What Auto Insurance is Cheapest for 18 Year Olds in Tulsa?

The make and model of vehicle you are buying coverage for is probably the largest consideration when shopping around for low-priced insurance for 18 year olds. Vehicles with economical engines, excellent safety ratings, or a positive history of liability claims will cost significantly less to insure than adrenaline junky models. The next table outlines car insurance premiums for a number of the most budget-friendly vehicles to buy insurance for.

Cheapest Vehicles to Insure in Tulsa, OK
Make and Model Estimated Cost for Full Coverage
Honda CR-V LX 2WD $3,910
Ford Escape Limited 4WD $4,218
Toyota Prius $4,260
Ford F-150 XLT Regular Cab 2WD $4,332
Jeep Wrangler Sport Islander Package 4WD 2-Dr $4,341
Ford Explorer XLT 4WD $4,377
Chevrolet Impala LS $4,595
Chevrolet Equinox LT 2WD $4,640
Toyota RAV4 4WD $4,646
Toyota Camry LE $4,640
Dodge Grand Caravan SXT $4,682
Ford Edge Limited AWD $4,905
Honda Odyssey EX-L $4,911
Hyundai Elantra GLS 4-Dr Sedan $4,905
Toyota Tacoma X-Runner 2WD $4,915
Toyota Corolla XLE $4,905
Ford Fusion SEL 4-Dr Sedan $4,947
Jeep Grand Cherokee Limited 2WD $4,955
Chevrolet Silverado LTZ Crew Cab 4WD $4,947
Nissan Altima 3.5 SR 4-Dr Sedan $4,952
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Table data assumes single female driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, and claim-free. Rates do not factor in the specific area where the vehicle is garaged which can change rates significantly.

Based upon the table data, you can assume that cars like the Honda CR-V, Ford Escape, Toyota Prius, Ford F-150, and Jeep Wrangler are most likely going to be some of the most affordable vehicles to insure for teen drivers. The price of auto insurance will be more expensive just due to the fact that there is more risk for 18 year olds, but overall those particular models will have the cheapest auto insurance rates compared to other types of vehicles.

Trying to buy low-priced auto insurance is challenging, and deciding which company quotes the best auto insurance rates for 18 year olds involves even more perseverance. Each auto insurance company uses different criteria for determining prices, so first we will examine the most competitive auto insurance companies in Oklahoma.

It’s a good idea to know that Oklahoma auto insurance rates are determined by lots of factors that will increase or decrease the price you have to pay. Improving your credit rating, marrying your spouse, or getting a ticket for careless driving may prompt premium changes resulting in some rates now being higher-priced than before.

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Rankings for the cheapest Oklahoma auto insurance companies
Rank Company Cost Per Year
1 Oklahoma Farmers Union $1,154
2 USAA $1,161
3 The Hartford $1,359
4 Safe Auto $1,377
5 GEICO $1,381
6 Farmers $1,422
7 State Farm $1,536
8 Liberty Mutual $1,871
9 Travelers $1,925
10 Mercury $1,973
11 OK Farm Bureau $1,997
12 Progressive $2,157
13 Home State $2,193
14 Shelter $2,194
15 MetLife $2,235
16 Allstate $2,376
17 Safeco $5,209
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Oklahoma Farmers Union may have some of the cheapest car insurance rates in Tulsa at around $1,154 per year. This is $813 less than the average policy premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, Safe Auto, and GEICO would also be considered some of the lowest-priced Tulsa, OK insurance companies.

As shown in the rates above, if you buy coverage from GEICO and switched to USAA, you could see savings of in the neighborhood of $220. Oklahoma drivers with Farmers could save as much as $261 a year, and State Farm insureds might reduce rates by $375 a year.

To compare your rates to other Oklahoma insurance companies, click here to get quotes or visit any of the companies below.

Remember that these rates are averaged for all ages of drivers and types of vehicles and do not factor in a vehicle location for 18 year olds. So the car insurance company that has the cheapest price for you may not even be in the list above. That affirms the importance of why you need to compare rates from multiple companies using your own individual information.

Cost difference between full coverage and liability

Finding cheaper auto insurance should be important to most drivers, and a good way to pay less for insurance for 18 year olds is to not pay for full coverage. The diagram below compares insurance costs with liability coverage only compared to full coverage. The data assumes no claims or driving violations, $250 deductibles, drivers are single, and no discounts are applied to the premium.

Averaged for all age groups, physical damage insurance costs an additional $2,597 per year more than carrying just liability coverage. That is a significant amount which raises the question if buying full coverage is worth the expense. There is no set rule for eliminating full coverage, but there is a general convention. If the annual cost of coverage is more than about 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.

For example, let’s assume your vehicle’s replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $8,000 after the deductible is paid. If it’s costing you more than $800 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are some scenarios where buying only liability insurance is not advised. If you still have a loan on your vehicle, you have to keep full coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should keep full coverage in place.

The example below highlights how deductible choice can raise or lower insurance costs when trying to find cheap insurance for 18 year olds. The premiums assume a married male driver, comp and collision included, and no additional discounts are factored in.

As shown above, a 40-year-old driver could lower their car insurance rates by $312 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $472 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old example, could shave $1,038 annually just by choosing higher deductibles. If you do decide to increase your deductibles, it will be required to have enough in a savings account to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.

Low rates can quickly become overpriced

Tulsa auto insurance rates are calculated based on many things that may substantially change the policy premium. Simply getting older, having a claim, or getting a reckless driving citation can trigger price changes that can cause some rates to be cheaper in comparison to the competition.

And not only may your rating factors change, but insurers amend premium rates as often as every three months in order to be able to pay unexpected claims. Larger than normal claims can result in a rate increase, while profitable underwriting may cause more affordable Tulsa car insurance rates.

The bar chart below demonstrates which company has the cheapest car insurance in Tulsa, OK for a 35-year-old male driver with a good driving record, no prior claims, and solid credit. When comparing rates based on his current risk profile, USAA quotes the most affordable car insurance rates in Tulsa at $1,427 per year. This is $540 less than the average policy premium paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, The Hartford, Safe Auto, and GEICO are also on the list of the best Tulsa, OK auto insurance companies.

Now we will give the driver from the first rate comparison an accident claim, bad credit, and a couple of points charged on his driving record. Due to the fact that each insurance company has a unique formula for setting prices, getting updated rate quotes will most likely result in a completely different list of affordable companies as shown below.

State Farm now has the cheapest car insurance in Tulsa, OK with Oklahoma Farmers Union, Liberty Mutual, The Hartford, and GEICO also being competitive. This illustrates why consumers need to take the time to shop around when trying to get the most affordable insurance quotes for 18 year olds. Rates are calculated by many different factors and can change substantially, so the cheapest rate when you last compared rates may now not even be in the top five.