How Much are Auto Insurance Rates for Uber Drivers in Tulsa?

One of the many components that are looked at to help calculate the cost of insurance is where your car is garaged in Tulsa. Areas with high crime rates or more dense population will most likely have higher rates, whereas areas with lower crime rates and fewer weather claims can boast about having cheaper rates.

The information below lists the highest-priced areas in Oklahoma for Uber drivers to purchase car insurance in. Tulsa is ranked at #3 having an annual price of $2,215 for the average policy, which is approximately $185 monthly.

Table data uses approximated as the specific garaging location can influence auto insurance rates substantially.

The car, truck, or SUV you are seeking coverage for is a significant factor in finding cheaper insurance for Uber drivers. Vehicles with economical engines, advanced safety features, or a positive history of liability claims will cost substantially less to insure than higher performance models. The next list estimates car insurance costs for the cheaper automobiles to buy insurance for.

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Rate information does not factor in specific Tulsa, OK garaging location which can lower or raise premium rates considerably.

By looking at the data, we can infer that models like the Honda CR-V, Ford Edge, Ford F-150, and Ford Escape should be the more affordable vehicles to insure for Uber vehicles.

Should you buy full coverage?

Reducing premiums for insurance is important to the majority of drivers, and one great way to save on the cost of insurance for Uber drivers is to buy liability only. The chart below shows the comparison of annual premium costs when comparing full coverage to liability only. The costs are based on a clean driving record, no claims, $250 deductibles, drivers are single, and no additional discounts are factored in.

If averaged out across all ages, physical damage insurance costs an additional $2,349 per year more than just insuring for liability. That is a large expense which might make you wonder if it’s a good idea to buy full coverage. There is no exact rule for phasing out physical damage coverage, but there is a general guideline. If the annual cost of coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your vehicle’s claim settlement value is $12,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $11,000 after you pay the deductible. If you are paying in excess of $1,100 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are some conditions where eliminating full coverage is not in your best interest. If you still owe money on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not eliminate full coverage.

The example below highlights how deductible selection can impact insurance premiums when getting quotes for cheap insurance for Uber drivers. The costs are based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.

The chart above illustrates that a 40-year-old driver could cut expenses by $366 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $552 by selecting a $1,000 deductible. Younger drivers, like the age 20 example, have the ability to save as much as $910 each year by choosing a larger deductible amount. If you make the decision to raise deductibles, it will now be necessary to have enough funds in savings to enable you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.

Get discount Tulsa auto insurance

Insurance providers that sell policies for Uber drivers may additionally offer price discounts that could reduce prices by as much as 25% or more if you are eligible to receive them. A list of companies and some of their more popular discounts are included below.

• American Family offers discounts including good driver, bundled insurance, air bags, accident-free, TimeAway discount, and multi-vehicle.
• State Farm discounts include good driver, passive restraint, accident-free, multiple autos, and safe vehicle.
• 21st Century offers premium reductions for defensive driver, driver training, anti-lock brakes, teen driver, 55 and older, early bird, and air bags.
• Travelers has savings for multi-policy, student away at school, continuous insurance, driver training, and IntelliDrive.
• GEICO has discounts for driver training, military active duty, anti-theft, multi-policy, good student, defensive driver, and five-year accident-free.

The diagram below visualizes the comparison of car insurance rates with and without discounts applied to the policy premium. Data assumes a female driver, a clean driving record, no at-fault accidents, Oklahoma state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with marriage, safe-driver, passive restraint, claim-free, anti-theft, and multiple vehicle discounts applied. When these discounts are applied, theaverage amount saved on insurance for Uber drivers is 28% or $907.

Why you should compare rates

Tulsa insurance rates are determined by lots of factors that will increase or decrease the cost of having a policy. Simply getting older, buying a different vehicle, or getting caught speeding may cause policy rate changes that can cause some rates to be cheaper in comparison to the competition.

Not only that, but car insurance companies amend pricing multiple times each year to reflect underwriting profits or losses. Significantly higher claims can result in higher priced premiums, while lower claim levels can produce more affordable Tulsa car insurance rates.

To illustrate this point, the data below analyzes the cheapest car insurance in Tulsa, OK for a 35-year-old female driver with a clear driving record, no claims, and good credit. Based on her personal profile, Oklahoma Farmers Union might quote the most affordable car insurance rates in Tulsa at $1,385 per year. This is $582 less than the average premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, GEICO, and Safe Auto round out the rest of the best Tulsa, OK auto insurance companies.

The next chart shows rates after we give the driver from the first rate comparison a chargeable accident, a lower credit rating, and a stop sign violation. Since each auto insurer has a proprietary method for setting rates, getting updated rate quotes could result in a completely different list of affordable Tulsa car insurance companies as shown below.

State Farm now has the best insurance rate in Tulsa, OK with USAA, Travelers, The Hartford, and Liberty Mutual also being competitive. This demonstrates why drivers need to take the time to shop around to find the lowest insurance quotes for Uber drivers. Insurance rates consist of many factors and can change substantially, so the most affordable company six months ago may now cost much more than other companies.