One of the many criteria that are looked at to determine the price you pay for insurance is where you call home. Cities with more crime and/or more people likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates have the enjoyment of a little cheaper coverage.
The next table shows the highest-priced places in Oklahoma for drivers over age 60 to purchase auto insurance in. Tulsa shows up at #1 with a yearly premium of $2,282 for the average policyholder, which is approximately $190 each month.
|Rank||City||Premium Per Year|
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Information shown are approximated as vehicle location can alter prices considerably.
The vehicle model to be insured is a large factor that determines if you can find the most economical auto insurance for drivers over age 60. Vehicles with high performance, poor passenger safety features, or high incidents of liability claims will cost substantially more to insure than safer models.
The list below estimates auto insurance prices for a handful of the most economical vehicles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$976|
|Ford Escape Limited 2WD||$998|
|Ford F-150 XL Super Cab 2WD||$1,066|
|Ford Edge SE 2WD||$1,071|
|Chevrolet Silverado LS Regular Cab 4WD||$1,066|
|Ford Explorer XLT 4WD||$1,088|
|Chevrolet Impala LS||$1,129|
|Chevrolet Malibu LS||$1,151|
|Dodge Grand Caravan Hero||$1,161|
|Chevrolet Equinox LS AWD||$1,151|
|Nissan Altima 2.5 4-Dr Sedan||$1,160|
|Toyota RAV4 4WD||$1,151|
|Toyota Tacoma Double Cab 4WD||$1,173|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$1,180|
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Data variables include married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Price information does not factor in Tulsa, OK location which can decrease or increase price quotes significantly.
Based upon these rates, vehicles like the Honda CR-V, Ford Escape, Ford F-150, and Ford Edge are going to be a few of the cheapest vehicles to insure for older drivers.
Determining which companies quote the most affordable insurance rates for drivers over age 60 will involve a bit more work than just getting one or two price quotes. Each auto insurance company uses different criteria for determining prices, so let’s rank the insurance companies that tend to be cheaper in Oklahoma.
Keep in mind that Tulsa, OK insurance rates are impacted by many factors that may substantially change the policy price. Simply turning a year older, increasing deductibles, or having an accident can trigger rate changes that may make certain companies cheaper than others.
Find Cheaper Auto Insurance for Age 60+
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,202|
|11||OK Farm Bureau||$2,079|
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USAA may offer some of the best car insurance rates in Tulsa at around $1,150 each year. Oklahoma Farmers Union, GEICO, The Hartford, and Safe Auto would also make the list of some of the cheaper Tulsa, OK auto insurance companies.
As the example above demonstrates, if you are a customer of GEICO and switched to USAA, you may see an annual premium reduction of approximately $203. Customers with The Hartford could save as much as $223 a year, and Safe Auto customers might reduce prices by as much as $227 a year.
To see if you’re overpaying, click here to get a free quote or visit any of the companies below.
These policy prices are averages across all types of insureds and vehicles and do not take into consideration an exact vehicle garaging location for drivers over age 60. So the company that has the cheapest rates for you may not even be in the top 17 companies in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
Full coverage rates vs. liability-only in Tulsa
Saving money when shopping for insurance is the goal of most drivers, and one of the easiest ways to find cheaper insurance for drivers over age 60 is to not buy full coverage. The chart below illustrates the difference between annual premium costs with full coverage compared to only the Oklahoma minimum liability coverage. The rates are based on no claims or driving citations, $100 deductibles, single status, and no discounts are applied to the premium.
If averaged out across all ages, comprehensive and collision coverage on your policy costs $3,436 per year more than buying just liability insurance. That proposes the question if paying for full coverage is a waste of money. There is no clear-cut formula of when to exclude comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.
There are some situations where buying only liability insurance is not in your best interest. If you haven’t satisfied your loan, you have to carry full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.
Impact of citations and accidents on Tulsa insurance rates
The obvious way to get the most affordable insurance premiums in Oklahoma for older drivers is to drive carefully and not receive tickets or have accidents. The diagram below demonstrates how speeding tickets and at-fault fender-benders can increase insurance premiums for different insured age categories. Data assumes a married female driver, comprehensive and collision coverage, $250 deductibles, and no policy discounts are applied.
The data above shows the average cost of auto insurance per year with no violations or accidents is $1,811. Receive two speeding tickets and the average cost jumps to $2,575, an increase of $763 each year. Now throw in one accident along with the two speeding tickets and the yearly cost of insurance for drivers over age 60 increases to an average of $3,337. That’s an increase of $1,526, or $127 per month, just for being a careless driver!
Types of discounts on Tulsa insurance rates
Insurance providers that offer coverage for drivers over age 60 could also offer policy discounts that may potentially lower prices by as much as 25% or more if you are eligible for them. Popular insurance companies and some of the discounts are:
- GEICO has discounts for membership and employees, emergency military deployment, anti-lock brakes, daytime running lights, and military active duty.
- MetLife discounts include good student, defensive driver, multi-policy, accident-free, claim-free, and good driver.
- Progressive may offer discounts for online quote discount, continuous coverage, homeowner, online signing, multi-vehicle, and good student.
- Travelers may include discounts for new car, multi-policy, driver training, early quote, IntelliDrive, save driver, and continuous insurance.
- SAFECO offers discounts including accident prevention training, bundle discounts, teen safety rewards, drive less, anti-lock brakes, anti-theft, and teen safe driver.
- AAA offers discounts for multi-policy, pay-in-full, anti-theft, AAA membership discount, and good driver.
The example below illustrates the comparison of insurance costs with and without discounts applied to the policy rates. The prices are based on a male driver, a clean driving record, no claims, Oklahoma state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with anti-theft, multiple vehicle, claim-free, multiple policy, marriage, and safe-driver discounts applied. When drivers qualify for the discounts, theamount saved on insurance for drivers over age 60 is 30% or $762.
Here’s why you should shop around
Oklahoma insurance rates are impacted by many factors which can significantly increase or decrease the price of coverage. Simply improving your credit, moving to a different location, or getting a couple of tickets can produce rate changes resulting in some companies being more affordable than competitors. Additionally, insurance companies amend pricing without warning to adjust for gains or losses. Higher than normal claim frequency or severity may cause high rates, while lower claim levels may result in cheaper Tulsa car insurance rates.
The graph below shows a variety of companies that have the cheapest car insurance in Tulsa, OK for a 35-year-old male driver with a clear driving record, no claims, and a high credit rating. If we estimate prices based on his personal risk profile, USAA may offer the cheapest car insurance rates in Tulsa at $1,399 annually. This is $568 less than the average premium paid by Oklahoma drivers of $1,967. Oklahoma Farmers Union, GEICO, The Hartford, and Safe Auto are the rest of the cheapest Tulsa, OK auto insurance companies.
The example below compares rates after we give the driver from the first example an at-fault accident, a little lower credit rating, and a traffic ticket or two. Because each company uses their own formula for setting prices, analyzing rate quotes may result in a new list of the cheapest car insurance companies in Tulsa as shown below.
State Farm now has the cheapest rate in Tulsa with Oklahoma Farmers Union, GEICO, Liberty Mutual, and The Hartford now rounding out the top five. This example proves why it is critical to shop around with many companies when trying to get the best auto insurance rates for drivers over age 60. Prices are made up of many factors and change frequently, so the most economical option the last time you compared rates may now be one of the higher cost companies.