The words “affordable” and “insurance” really should not be used together, in particular when trying to find the cheapest auto insurance for seniors. Because it’s not cheap, let’s start off by going over some situations that significantly impact insurance premiums, and find a way to take the bite out of your next policy.
One of the more important considerations that aid in calculating the price you pay for insurance is your zip code in Tulsa. Regions with more people or even just more weather-related claims will most likely have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims profit from lower rates.
The following table ranks the highest-priced areas in Oklahoma for seniors to purchase car insurance in. Tulsa is ranked #1 with an annual cost of $2,282 for the average insurance policy, which is around $190 monthly.
|Rank||City||Premium Per Year|
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Premium amounts are approximated as zip code location can decrease or increase auto insurance rates considerably.
The car, truck, or SUV requiring insurance is one of the primary factors that determines whether or not you can buy cheap car insurance for seniors. Vehicles with limited speed and performance, modern passenger safety features, or a low likelihood of liability claims will cost significantly less to insure than high performance models. The data below showcases auto insurance costs for a number of the most economical vehicles to insure in Oklahoma.
|Vehicle||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$865|
|Ford Escape XLS 2WD||$875|
|Honda CR-V EX 4WD||$886|
|Ford Edge SE 2WD||$948|
|Ford F-150 STX Super Cab 2WD||$956|
|Ford Explorer XLT 2WD||$969|
|Honda Odyssey EX W/Rear Entertainment||$1,000|
|Chevrolet Impala LS||$1,006|
|Chevrolet Equinox LS 2WD||$1,021|
|Toyota RAV4 4WD||$1,029|
|Dodge Grand Caravan Hero||$1,021|
|Jeep Grand Cherokee Laredo 4WD||$1,026|
|GMC Sierra SLE Crew Cab 2WD||$1,021|
|Chevrolet Malibu LT||$1,044|
|Toyota Corolla LE||$1,075|
|Toyota Camry XLE||$1,084|
|Toyota Tacoma X-Runner 2WD||$1,075|
|Hyundai Sonata GLS 4-Dr Sedan||$1,096|
|Nissan Rogue S AWD||$1,101|
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Cost estimates assume married female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Price estimates do not factor in zip code location which can change rates significantly.
Based upon these rates, we can assume that vehicles like the Hyundai Elantra, Ford Escape, and Honda CR-V will be the most economical vehicles to insure for senior citizens.
Finding reliable, low-cost insurance is not the easiest thing to do, and finding out which company quotes the most affordable auto insurance rates for seniors involves even more diligence.
Each insurance company has their own process to establish rates, so let’s begin by taking a look at the auto insurance companies with the most affordable rates in Tulsa, OK.
Find the Best Cheap Insurance for Mature Drivers
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,202|
|10||OK Farm Bureau||$2,018|
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USAA may offer some of the most affordable car insurance rates in Tulsa at around $1,185 per year. This is $782 less than the average policy premium paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, Safe Auto, and Farmers would also be considered some of the cheaper Tulsa, OK auto insurance companies.
In the above rates, if you are a customer of Safe Auto and switched to Oklahoma Farmers Union, you could earn annual savings of about $175. Insureds with Farmers could save as much as $178 a year, and GEICO policyholders might reduce rates by $192 a year.
Understand that those premiums are averaged across all types of insureds and vehicles and do not take into consideration an exact vehicle garaging location for seniors. So the insurer that is best for you may not even be in the list above. That helps illustrate why you need to compare as many prices as possible using your own driver data and vehicle information.
The diagram below demonstrates how deductibles can change insurance costs when getting quotes for cheap insurance for seniors. The data is based on a single female driver, full coverage, and no discounts are taken into consideration.
A 30-year-old driver could lower their car insurance rates by $406 a year by changing from a $100 deductible to a $500 deductible, or save $616 by using a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, could save $902 or more by selecting a higher deductible.
If you do raise deductibles, it is a good idea to have enough savings set aside to allow you to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Drive safe and save
In a perfect world, the ideal way to snag good auto insurance prices for senior citizens is to drive attentively and not get tickets or have accidents. The chart below demonstrates how citations and accidents can affect insurance costs for different age groups. The price estimates are based on a single female driver, comprehensive and collision coverage, $500 deductibles, and no other discounts are factored in.
The data above shows the average cost of an auto insurance policy in Oklahoma per year with no accidents and a clean driving record is $2,676. Factor in one speeding ticket and the average cost swells to $3,037, an increase of $361 each year. Then include one accident along with the one speeding ticket and the 12-month cost of auto insurance for seniors increases to an average of $4,052. That’s an increase of $1,376, or $115 per month, just for not driving safely!
The importance of shopping around
Oklahoma auto insurance rates are determined by lots of factors which can significantly increase or decrease the cost of a policy. Simply turning a year older, increasing deductibles, or getting caught speeding can trigger price changes that can now make some companies more affordable than others. Additionally, insurance companies file new Oklahoma car insurance rates every year or even multiple times each year to adjust for heavy claims or excess profits. A period of increased losses can cause high rates, while profitable underwriting can result in cheaper Tulsa car insurance rates.
The graph below shows the company with the cheapest car insurance in Tulsa, OK for a 30-year-old female driver with no prior accidents, a clean driving record, and a high credit rating. When quoting prices based on her current risk factors, USAA quotes the best car insurance rates in Tulsa at $1,369 per year. This is $598 less than the average price paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, GEICO, The Hartford, and Farmers are also included in the cheapest Tulsa, OK auto insurance companies.
Now let’s give the driver from the first set of rates an accident claim, a lower credit score, and a traffic citation. Since each auto insurance company has their own unique process for establishing rates, comparing insurance quotes will most likely result in a different ranking of the cheapest car insurance companies in Tulsa as shown below.
State Farm now has the best car insurance rate in Tulsa with Oklahoma Farmers Union, Liberty Mutual, GEICO, and Farmers also having competitive pricing. This demonstrates why consumers need to shop around to get the most budget-friendly insurance quotes for seniors. Auto insurance prices are calculated by many risk factors and change dramatically, so the most affordable company two years ago may now be wasting a lot of money.