Are you tired of overpaying and want more affordable Chevy Traverse insurance in Oklahoma City? There isn’t a single person who looks forward to buying car insurance, especially when they know they could find lower prices if they just compared rates.
Anyone knows that car insurance companies don’t want you to look for a cheaper policy. Insureds who shop around at least once a year will probably switch to a new company because they stand a good chance of finding a policy with better rates. A recent study showed that people who faithfully checked for cheaper rates saved about $70 a month as compared to drivers who never shopped around.
If finding low prices for auto insurance is why you’re reading this, then having some knowledge of how to find and compare coverages can make it easier to find better rates. Numerous auto insurance companies battle for your insurance dollar, and because of this it can be hard to compare insurance companies and uncover the absolute lowest rate possible on Chevy Traverse insurance in Oklahoma City.
It’s a good idea to check car insurance prices at least once a year because prices change frequently. Despite the fact that you may have had the best rates on Chevy Traverse insurance in Oklahoma City two years ago you can probably find a better premium rate now. There are a lot of ways to save on Traverse insurance online but I’m going to show you some of the best techniques to lower your car insurance bill.
Components of Your Chevy Traverse Insurance Rates
Part of the auto insurance buying process is learning some of the elements that go into determining the rates you pay for auto insurance. When you understand what determines base rates, this allows you to make educated decisions that could help you find cheaper rates. Many different elements are used in the calculation when premium rates are determined. Some are pretty understandable like an MVR report, but other criteria are more transparent such as your marital status or how safe your car is.
Careless drivers pay higher premiums – Being a careful driver impacts premiums far more than you think. Drivers who don’t get tickets have lower premiums compared to drivers with tickets. Having just one speeding ticket can boost insurance rates to the point where it’s not affordable. Drivers who get multiple citations like DUI or reckless driving might be required by their state to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to continue driving.
The diagram below shows how traffic citations and at-fault claims drive up Chevy Traverse auto insurance costs for different age groups of insureds. The data is based on a married female driver, full coverage, $500 deductibles, and no discounts are taken into consideration.
City dwellers may pay more – Choosing to live in small towns and rural areas has definite advantages when talking about auto insurance. Drivers in populated areas have to deal with more road rage incidents and higher rates of accident claims. Lower population means reduced accidents in addition to lower liability claims.
Men pay higher rates – Statistics have proven women are more cautious behind the wheel. However, this does not mean males are worse at driving than females. Both sexes are in fender benders in similar percentages, but the male of the species tend to have higher claims. Not only are claims higher, but men receive more costly citations like reckless driving and DUI. Males from age 16 to 21 generally have the highest accident percentage and therefore have the most expensive auto insurance rates.
The diagram below shows the comparison of Chevy Traverse premium costs for male and female drivers. The rate quotes are based on no claims or driving violations, full physical damage coverage, $250 deductibles, single marital status, and no additional discounts are factored in.
High performance equals high prices – The make and model of the car you are insuring makes a huge difference in your rates. The most favorable rates tend to be for small economy passenger models, but the final cost of insurance is determined by many other factors.
The data below is based on a married male driver age 50, full coverage with $1000 deductibles, and no discounts or violations. It illustrates Chevrolet Traverse insurance premiums compared to other models of vehicles that have a range of performances.
Married drivers pay lower rates – Having a significant other may save some money on auto insurance. It usually means you are less irresponsible and it’s proven that married drivers tend to have fewer serious accidents.
Loss statistics for a Chevy Traverse – Auto insurance companies use past insurance losses to help calculate a profitable premium price. Vehicles that statistically have high amounts or severity of claims will have higher rates.
The table below shows the historical insurance loss data for Chevy Traverse vehicles. For each policy coverage, the claim probability for all vehicles, regardless of make or model, is considered to be 100. Percentage values below 100 indicate a favorable loss history, while values over 100 indicate more frequent claims or statistically larger claims.
| Specific Chevrolet Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Chevrolet Traverse 4dr 2WD | 75 | 101 | 72 | 93 | 90 | 90 |
| Chevrolet Traverse 4dr 4WD | 72 | 91 | 82 | 78 | 76 | 78 |
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Chevy Traverse insurance rates and statistics
The coverage information shown below outlines detailed analysis of insurance costs for Chevy Traverse models. Having a good grasp of how insurance premiums are formulated can be of help when making decisions when shopping your coverage around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Traverse LS 2WD | $386 | $572 | $382 | $22 | $114 | $1,476 | $123 |
| Traverse LS AWD | $436 | $572 | $382 | $22 | $114 | $1,526 | $127 |
| Traverse LT 2WD | $436 | $572 | $382 | $22 | $114 | $1,526 | $127 |
| Traverse LT AWD | $436 | $698 | $382 | $22 | $114 | $1,652 | $138 |
| Traverse LTZ 2WD | $436 | $698 | $382 | $22 | $114 | $1,652 | $138 |
| Traverse LTZ AWD | $436 | $698 | $382 | $22 | $114 | $1,652 | $138 |
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Data based on married male driver age 30, 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. Price estimates do not factor in your specific Oklahoma City location which can increase or decrease insurance rates considerably.
The illustration below shows how choosing a deductible and can change Chevy Traverse insurance prices for each age group. The data assumes a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
Price comparison of only insuring for liability
The information below visualizes the comparison of Chevy Traverse insurance premiums with full physical damage coverage compared to only buying the minimum liability limits required in Oklahoma. The premiums assume a clean driving record, no claims, $100 deductibles, marital status is single, and no discounts are factored in.
