Cheapest Car Insurance for Low-Income Drivers In Oklahoma For May, 2024

Oklahoma hasn’t had vehicle insurance providers closing shop and leaving the state, as in a few other states. But, like a lot of other states these past two or three years, some Oklahoma drivers have gotten big increases in their premiums. Insurers lay the blame for these higher rates on a multitude of factors such as inflation, higher cost of auto parts, repairs being more costly following an accident, and more catastrophic weather. However, most Oklahoma drivers, even low-income drivers, can find affordable minimal liability coverage as required by state laws.

I’ve had auto insurance coverage myself with some of these providers. All auto insurance carriers in this review have top notch ratings and established reputations in the car insurance industry. Each of these companies has its own unique strengths to offer  a variety of drivers.

Any driver who doesn’t want to worry about the financial burden that could be incurred in the event of an accident while uninsured should take a good luck at State Farm’s car insurance. Besides, it’s illegal in all but two states to operate any vehicle on a public road without a state’s minimum declared amount of liability insurance.

Affordable auto insurance doesn’t necessarily mean bargain basement coverage. If you research various auto insurance carriers in Oklahoma, and compare rates between those companies, you can often save money on your car insurance without sacrificing adequate coverage.

Rates for the cheapest car insurance in Oklahoma

Numerous vehicle insurance companies have the belief that there’s a correlation between low credit ratings and low income drivers. This concept is not good news for poor credit or low income drivers in Oklahoma, since rates for low income drivers with low credit scores can be as much as 50% higher than what drivers with good credit and higher incomes pay.

If you have a low income or poor credit, you can still get a reasonably low rate on auto insurance. You’ll have to get proactive about saving yourself some money. This means researching rates, coverage and things like discounts of the top vehicle insurers operating in Oklahoma. Rates can vary by a lot, so it will pay you to shop around. Another thing that will help tremendously to keep your car insurance rates down is to be super careful and cautious about avoiding moving violations, which can send your premiums sky high. There are other good ways to cut your premiums, too, but just these two can help.

Rates for the cheapest car insurance for bad credit in Oklahoma

Older drivers are apt to get a nasty surprise when their car insurance premiums suddenly increase. Sadly, this isn’t unusual. The car insurance industry knows that, based on all research conducted on the subject of senior drivers, they are high risk.

Perceiving senior drivers as high risk isn’t unfounded bias amongst vehicle insurance providers. As mentioned above, numerous studies and a great deal of research have repeatedly shown a considerably higher risk of accidents when senior drivers are involved. Things that contribute to that stereotype include: age-related health conditions that might affect seniors driving safety, slower reaction times, and a likelihood that injuries sustained in auto accidents will be more grave in older drivers. These results account for the belief that older drivers are at higher risk than drivers in the younger age groups.

A study conducted by The Insurance Institute for Highway Safety (IIHS) found that the rate of fatalities resulting from vehicle accidents starts to increase around age seventy. Deaths from car accidents in drivers aged eighty-five years old or more are the highest of all age groups.

So, it shouldn’t be surprising that senior drivers are paying more for car insurance as they grow older. Auto insurance providers must try to compensate for the more costly claims of older drivers with  higher premiums.

But, senior drivers can manage to save money on their vehicle insurance if they compare rates, coverage, and discounts offered by companies doing business in Oklahoma.

Rates for the cheapest car insurance in Oklahoma for seniors

Recommended car insurance coverage for low-income drivers in Oklahoma

Oklahoma law says that all drivers are required to have minimum state ordered amounts of liability car insurance to help cover the costs of an auto accident. Below are the minimum liability coverage amounts according to Oklahoma law:

• $25,000 for bodily injury per person
• $50,000 for bodily injury per accident
• $25,000 for property damage per accident

Oklahoma’s minimum requirements for liability vehicle insurance are in line with all of the other states in the nation.

Oklahoma mandates that every driver has specific minimums of liability vehicle insurance. However, many drivers feel it’s safer to have more coverage than the required minimum, just in case the expenses incurred due to an accident are more than the minimum coverage required by law. In that case, the insured driver could be held liable for the difference between the insurance coverage and the actual expenses.

Full Coverage Options

You’ve surely heard references to “full coverage,” on the topic of auto insurance. Full coverage isn’t a real category of car insurance coverage. It’s a term generally used in referral to multiple types of car insurance bundled together in one policy. Basically, full coverage provides drivers with car insurance protection from virtually any driving accident imaginable because they have all 3 types: comprehensive, collision, and property damage.

Liability insurance helps to cover the expenses of property damage or injuries that result from an accident where the insured driver is at fault. Collision coverage helps defray expenses if your vehicle is damaged in a collision—either a collision with another vehicle, or with an object of some sort. Comprehensive coverage is for accidents that aren’t collisions, such as: vandalism, natural disasters, fire, and theft.  Full coverage auto insurance encompasses all of these 3 types of coverage, which gives drivers peace of mind, knowing they’re fully covered.

Does Oklahoma have a government-sponsored car insurance program for low income families?

No, Oklahoma does not have a government sponsored car insurance program for low-income drivers. Oklahoma drivers are legally required to carry a minimum of liability insurance, which at least costs considerably less than full coverage.

Does income affect car insurance rates in Oklahoma?

No, your vehicle insurance rates in Oklahoma aren’t affected by your income. Auto insurance carriers consider such things as: your location, your vehicle, adding a teenager or senior driver, age, and  driving history, in addition to the coverage you need. They look at all of these factors to calculate your premiums.

How to save on car insurance costs in Oklahoma

The vehicle insurance landscape in Oklahoma may seem like a mountain you have to climb when you’re shopping for car insurance. But if you tackle your car insurance shopping the right way, it can save you some money on your premiums.  Luckily, you can get online and do literally all of your research on car insurance, which simplifies the process. Compare rates, coverage, discounts and other pertinent information of the companies you’re considering. A little time spent can mean a lot of money saved.

1. Compare Rates from Different Providers

One of the most important things you can do to cut the costs of your auto insurance is rate comparisons  to see which insurer has the best rates for your needs. There can be significant differences in costs between car insurance carriers, so it make sense to look around. Vehicle insurance rates are generally based on numerous components, including: your driving record, your location, and your age, among other things. Some people narrow the field of contenders down to 3 companies, then choose one that seems the most suitable overall.

2. Leverage Discounts

Discounts are offered by most auto insurance providers and can save you a lot of money over time since they lessen your premiums. Here are some factors that can influence vehicle insurance discounts: safety features of your vehicle, a good student discount, safe driving discount, bundling more than one sort of coverage with a company, and others. Be sure to inquire about discounts when you’re comparing one company to another. You may qualify for multiple discounts and save even more money.

3. Adjust Your Coverage and Deductibles

Here are a couple of the most important steps you can take to lower your car insurance costs: Adjust the coverage you’re paying the premium on, and raise the deductible. These easy but efficient changes can net you big savings. If you drive an older model car, for example, paying for expensive full coverage is probably not a smart move financially because the premium might be more than the value of the car. Liability coverage may be sufficient unto your needs, and it’s much cheaper than full coverage.Your deductible is the amount you’re required to pay when a claim is filed, before your insurance kicks in. The more deductible you’re willing to pay, the less your vehicle insurance premium will be. Decreasing the deductible will increase your premium. If you decide to raise your deductible to lower your premium, make sure it’s an amount that won’t be too much of an outlay in the event of an accident.