The words “low-priced” and “insurance” really don’t belong together, in particular when shopping around for the best price on coverage for low credit scores. Because it’s not cheap, let’s get started by showing you some of the factors that significantly impact insurance premiums, and come up with some ideas to lower the cost of the next policy you buy.
The make and model of vehicle you are trying to insure is probably the biggest factor when consumers are trying to find the best cheap auto insurance for low credit scores. Vehicles with limited top-end speed, good crash test ratings, or a low likelihood of having liability claims will cost substantially less to insure than high performance models. The next list presents insurance rates for some of the most affordable vehicles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,003|
|Honda CR-V EX 2WD||$1,096|
|Dodge Grand Caravan CV||$1,125|
|Ford F-150 XL Regular Cab 2WD||$1,130|
|Jeep Wrangler Sport 4WD 2-Dr||$1,150|
|Chevrolet Equinox LS AWD||$1,186|
|Toyota RAV4 Limited 2WD||$1,192|
|Hyundai Elantra SE Touring Station Wagon||$1,225|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$1,274|
|Chevrolet Impala LT||$1,294|
|Chevrolet Malibu LS||$1,300|
|Toyota Camry LE||$1,294|
|Ford F-350 XL Crew Cab Turbo Diesel 2WD||$1,321|
|Ford Explorer Limited 2WD||$1,355|
|Toyota Tacoma Double Cab 4WD||$1,363|
|Kia Optima EX||$1,357|
|Toyota Camry Hybrid||$1,362|
|Honda Odyssey EX-L||$1,360|
|Toyota Corolla XLE||$1,366|
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Table data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Prices do not factor in zip code location which can revise premiums considerably.
Looking at the data, vehicles like the Ford Escape, Honda CR-V, Dodge Grand Caravan, Ford F-150, and Jeep Wrangler will definitely be a few of the cheapest vehicles to insure for bad credit.
Trying to find cheap car insurance is not the easiest thing to do, and determining which company quotes the cheapest auto insurance rates for low credit scores will take additional perseverance.
Every car insurance company uses their own formula for setting rates, so first let’s look at the rankings for the auto insurance companies with the overall best prices in Oklahoma. It’s a good idea to know that Tulsa, OK auto insurance rates are based on many factors that control the cost of your policy. Getting older, getting divorced, or getting a driving violation can produce rate changes resulting in some companies being cheaper than others.
Best Auto Insurance Prices in Oklahoma
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,202|
|10||OK Farm Bureau||$1,997|
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USAA may have some of the lowest car insurance rates in Tulsa at around $1,161 per year. This is $806 less than the average price paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, Safe Auto, and Farmers also qualify as some of the cheapest Tulsa, OK car insurance companies.
As shown in the table above, if you currently have a policy with Safe Auto and switched to Oklahoma Farmers Union, you could earn a yearly price reduction of approximately $175. Oklahoma drivers with Farmers could save as much as $178 a year, and GEICO customers might reduce rates by $192 a year.
Be aware that those estimates are averages across all insureds and vehicles and are not factoring in an exact vehicle garaging location for low credit scores. So the insurer that fits your age and vehicle best may not even be in the list above. That underscores the importance of why you need to compare rates from multiple companies using your own driver data and vehicle information.
One of the more important considerations that help determine the amount you pay each year for auto insurance is the neighborhood you call home. Areas with a lot of weather claims or more people tend to pay slightly more, whereas more rural areas have the gratification of cheaper auto insurance rates.
The following table ranks the most costly cities in Oklahoma for low credit scores to purchase auto insurance in. Tulsa shows up at #1 with an annual cost of $2,259 for the average insured, which is around $188 per month.
|Rank||City||Premium Per Year|
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Table data uses approximated as the specific zip code location can modify premiums greatly.
The illustration below shows how different deductible levels can affect insurance costs when trying to find cheap insurance for low credit scores. The costs are based on a married male driver, comp and collision included, and no discounts are factored in.
In the chart above, a 50-year-old driver could lower rates by $312 a year by increasing from a $100 deductible up to a $500 deductible, or save $472 by using a $1,000 deductible. Even younger insureds, like the age 20 example, could lower their rates up to $1,038 or more just by choosing higher deductibles when buying full coverage. When choosing a higher deductible, it will be required to have spare funds to pay the extra out-of-pocket expense associated with higher deductibles.
Responsible drivers pay cheaper auto insurance rates
The recommended way to get cheap auto insurance rates in Tulsa for bad credit is to be a cautious driver and avoid accidents and violations. The diagram below demonstrates how citations and at-fault claims raise auto insurance rates for different age categories. The premiums are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.
The chart shows that the average cost of an auto insurance policy per year with no accidents or violations is $1,909. Get one speeding ticket and the average cost increases to $2,234, an increase of $324 each year. Then add two accidents along with the one speeding ticket and the annual cost of auto insurance for low credit scores jumps again to an average of $5,295. That’s an increase of $3,386, or $282 per month, just for being a less-than-perfect driver!
Don’t make the mistake of not shopping around
Oklahoma auto insurance rates are determined by lots of factors that control the policy premium. Simply improving your credit, adding a teenager to your policy, or having an at-fault accident may cause policy rate changes that can make some companies cheaper than competitors.
Additionally, auto insurance companies amend premium rates at least once a year to help ensure profitability. Heavier than normal losses may cause additional price hikes, while a better claims history may cause lower-priced Tulsa car insurance rates.
To illustrate this example, the data below shows the company with the cheapest car insurance in Tulsa, OK for a 35-year-old female driver with no accidents or violations, and good credit. Based on her current situation, USAA may offer the cheapest car insurance rates in Tulsa at $1,420 annually. This is $547 less than the average rate paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, GEICO, The Hartford, and Safe Auto are also included in the cheapest Tulsa, OK auto insurance companies.
The chart below compares rates after we give the driver from the first set of rates a couple of claims, a little lower credit rating, and a few blemishes on her driving record. Since every insurance provider has their own unique process for setting prices, comparing insurance quotes may result in a significantly different list of affordable companies as shown below.
State Farm now has the lowest price on auto insurance in Tulsa with Oklahoma Farmers Union, Liberty Mutual, Travelers, and GEICO also being competitive. This demonstrates why consumers need to take the time to spend some time comparing rates when trying to get the most economical car insurance quotes for low credit scores.
Car insurance prices are calculated by many factors and change dramatically, so the best price the last time you shopped your coverage around may now be quite expensive.