The state required liability only vehicle insurance coverage in Oklahoma is cheap as the average premium is about 1/3 lower than the US average. However, the average automobile insurance cost for a full coverage policy is fairly high and very close to the national average. The ratio of uninsured drivers has fallen significantly in recent years in this state from one of the highest in the country to closer to the national average. It is currently 13.4%.
Oklahoma is located in the heart of Tornado Alley, making it prone to severe weather conditions such as tornadoes, thunderstorms, and hailstorms. These weather events can create hazardous driving conditions and cause damages to automobiles.
Auto Insurance Requirements in Oklahoma
- $25,000 for bodily injury per person
- $50,000 total for bodily injury per accident
- $25,000 for property damage
Drivers and front seat passengers are required to wear seat belts in this state. If you don’t buckle up, you would be pulled over and given a ticket. Besides, seat belts save lives in crashes.
The Oklahoma Insurance Department is the regulatory agency responsible for overseeing insurance matters in the state. They can provide valuable resources, answer questions, and help resolve insurance-related issues.
Although there may be noticeable concerns with policy adoption, it is advisable to consider raising the minimum required Liability limits established by the state. Furthermore, incorporating Uninsured Motorists Coverage into your policy is recommended. Given the state’s susceptibility to tornadoes, it could be prudent to contemplate adding Collision and Comprehensive coverage, particularly if your vehicle holds significant value.
Car Insurance Prices in Oklahoma
The average premium for the state required minimum liability only coverage costs $406 and it is $216 cheaper than the US average. However, it shoots up to $1,998 when you want to buy full coverage vehicle insurance and it is very close to the national average. The price gap between liability only and full coverage policies is nearly 5 times. However, you need Collision and Comprehensive coverage if you want to protect your own automobile as well.
Best Priced Vehicle Insurers in Oklahoma
To begin your search for affordable prices, it is recommended to consider the following list of the most competitive companies in your state. While this can provide you with a competitive edge, it is important to note that there is no guarantee they will offer you the lowest quotes. Therefore, it is advisable to expand your options and obtain quotes from several other providers as well.
- State Farm
- Farm Bureau
- Progressive
- Mercury
- Oklahoma Farmers Union
The average auto insurance premiums are fairly consistent across the cities of OK with only slight variations in prices. The most expensive cities for car insurance are Tulsa and Oklahoma City, although the premiums are only slightly (12%) higher than the state average.
Oklahoma Automobile Insurance and Driving Facts
- The average annual mileage driven by Oklahomans is 17,699 miles, significantly surpassing the national average and ranking among the highest in the nation. Numerous vehicle insurance companies factor this statistic into their premium calculations. If your annual mileage falls well below this figure, it’s advisable to engage in a conversation with your insurer or agent. Exploring options such as usage-based policies could help you secure the most favorable rates.
- Oklahoma has one of the highest ratios of fatal car accidents caused by distracted driving (7th), failure to obey traffic signs or officers (8th), and drunk driving (9th). These statistics make Oklahomans one of the top five worst drivers in the country.
- Auto insurance companies are required to offer minimum $25,000 per person, $50,000 per accident Uninsured Motorist Bodily Injury (UMBI) coverage in OK. But this coverage can be refused in writing.
- Oklahoma City has one of the highest car ownerships amongst the metro areas in the country with 1.89 vehicles per household and over 95% of households owning at least one automobile, according to valuepenguin.com.
- With 692, Oklahomans have one of the lowest average credit scores in the US, according to Experian. Your credit score is considered when auto insurance companies calculate premiums and can substantially affect the costs if you have bad credit.
- Failure to maintain car insurance coverage can lead to fines, license and registration suspension and even jail time in the Sooner State. Immediate payment of fines is required if the insurance lapse is discovered after an accident. If discovered during a traffic stop, a 10-day window is given to reinstate insurance before fines are applied. In the event of an accident, your driver’s license is immediately suspended and your vehicle impounded. License suspension can occur after a traffic stop if insurance isn’t reinstated within 10 days. Potential penalties also include up to 30 days of jail time.
- If an accident without insurance led to license loss, you can apply for a modified driver’s license for a fee, granting limited driving privileges for commuting to work.
- Oklahoma boasts over 400 miles of Route 66, the longest driveable stretch. This scenic route takes travelers through charming towns, roadside diners, and unique attractions.
With several reputable carriers available, you have a great opportunity to maximize your options and find the insurer that offers the best value for your needs. To identify such a company, it is advisable to get a few vehicle insurance quotes and compare prices and coverage. This approach will enable you to make an informed decision based on the combination of affordability and comprehensive protection they offer.