One of the many factors that are looked at to help calculate the cost of insurance is where you normally keep your vehicle in Oklahoma City. Cities with more crime and/or more people will most likely have higher rates, whereas areas that tend to be more rural tend to receive cheaper rates.
The illustration below shows the most expensive cities in Oklahoma for drivers over age 70 to buy auto insurance in. Oklahoma City shows up at #11 costing $2,113 for the average policy, which is around $176 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Tulsa | $2,282 |
| 2 | Sand Springs | $2,227 |
| 3 | Del City | $2,221 |
| 4 | Broken Arrow | $2,216 |
| 5 | Bethany | $2,201 |
| 6 | Midwest City | $2,184 |
| 7 | Bixby | $2,169 |
| 8 | Moore | $2,153 |
| 9 | Owasso | $2,127 |
| 10 | Edmond | $2,126 |
| 11 | Oklahoma City | $2,113 |
| 12 | Sapulpa | $2,081 |
| 13 | Yukon | $2,055 |
| 14 | Claremore | $2,048 |
| 15 | Shawnee | $2,028 |
| 16 | Norman | $2,013 |
| 17 | Bartlesville | $2,000 |
| 18 | Ponca City | $1,956 |
| 19 | Enid | $1,942 |
| 20 | Ardmore | $1,936 |
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Price information shown is comparative as the specific garaging location can revise premium rates substantially.
Comparing quotes for budget insurance is tough enough, and figuring out which companies have the cheapest auto insurance rates for drivers over age 70 involves even more work.
Each company has a different formula for establishing rates, so first we will examine the most budget-friendly auto insurance companies in Oklahoma.
Best Car Insurance Prices for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Oklahoma Farmers Union | $1,154 |
| 2 | USAA | $1,185 |
| 3 | The Hartford | $1,319 |
| 4 | GEICO | $1,381 |
| 5 | Safe Auto | $1,419 |
| 6 | Farmers | $1,436 |
| 7 | State Farm | $1,583 |
| 8 | Travelers | $1,849 |
| 9 | Liberty Mutual | $1,871 |
| 10 | Mercury | $1,993 |
| 11 | OK Farm Bureau | $2,079 |
| 12 | Shelter | $2,129 |
| 13 | Progressive | $2,157 |
| 14 | MetLife | $2,169 |
| 15 | Home State | $2,193 |
| 16 | Allstate | $2,448 |
| 17 | Safeco | $5,158 |
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Oklahoma Farmers Union may have some of the lowest car insurance rates in Oklahoma City at around $1,154 annually. USAA, The Hartford, GEICO, and Safe Auto would also make the list of some of the cheaper Oklahoma City, OK car insurance companies.
In this example, if you currently have coverage with GEICO and switched to USAA, you could see a yearly savings of roughly $196. Customers with Safe Auto may save as much as $234 a year, and Farmers customers might reduce rates by $251 a year.
Be aware that those rates are averaged across all types of insureds and vehicles and do not factor in an exact vehicle garaging location for drivers over age 70. So the car insurance company that is most affordable for your situation may not even be in the list above. That helps illustrate why you need to quote rates from many companies using your own specific driver information and vehicle.
Auto insurance companies ranked
Selecting the best insurance company can be challenging considering how many choices there are in Oklahoma. The ranking data in the lists below can help you choose which providers you want to consider shopping prices with. These ratings are for large nationwide companies, so companies without a large exposure are not factored into the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
Cost comparison with and without full coverage
Reducing the cost of auto insurance is important to most drivers, and an effective way to find cheaper insurance for drivers over age 70 is to only pay for liability coverage. The information below shows the comparison of yearly insurance costs with full coverage compared to only the Oklahoma minimum liability coverage. The data assumes no violations or accidents, $500 deductibles, single status, and no policy discounts are applied.
As an overall average, comprehensive and collision coverage on your policy costs an additional $2,815 per year more than carrying just liability coverage. That amount may make you wonder if it’s worth it to buy full coverage. There is no clear-cut rule for phasing out comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s assume your vehicle’s claim settlement value is $8,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $7,500 after the policy deductible has been paid. If you are currently paying more than $750 a year for full coverage, then it could be time to drop full coverage.
There are a few cases where only buying liability is not recommended. If you haven’t satisfied your loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
The information below shows how choosing a deductible can change insurance costs when trying to find cheap insurance for drivers over age 70. The premiums assume a single male driver, full coverage, and no policy discounts are applied.
A 50-year-old driver could save $514 a year by changing from a $100 deductible to a $500 deductible, or save $776 by selecting a $1,000 deductible. Even younger drivers, like the age 20 example, could potentially save up to $1,702 every year by choosing a higher deductible. When using a larger deductible, it is necessary to have plenty of savings on hand to be able to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.