Wouldn’t it be easy if we could tell you instantly the single best company in Tulsa that has the best auto insurance prices for electric cars? It’s just not that easy, however, as there are a lot of unknown factors such as what deductibles to use for physical damage coverage, whether or not your vehicle has good safety ratings, and the amount of liability insurance you need. This article will discuss the types of situations that result in high rates and hopefully give you enough understanding to have some help in finding cheaper rates.
For eco-friendly vehicles, one of the more important considerations that are looked at to determine the annual cost of car insurance is where you normally keep your vehicle. Areas with more people or more claims tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims receive better rates.
The table below lists the most costly cities in Oklahoma for electric cars to buy an auto insurance policy in. Tulsa is listed at #3 with an annual premium of $2,192 for the average policyholder, which is approximately $183 each month.
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Prices are comparative as specific Tulsa zip code can decrease or increase coverage prices noticeably.
Determining which company quotes the most affordable car insurance rates for electric cars involves a bit more work in order to find coverage that fits your budget.
Each company has their own unique process to determine rates, so let’s rank the overall cheapest car insurance companies in Tulsa. It’s important to understand that Tulsa, OK car insurance rates are impacted by many things that can increase the cost of having a policy. Improving your credit rating, having a teen driver, or getting a speeding ticket can trigger rate changes that may make certain companies cheaper than competitors.
Find the Cheapest Auto Insurance for EV’s
Oklahoma Farmers Union has some of the lowest car insurance rates in Tulsa at around $1,154 annually. This is $813 less than the average premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, Safe Auto, and GEICO would also make the list of some of the best Tulsa, OK auto insurance companies.
As the example above demonstrates, if you are insured with USAA and switched to Oklahoma Farmers Union, you might realize a yearly price reduction of approximately $31. Customers with The Hartford might save as much as $205 a year, and Safe Auto policyholders might lower prices by up to $223 a year.
Remember that these prices are averaged across all types of drivers and the different vehicles they drive and do not factor in a specific location for electric cars. So the company that can offer you the lowest price may not even be in the top 17 companies in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own individual information.
Cost difference between full coverage and liability
Reducing the cost of car insurance should be important to the majority of people, and one good way to save on the cost of insurance for electric cars is to not buy full coverage. The example below compares car insurance rates with full physical damage coverage compared to only buying liability only. The price estimates are based on no accidents, no driving violations, $250 deductibles, single status, and no policy discounts are applied.
If averaged out across all ages, full coverage on your policy costs $2,349 per year more than just insuring for liability. Many drivers will wonder when is the right time to remove full coverage. There is no exact formula to stop buying physical damage insurance, but there is a general guideline. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s say your vehicle’s book value is $10,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company will settle for is $9,500 after the deductible is paid. If it’s costing you more than $950 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.
There are a few cases where removing full coverage is not a good plan. If you still have a loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not buy liability only.
Get discount Tulsa car insurance
Car insurance companies that offer coverage for electric cars may also provide policy discounts that can lower rates by 35% or more if you meet certain criteria. Larger car insurance companies and their possible discounts are:
- GEICO may offer discounts for military active duty, defensive driver, multi-vehicle, air bags, federal employee, and seat belt use.
- Travelers offers discounts for multi-car, student away at school, driver training, early quote, and continuous insurance.
- Farm Bureau policyholders can earn discounts including driver training, youthful driver, 55 and retired, safe driver, good student, multi-policy, and renewal discount.
- Liberty Mutual has savings for newly retired, new graduate, teen driver discount, preferred payment discount, and multi-policy.
- American Family has discounts for air bags, good student, accident-free, TimeAway discount, good driver, Steer into Savings, and defensive driver.
- Progressive offers premium reductions for multi-policy, continuous coverage, homeowner, multi-vehicle, and online signing.
The information below visualizes the comparison of yearly insurance costs with and without discounts applied to the premium. The data assumes a male driver, no claims or driving citations, Oklahoma state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with safe-driver, multiple policy, homeowner, claim-free, multiple vehicle, and vehicle safety discounts applied. In this example, theamount saved on car insurance for electric cars is 28% or $705.
The importance of shopping around
Tulsa car insurance rates are influenced by many factors which can substantially decrease or increase the price of coverage. Simply having a birthday, buying a home instead of renting, or having an at-fault accident can trigger price changes resulting in some companies being cheaper than competitors.
And not only may your rating factors change, but insurance companies change the rates they charge in Oklahoma without warning to adjust for unexpected claims or profits. An unexpected high level of claims may result in rate increases, while a better loss history can produce lower-priced Tulsa car insurance rates.
The chart below compares the cheapest car insurance in Tulsa, OK for a 35-year-old female driver with a clean driving record, no accidents, and a good credit history. When comparing rates based on her current risk factors, USAA may offer the cheapest car insurance rates in Tulsa at $1,413 each year. This is $554 less than the average price paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, GEICO, and Farmers also make the list of the top five cheapest Tulsa, OK auto insurance companies.
The chart below compares rates after we give the driver from the first set of rates an accident surcharge, a lower credit rating, and a few traffic violations. Because each company has a different formula for setting prices, comparing prices may result in a different set of affordable companies as shown below.
State Farm now has the best auto insurance rate in Tulsa with Oklahoma Farmers Union, Liberty Mutual, GEICO, and Travelers completing the list. This example illustrates why it is so important to compare many different companies to get affordable insurance rates for electric cars.
Insurance prices are calculated by many different factors and change frequently, so the best option the last time you shopped your coverage around may now be costing you a lot of money.
How to find the cheapest auto insurance for electric cars
Lowering your rates is not difficult, and here are some of the recommended thrifty suggestions that can help Oklahoma drivers quote cheap coverage.
- Buy a safer vehicle
- Buy your homeowners policy from the same company as your auto insurance
- Try paying for small claims out-of-pocket
- Accidents can significantly increase rates
- Do not get traffic tickets
- Compare quotes from other companies often
That last piece of advice is highly vital, as was stressed in the article above. Insurance rates vary considerably, so don’t hesitate to switch to a new company if a cheaper rate is available. Having brand loyalty is commendable, but it’s not a good idea if that devotion results in you overpaying thousands of dollars over several years. In just a couple of minutes you could compare rates to find cheaper car insurance for electric cars in Tulsa.
If you have questions and prefer to have a consultation when trying to find lower insurance rates for electric cars, the agents below can most likely answer your questions and help you decide which auto insurance policy fits you best. To find an agent close to you, click the link after the list.
- Farmers Insurance: Teresa Sotelo
3309 S Yale Ave – Tulsa, OK 74135 – (918) 627-3855
- GDK Insurance Agency, Inc.
3908 E 31st St – Tulsa, OK 74135 – (918) 742-5861
- A-Affordable Insurance
1635 S Harvard Ave – Tulsa, OK 74112 – (918) 749-9500
- Janine Billings – State Farm Insurance Agent
4401 S Peoria Ave A – Tulsa, OK 74105 – (918) 747-9555
- State Farm: Stephen Garcille
8165 E 31st St – Tulsa, OK 74145 – (918) 627-8883