It’s impossible to miss the catchy advertisements from insurers like The General, Farmers, and Allstate claiming the cheapest rates. So you should just choose any of them, right?
That is not the case, however, as there are a whole slew of unknowns like your financial responsibility, your marital status, and what level of deductibles you wish to have, that all impact the cost of your policy. The information below will cover the types of things that cause high car insurance rates and will give you a good beginning to your quest for cheaper car insurance.
The vehicle model that is being insured is one of the largest factors when looking for the most affordable car insurance for high risk drivers. Vehicles with lower performance, a plethora of safety features, or a low likelihood of having liability claims will cost much less to insure than adrenaline junky models.
The data below estimates coverage premiums for a number of the most affordable vehicles to insure.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $3,688 |
| Honda CR-V EX-L 2WD | $3,911 |
| Toyota Prius | $3,971 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $4,127 |
| Volkswagen Jetta SE 2.5 Station Wagon | $4,369 |
| Ford F-150 Lariat Crew Cab 2WD | $4,410 |
| Honda Odyssey LX | $4,419 |
| Ford Edge Limited 2WD | $4,529 |
| Dodge Ram Quad Cab ST 2WD | $4,557 |
| Toyota Corolla S | $4,564 |
| Chevrolet Malibu LS | $4,575 |
| Chevrolet Silverado LS Crew Cab 4WD | $4,605 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $4,619 |
| Ford Explorer Eddie Bauer AWD | $4,628 |
| Dodge Grand Caravan Crew | $4,619 |
| Chevrolet Impala LT | $4,686 |
| Toyota RAV4 Sport 2WD | $4,694 |
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Cost estimates assume single female driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Premium costs do not factor in the specific area where the vehicle is garaged which can lower or raise premium rates significantly.
Based upon the table data, models like the Ford Escape, Honda CR-V, and Toyota Prius are most likely going to be a few of the most economical vehicles to insure for high risk drivers. The cost of a car insurance policy will tend to be higher just because there is more claim risk for high risk drivers, but in general those particular models will most likely have the cheapest rates compared to other vehicles.
For high risk drivers, one of the largest considerations that aid in calculating auto insurance rates is where your car is garaged. Areas with a lot of weather claims or more people are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The next table ranks the highest-priced areas in Oklahoma for high risk drivers in which to buy car insurance. Oklahoma City shows up at #11 with an annual cost of $2,113 on average, which is around $176 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Tulsa | $2,282 |
| 2 | Bethany | $2,223 |
| 3 | Bixby | $2,213 |
| 4 | Sand Springs | $2,205 |
| 5 | Del City | $2,177 |
| 6 | Sapulpa | $2,165 |
| 7 | Moore | $2,153 |
| 8 | Midwest City | $2,140 |
| 9 | Broken Arrow | $2,130 |
| 10 | Edmond | $2,126 |
| 11 | Oklahoma City | $2,113 |
| 12 | Owasso | $2,085 |
| 13 | Yukon | $2,055 |
| 14 | Norman | $2,013 |
| 15 | Shawnee | $1,988 |
| 16 | Claremore | $1,987 |
| 17 | Bartlesville | $1,981 |
| 18 | Ponca City | $1,976 |
| 19 | Muskogee | $1,962 |
| 20 | Enid | $1,961 |
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Rate quotes are estimated as the garaging address in Oklahoma City can modify rates greatly.
Determining which insurers offer the cheapest insurance rates for high risk drivers will require a little more work in order to find the lowest price quote. Each auto insurer has a proprietary method to set premium rates, so let’s look at the rankings for the insurance companies with the overall cheapest rates in Oklahoma.
Keep in mind that Oklahoma insurance rates are calculated based on many things which can substantially change the policy premium. Getting older, filing a claim, or getting a reckless driving citation may prompt premium changes that can make some companies cheaper than before.