When to stop buying full coverage
There is no exact formula to drop comp and collision coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s pretend your Chevy Traverse replacement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,000 after paying your policy deductible. If it’s costing in excess of $600 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some situations where only buying liability is not advised. If you haven’t satisfied your loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
Save money on Chevy Traverse insurance in Oklahoma City with these insurance discounts
Insurance can cost an arm and a leg, but you can get discounts that you may not know about. A few discounts will be applied when you complete an application, but some need to be manually applied before they will apply.
- Early Signing – A few insurance companies allow discounts for renewing your policy early. It could save around 10% when you buy Oklahoma City auto insurance online.
- Discount for Good Grades – A discount for being a good student may save you up to 25%. The discount lasts well after school through age 25.
- Paperwork-free – Some of the larger companies will discount your bill up to fifty bucks for signing up online.
- College Student Discount – Kids who are enrolled in a college that is more than 100 miles from Oklahoma City without a vehicle on campus may qualify for this discount.
- Buy New and Save – Adding a new car to your policy can cost up to 25% less since newer models are generally safer.
- Telematics Data – Policyholders that allow their company to look at vehicle usage by using a telematics device in their vehicle such as Progressive’s Snapshot and State Farm’s In-Drive might see lower rates as long as the data is positive.
- Responsible Driver Discounts – Drivers who don’t get into accidents can get discounts for up to 45% lower rates than less cautious drivers.
- Pay Upfront and Save – By paying your entire bill at once rather than spreading payments over time you can avoid monthly service charges.
It’s important to understand that most discounts do not apply to all coverage premiums. Some only reduce the price of certain insurance coverages like medical payments or collision. Even though the math looks like you could get a free insurance policy, it just doesn’t work that way. But any discount will help lower the amount you pay for coverage.
The example below visualizes the comparison of Chevy Traverse insurance costs with and without discounts applied to the premium. The rates are based on a male driver, no accidents or driving violations, Oklahoma state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, claim-free, marriage, multi-car, and safe-driver discounts applied.
Companies and some of their more popular discounts are included below.
- Travelers may have discounts that include driver training, IntelliDrive, new car, save driver, early quote, and payment discounts.
- 21st Century may offer discounts for homeowners, driver training, teen driver, air bags, and defensive driver.
- State Farm discounts include multiple policy, passive restraint, Drive Safe & Save, good driver, safe vehicle, and accident-free.
- GEICO includes discounts for membership and employees, emergency military deployment, good student, multi-vehicle, multi-policy, driver training, and anti-lock brakes.
- SAFECO offers discounts for teen safe driver, safe driver, homeowner, anti-lock brakes, bundle discounts, and anti-theft.
- AAA offers discounts including education and occupation, good student, pay-in-full, good driver, and multi-policy.
If you need lower rates, check with every insurance company to give you their best rates. Depending on the company, some discounts might not apply in your area. If you would like to see a list of insurance companies with significant discounts in Oklahoma City, follow this link.
A little work can save a LOT of money
We just showed you some good ideas how you can lower your Chevy Traverse insurance rates in Oklahoma City. The most important thing to understand is the more providers you compare, the higher the chance of saving money. You may even be surprised to find that the lowest priced insurance comes from the least-expected company. Some small companies may cover specific market segments cheaper compared to the large companies like Allstate or State Farm.
As you shop your coverage around, don’t be tempted to reduce needed coverages to save money. There have been many situations where an insured dropped comprehensive coverage or liability limits and learned later that they should have had better coverage. The proper strategy is to buy enough coverage at an affordable rate, but do not skimp to save money.
Some insurance companies don’t offer the ability to get a quote online and these small, regional companies only sell coverage through local independent agents. Lower-priced Chevy Traverse insurance in Oklahoma City can be bought on the web as well as from independent agents in Oklahoma City, and you need to comparison shop both in order to have the best price selection to choose from.
How to buy low-cost Chevy Traverse insurance in Oklahoma City
Truthfully, the best way to get more affordable Chevy Traverse insurance in Oklahoma City is to make a habit of regularly comparing prices from companies who provide auto insurance in Oklahoma.
- Spend some time learning about how insurance works and the things you can control to drop your rates. Many things that cause high rates like distracted driving and poor credit rating can be rectified by making minor changes in your lifestyle.
- Compare prices from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can provide rates from a single company like GEICO or Allstate, while independent agencies can quote prices from many different companies.
- Compare the new rate quotes to the price on your current policy and determine if cheaper Traverse coverage is available. If you can save some money and change companies, ensure there is no coverage lapse between policies.
A key point to remember is to make sure you enter identical limits and deductibles on every quote request and and to get price quotes from as many car insurance companies as possible. This ensures a level playing field and a thorough price selection.
Much more information about insurance in Oklahoma is located on the following sites:
- Credit and Insurance Scores (Insurance Information Institute)
- Who Has Cheap Oklahoma City Auto Insurance for Government Employees? (FAQ)
- Who Has Cheap Oklahoma City Auto Insurance for Drivers with a DUI? (FAQ)
- How Much are Auto Insurance Rates for Safe Drivers in Oklahoma City? (FAQ)
- How Much is Auto Insurance for Electric Cars in Oklahoma City? (FAQ)
- How Much are Oklahoma City Car Insurance Quotes for a Toyota RAV4? (FAQ)
- How Much is Car Insurance for a Ford Explorer in Oklahoma City? (FAQ)
- Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
- Understanding your Policy (NAIC.org)
- Comprehensive Coverage (Liberty Mutual)