Cheap Car Insurance Companies In Oklahoma

The average semiannual cost of car insurance in the state of Oklahoma is $898.75. An insured premiums are influenced by more variables than purely their place of residence. Car insurance underwriters calculate auto insurance rates after assessing a range of criteria such as the policyholder’s age, driving record, marital status, and credit rating. We examined typical car insurance costs in Oklahoma across each of the predominant rating factors. We aim to provide consumers insight to identify a car insurance policy that meets their needs and budget.

*Data Methodology – Updated 3/1/2024

The Oklahoma car insurance rates are based on a 35-year-old male with the most popular car (Honda Accord) living in OK. The Quote is for full coverage with comprehensive at $500 deductible and collision at $500 deductible.

Oklahoma Minimum Liability Coverage

Oklahoma requires all drivers to carry minimum levels of auto insurance coverage. Insurance companies refer to these requirements as Oklahoma’s financial responsibility laws. The minimum coverage amounts are designed to help cover costs in the event of an accident.

The state of Oklahoma mandates the following minimum auto insurance coverage:

Bodily Injury Liability – $25,000 per person and $50,000 per accident. This covers costs associated with injuries to others resulting from an accident you caused.

Property Damage Liability – $25,000. This covers damage to others’ vehicles and property from an accident you caused.

Uninsured/Underinsured Motorist Coverage – $25,000 per person and $50,000 per accident. This protects you if you are in an accident caused by a driver without insurance or with insufficient coverage.

Medical Payments Coverage – $5,000. This optional coverage pays for medical expenses for you and your passengers, regardless of fault.

Penalties for Driving Without Insurance in Oklahoma

Driving without insurance is illegal in Oklahoma and offenders face penalties that become progressively more severe with repeat offenses. The minimum penalty for a first offense of driving without insurance is a fine between $100 and $500. The vehicle registration and driving privileges of the uninsured driver may also be suspended for three months.

For a second offense within three years, the fine increases to between $300 and $1,000 and the registration and license suspension period extends to six months. The court may also order the installation of an ignition interlock device on the uninsured driver’s vehicle during the suspension period.

A third or subsequent offense within three years results in a misdemeanor charge, a fine between $500 and $2,000, and a one-year suspension of registration and driving privileges. The court is also required to order the installation of an ignition interlock device for the duration of the suspension period.

In addition to these penalties, drivers caught operating a vehicle without insurance in Oklahoma will likely see their insurance rates increase significantly, if they are able to obtain insurance at all. Insurance companies view drivers with lapses in coverage as high risk and will likely charge high risk premiums. In some cases, insurance companies may refuse to provide coverage to drivers with a history of driving without insurance.

Auto Insurance Rates in Oklahoma

Auto insurance rates in Oklahoma are generally lower than the national average. Several factors contribute to the affordability of auto insurance in Oklahoma.

Oklahoma has a lower population density compared to many states, meaning there are fewer vehicles on the road. This translates to fewer accidents, claims, and overall risk for insurance companies. As a result, insurers can offer more competitive rates to Oklahoma drivers.

Oklahoma also has relatively low traffic congestion and commute times. Shorter commute times mean less time spent driving and thus less exposure to potential accidents. Oklahoma drivers also tend to drive fewer miles per year on average compared to other states, which further reduces risk for insurers.

Oklahoma’s legal environment is also friendly to insurers. The state places reasonable limits on pain and suffering awards in injury claims, helping keep insurance costs in check. State regulators also monitor insurers to ensure rates are not excessive while still allowing for adequate profit margins.

Auto insurance rates can still vary significantly within Oklahoma based on location, driving record, vehicle type, coverage limits, and other factors. Oklahoma drivers can take some proactive steps to potentially lower their insurance costs, including shopping around for the best rates, bundling policies, maintaining a clean driving record, and increasing deductibles when appropriate. Installing safety features like anti-lock brakes and airbags can also make vehicles less risky to insure.

