, GEICO, and Farmers are also some of the lowest-priced Oklahoma City, OK auto insurance companies.
As shown above, if you are a policyholder with Farmers and switched to Oklahoma Farmers Union, you could earn an annual savings of around $228. Customers with Safe Auto might save as much as $253 a year, and State Farm insureds might lower prices by $402 a year.
If you would like to find cheaper car insurance rates, click here to get a free quote or click through to the companies below.
Bear in mind that those prices are averages for all insureds and vehicles and and are not calculated with an exact zip code location for unemployed drivers. So the car insurance company that can offer you the lowest price may not even be in the top 17 companies in the list above. That illustrates why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
The type of vehicle you are trying to insure is a large consideration that determines if you can find cheap auto insurance for unemployed drivers. Vehicles with lower performance, good safety features, or a low likelihood of having liability claims will cost less to insure than adrenaline junky models. The information below presents auto insurance premiums for some of the cheapest vehicles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $1,061 |
| Ford F-150 FX2 Super Cab 2WD | $1,191 |
| Honda CR-V EX 4WD | $1,233 |
| Nissan Altima 2.5 4-Dr Sedan | $1,259 |
| Ford Explorer Limited 2WD | $1,282 |
| Toyota Prius | $1,293 |
| Ford Edge SE 2WD | $1,319 |
| Honda Odyssey EX-L | $1,326 |
| Toyota Corolla S | $1,333 |
| Hyundai Elantra SE 4-Dr Sedan | $1,326 |
| Chevrolet Malibu LTZ | $1,349 |
| GMC Sierra SLE Extended Cab 4WD | $1,359 |
| Toyota Tacoma 4WD | $1,351 |
| Ford Focus SE 4-Dr Sedan | $1,384 |
| Honda Accord LX-S 2-Dr Coupe | $1,416 |
| Nissan Rogue SL AWD | $1,422 |
| Chevrolet Equinox LS AWD | $1,416 |
| Start a Quote Go | |
Data variables include single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Price information does not factor in vehicle garaging location which can affect auto insurance rates considerably.
Based on these rates, we can infer that cars like the Ford Escape, Ford F-150, Honda CR-V, Nissan Altima, and Ford Explorer are some of the most budget-friendly vehicles to insure for the unemployed.
For the unemployed, one of the big factors that determine car insurance rates is where your residence is. Regions with more people or even just more weather-related claims tend to have higher rates, whereas areas with lower crime rates and fewer weather claims have the benefit of cheaper car insurance.
The illustration below rates the most costly cities in Oklahoma for unemployed drivers to buy an auto insurance policy in. Oklahoma City shows up at #8 with the annual price of $2,113 for the average policy, which is around $176 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Tulsa | $2,259 |
| 2 | Del City | $2,243 |
| 3 | Bixby | $2,235 |
| 4 | Bethany | $2,223 |
| 5 | Broken Arrow | $2,195 |
| 6 | Midwest City | $2,184 |
| 7 | Sand Springs | $2,161 |
| 8 | Oklahoma City | $2,113 |
| 9 | Sapulpa | $2,102 |
| 10 | Norman | $2,095 |
| 11 | Owasso | $2,085 |
| 12 | Moore | $2,069 |
| 13 | Claremore | $2,069 |
| 14 | Yukon | $2,055 |
| 15 | Shawnee | $2,048 |
| 16 | Edmond | $2,042 |
| 17 | Stillwater | $1,989 |
| 18 | Bartlesville | $1,922 |
| 19 | Enid | $1,904 |
| 20 | Ponca City | $1,898 |
| 21 | Altus | $1,894 |
| 22 | Muskogee | $1,886 |
| 23 | Lawton | $1,884 |
| 24 | Ardmore | $1,879 |
| 25 | Duncan | $1,866 |
| Compare Prices Now Go | ||
Information shown are approximated as the garaging address in Oklahoma City can lower or raise premiums considerably.
Full coverage rates compared to liability-only
Buying cheaper car insurance is the goal of most people, and one of the best ways to find cheap insurance for unemployed drivers is to only buy liability insurance. The diagram below compares auto insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no violations or accidents, $250 deductibles, marital status is single, and no discounts are applied.
On average, physical damage coverage on your policy costs $3,141 per year more than just buying liability insurance. At some point, every insured wonders if full coverage is worth the money. There isn’t a steadfast formula to stop paying for full coverage, but there is a general school of thought. If the yearly cost of full coverage is more than about 10% of replacement cost minus your deductible, then it might be time to buy liability only.
For example, let’s pretend your vehicle’s replacement cost is $7,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $6,500 after paying the physical damage deductible. If premiums are more than $650 a year for full coverage, the it may be a good time to stop paying for full coverage.
There are some situations where only buying liability is not recommended. If you still have a lienholder on your title, you have to carry full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should not buy liability only.
Drive safe and save
A great way to get the most affordable car insurance prices in Oklahoma City for the unemployed is to drive safe and not have accidents or get tickets. The illustration below illustrates how traffic citations and accidents can influence auto insurance rates for different age categories. The information is based on a single female driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of a car insurance policy per year with no accidents and a clean driving record is $2,676. Add in one speeding ticket and the average cost jumps to $3,037, an increase of $361 each year. Then add two accidents along with the one speeding ticket and the 12-month cost of car insurance for unemployed drivers increases to an average of $6,299. That’s an increase of $3,623, or $302 per month, just for being a careless driver!
Why you are probably overpaying for car insurance
Oklahoma City, OK car insurance rates are based on many factors which can substantially change the price you have to pay for coverage. Improving your credit rating, adding a teenager to your policy, or having an at-fault accident can trigger changes in premium that can now make some companies more affordable than competitors.
In addition to those changes, insurance companies amend pricing at least once a year to ensure their profitability. Significantly higher claims can result in additional price hikes, while profitable underwriting can result in more affordable Oklahoma City car insurance rates.
To help illustrate this point, the graph below shows rates for the cheapest car insurance in Oklahoma City, OK for a 30-year-old female driver with a good driving record, no prior claims, and excellent credit. If we estimate rates based on her current risk factors, USAA may have the cheapest car insurance rates in Oklahoma City at $1,335 annually. This is $632 less than the average policy premium paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, Safe Auto, and Farmers are the remainder of the top five cheapest Oklahoma City, OK auto insurance companies.
In the next rate comparison, we’ll give the driver from the first rate comparison a claim, a lower credit rating, and a traffic ticket or two. Because every insurance company has a unique formula to set policy rates, comparing quotes may now present a different set of cheap Oklahoma City auto insurance companies as shown below.
State Farm now has the best price in Oklahoma City, OK with Oklahoma Farmers Union, Safe Auto, Travelers, and Liberty Mutual completing the list. This shows why it is critical to compare lots of rates to find the lowest auto insurance rates for unemployed drivers. Rates are influenced by many things and can decrease or increase without notice, so the cheapest option the last time you checked may now not even be in the top five.
How to find economical insurance for unemployed drivers
The list below shows many money-saving suggestions that can help drivers get cheaper car insurance.
- Higher credit scores may earn you cheaper rates
- Buy safe vehicles
- Being accident-free can lower rates significantly
- Too many claims can make car insurance unaffordable
- Do not get traffic citations
- Shop around for cheaper prices
The final tip is extremely significant, as we stressed in the prior information. Prices charged by companies can change considerably in a year, so don’t hesitate to change to a new company if a cheaper price is available.
Staying with the same car insurance company is fine, but it isn’t a good idea if that devotion results in you overpaying thousands of dollars over several years. Take a couple minutes and compare prices and find cheaper auto insurance for unemployed drivers in Oklahoma City.