Wouldn’t life be great if we could wave our magic wand and tell you the exact company that has the cheapest rates for inexperienced drivers? That is not the case, however, as there are many unknown factors like the performance level of your vehicle, when you were born, and if you own or rent your home. We are going to cover the best ways to find cheap car insurance and will hopefully give the reader a jump start in finding the best auto insurance in Oklahoma.
Establishing which companies quote the cheapest car insurance rates for inexperienced drivers will require a little more effort in order to find the most economical policy. Each insurance company uses their own method for determining rates in each state, so we will examine the car insurance companies with the most affordable rates in Tulsa, OK.
Find Cheaper Auto Insurance for Newbies
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,190|
|10||OK Farm Bureau||$2,018|
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USAA normally has some of the lowest car insurance rates in Tulsa at around $1,150 per year. Oklahoma Farmers Union, GEICO, The Hartford, and Safe Auto are also some of the cheapest Tulsa, OK insurance companies.
In the above example, if you buy coverage from The Hartford and switched to Oklahoma Farmers Union, you may realize an annual premium reduction of approximately $183. Customers with Safe Auto could save as much as $215 a year, and Farmers insureds might see rate reductions of $246 a year.
Be aware that those estimates are averages across all types of insureds and vehicles and and are not figured with a specific location for inexperienced drivers. So the auto insurance company that has the lowest price for you may not even be in the list above. That illustrates why you need to compare prices as often as possible using your own specific driver and vehicle information.
The type of vehicle you are trying to insure is one of the primary factors that determines the availability of economical auto insurance for inexperienced drivers. Vehicles with limited top-end speed, a plethora of safety features, or a positive history of liability claims will cost quite a bit less to insure than higher performance models. The data below outlines coverage rates for a handful of the most budget-friendly vehicles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$1,132|
|Ford Escape Limited 4WD||$1,228|
|Honda CR-V LX 4WD||$1,278|
|Chevrolet Impala LT||$1,338|
|Jeep Grand Cherokee Laredo 2WD||$1,348|
|Toyota Camry LE||$1,338|
|Volkswagen Jetta S 2.5 Station Wagon||$1,350|
|Hyundai Elantra SE Touring Station Wagon||$1,358|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,357|
|Dodge Grand Caravan CV||$1,386|
|Ford Focus SEL 4-Dr Sedan||$1,396|
|Toyota Corolla S||$1,410|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$1,436|
|Toyota RAV4 Limited 2WD||$1,468|
|Ford Explorer Eddie Bauer AWD||$1,496|
|Toyota Tacoma Double Cab 4WD||$1,503|
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Price information does not factor in vehicle garaging location which can affect premiums greatly.
Based on these rates, models like the Honda Accord, Ford Escape, Toyota Prius, and Honda CR-V are most likely to be some of the more affordable vehicles to insure for new drivers.
How to get discounts on Tulsa insurance rates
Insurance companies that provide policies for inexperienced drivers may provide discounts that could lower prices by as much as 30% if you qualify for them. Larger car insurance companies and a partial list of their discounts can be read below.
- GEICO offers discounts for driver training, anti-theft, multi-vehicle, good student, and five-year accident-free.
- USAA discounts include defensive driver, multi-vehicle, new vehicle, vehicle storage, multi-policy, and military installation.
- Progressive offers premium reductions for online signing, continuous coverage, multi-policy, good student, multi-vehicle, and homeowner.
- American Family has discounts for bundled insurance, accident-free, early bird, mySafetyValet, and air bags.
- Esurance includes discounts for anti-theft, claim free, Pac-12 alumni, good driver, and multi-car.
- Farmers Insurance may offer discounts for homeowner, bundle discounts, mature driver, business and professional, and youthful driver.
- State Farm has savings for anti-theft, passive restraint, student away at school, good driver, and multiple autos.
The chart below illustrates the difference between insurance costs with and without discounts applied. The premiums are based on a male driver, no violations or claims, Oklahoma state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows the price with no discounts. The second shows the rates with anti-theft, defensive driving course, homeowner, marriage, multiple vehicle, and accident-free discounts applied. When discounts are factored in, theamount saved on car insurance for inexperienced drivers is 28% or $710.
Picking a good quality insurance provider can be challenging considering how many companies there are to choose from in Oklahoma. The rank data displayed below could help you decide which car insurance providers you want to consider purchasing from.
These rankings only include large insurance companies, so smaller companies are not included in this list. To get rate quotes from these top-rated insurers and more, follow this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Does full coverage make sense?
Finding cheaper car insurance is the goal of the majority of people, and one easy way to reduce the cost of insurance for inexperienced drivers is to buy liability only. The example below visualizes the comparison of premium costs with full physical damage coverage compared to only buying liability only. The premiums assume no claims, a clean driving record, $100 deductibles, single status, and no other discounts are factored in.
If we average all the age groups together, physical damage coverage costs an additional $2,564 per year more than just buying liability insurance. That raises the question when is the right time to remove full coverage. There is no definitive formula for eliminating physical damage coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let’s say your vehicle’s claim settlement value is $8,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $7,500 after the deductible is paid. If premium cost is more than $750 annually to have full coverage, then you might want to consider buying only liability coverage.
There are some conditions where dropping physical damage coverage is not recommended. If you still have a lienholder on your title, you have to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.
How to find budget-friendly auto insurance for inexperienced drivers
The list below details many penny-pinching ideas that can help Tulsa drivers locate cheaper auto insurance.
- Improve your credit rating
- Tickets and violations raise rates
- Pay for smaller claims out-of-pocket
- Increase the comprehensive and collision deductibles on your policy
- At-fault accidents will increase rates
- Buying your home and auto policies from the same company can earn a discount
- Compare rates once a year for cheaper prices
That final tip is notably necessary, as we stressed in this piece. Auto insurance prices fluctuate considerably, so don’t be hesitant to switch companies if a better rate can be found. Staying with the same car insurance company is fine, but it’s not recommended if your bullheadedness ends up costing you hundreds every year. Take a couple minutes and compare prices and find cheaper car insurance for inexperienced drivers in Tulsa.