Low Cost Car Insurance Programs and Discounts in Oklahoma

Oklahoma drivers pay some of the lowest car insurance rates in the country, but rates can still be reduced further through low cost insurance programs and discounts. Here are some options to explore:

• Safe Driver Discounts: All major insurance companies offer discounts for drivers with a clean driving record. Multi-year accident and violation free driving can save 5% to 20% on premiums.
• Good Student Discounts: Students with a B average or higher typically qualify for discounts of 15% to 25% off car insurance. Discounts are available through age 25 for most companies.
• Multi-Policy Discounts: Bundling homeowners or renters insurance with your auto policy from the same insurer saves 5% to 15% on average. Some insurers also offer multi-vehicle discounts.
• Military Discounts: Active duty and retired military personnel, National Guard members, and veterans may qualify for discounts of 5% to 15% depending on the insurer.
• Anti-Theft Devices: Having approved security systems, immobilizers, or tracking devices installed can earn a discount of 5% to 10% on many policies.
• Pay-in-Full Discounts: Some companies offer a 2% to 5% discount if you pay the full 6 or 12 month premium at once rather than in installments. Check with your insurer to see if this option is available.
• Low Mileage Discounts: If you drive under a certain threshold of miles per year, usually 7,500 to 10,000 miles, many insurers offer premium reductions of 5% to 15%.

Oklahoma Car Insurance Statistics

Oklahoma residents pay some of the lowest average car insurance rates in the United States. Several factors contribute to the relatively affordable premiums in the state.

The Oklahoma Insurance Department reports that the average annual expenditure for car insurance in Oklahoma was $840 per vehicle in 2018. This places Oklahoma as the seventh lowest state for car insurance costs.

Several factors influence Oklahoma’s low average car insurance rates:

Low population density: Oklahoma is the 28th most populous state with a relatively low population density of 56 people per square mile. Areas with lower population densities tend to have lower insurance rates due to fewer accidents and claims per capita.

Lower accident rates: Oklahoma has a lower accident rate compared to the national average, with 410 reported accidents per 10,000 registered vehicles compared to the national average of 433. Fewer accidents mean lower claims and costs for insurance companies, allowing them to charge lower premiums.

Mild weather: Oklahoma’s generally mild weather conditions mean fewer extreme weather events that can impact vehicles and lead to insurance claims.

Lower medical costs: Medical costs associated with Oklahoma car accident claims tend to be lower compared to states with higher costs of living. This allows insurance companies to pay out less in claims on average.

The 10 Largest Oklahoma Car Insurance Companies

Oklahoma drivers have many options when choosing an auto insurance provider. Here are the 10 largest car insurance companies in Oklahoma based on the percentage of market share according to S&P Global Market Intelligence data for 2020.

1. State Farm – State Farm has the largest market share at 19.4%. It offers many discounts, high customer satisfaction ratings and 24/7 claims service.
2. Farmers Insurance – Farmers has a 12.1% market share in Oklahoma. It is known for bundling home and auto policies and offering many discounts.
3. Progressive – Progressive has an 11.5% market share. It is known for offering a wide range of coverage options and having a simple claims process.
4. GEICO – GEICO has a 9.6% market share. It offers some of the cheapest rates and many online tools to manage your policy.
5. Liberty Mutual – Liberty Mutual has a 7.7% market share. It offers many discounts and coverage options as well as 24/7 roadside assistance.
6. Allstate – Allstate has a 7.4% market share. It is known for offering many discounts and having a good claims experience.
7. Oklahoma Farm Bureau – Oklahoma Farm Bureau has a 7.0% market share. As the name suggests, it primarily serves rural customers in the state.
8. USAA – USAA has a 4.6% market share in Oklahoma. It primarily serves military members, veterans and their families.
9. Travelers – Travelers has a 2.5% market share. It offers commercial auto insurance in addition to personal auto policies.
10. Nationwide – Nationwide has a 2.0% market share. It is known for offering many discounts and coverage options.