Best Auto Insurance Prices for Risky Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,161 |
| 2 | Oklahoma Farmers Union | $1,202 |
| 3 | The Hartford | $1,333 |
| 4 | GEICO | $1,340 |
| 5 | Safe Auto | $1,405 |
| 6 | Farmers | $1,422 |
| 7 | State Farm | $1,521 |
| 8 | Liberty Mutual | $1,852 |
| 9 | Travelers | $1,925 |
| 10 | Mercury | $1,973 |
| 11 | OK Farm Bureau | $1,997 |
| 12 | Shelter | $2,129 |
| 13 | MetLife | $2,147 |
| 14 | Home State | $2,149 |
| 15 | Progressive | $2,157 |
| 16 | Allstate | $2,472 |
| 17 | Safeco | $5,005 |
| Quote Your Rates Go | ||
USAA offers some of the most affordable car insurance rates in Oklahoma City at around $1,161 a year. This is $806 less than the average premium 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 lowest-priced Oklahoma City, OK auto insurance companies.
As illustrated above, if you have coverage with GEICO and switched to Oklahoma Farmers Union, you may see savings of roughly $138. Insureds with Safe Auto could save as much as $203 a year, and Farmers insureds might lower prices by $220 a year.
To find out how much you can save, click here or quote prices from the following companies.
It’s important to note that these policy rates are averages across all ages of drivers and types of vehicles and and are not calculated with a vehicle location for high risk drivers. So the insurer that has the lowest price for you may not even be in the top 17 companies shown above. That affirms the importance of why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
Does full coverage make sense?
Reducing the cost of insurance is probably important to the majority of people, and one way to lower the cost of insurance for high risk drivers is to only buy liability insurance. The diagram below illustrates the comparison of car insurance costs with full physical damage coverage compared to only buying liability only. The prices are based on no tickets, no at-fault accidents, $250 deductibles, single marital status, and no discounts are applied to the premium.
Averaged for all age groups, comprehensive and collision coverage on your policy costs an extra $2,349 per year more than insuring for liability only. Many of you may wonder when is the right time to remove full coverage. There is no written rule for eliminating physical damage coverage, but there is a broad guideline. If the annual cost of having full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
There are some situations where dropping physical damage coverage is not advised. If you still have a lienholder on your title, you have to carry full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
Accidents and violations increase rates
The ideal way to obtain the most affordable insurance prices in Oklahoma City for high risk drivers is to be a safe driver and avoid accidents and keep your driving record clean. The diagram below demonstrates how citations and fender-benders can raise insurance premiums for different ages of insureds. The data assumes a married male driver, full physical damage coverage, $250 deductibles, and no policy discounts are applied.
The data in the chart shows the average cost of car insurance per year with no violations or accidents is $2,220. Get two speeding tickets and the average cost rises to $3,072, an increase of $852 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of insurance for high risk drivers jumps again to an average of $6,075. That’s an increase of $3,855, or $321 per month, just for being a less-than-perfect driver!
Shop around and save
Oklahoma City insurance rates are based on many factors which can significantly increase or decrease the price you have to pay for coverage. Simply turning a year older, getting married, or getting a few speeding tickets can cause premium changes that can now make some companies cheaper than before.
Not only may your risk profile change, but auto insurance companies amend pricing without warning in order to maintain liquidity for claims. Significantly higher claims can cause price increases, while a profitable period can produce cheaper Oklahoma City car insurance rates.
The bar chart below shows the companies that have the cheapest car insurance in Oklahoma City, OK for a 30-year-old female driver with no violations or accidents, and good financial standing. If we compare prices based on her current risk profile, Oklahoma Farmers Union may offer the most affordable car insurance rates in Oklahoma City at $1,327 a year. This is $640 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 top five cheapest Oklahoma City, OK auto insurance companies.
In the next rate comparison, we’ll give the driver from above a claim, bad credit, and a traffic ticket or two. Because each company has a unique approach for determining prices, getting updated rate quotes may now result in a substantially altered list of the cheapest companies as shown below.
State Farm now has the cheapest auto insurance in Oklahoma City with USAA, Liberty Mutual, Farmers, and Travelers also having competitive pricing. This example shows why Oklahoma City drivers need to compare lots of rates to get the cheapest insurance quotes for high risk drivers. Insurance prices are made up of many different factors and can increase or decrease at any time, so the cheapest option a year ago may now be quite expensive.