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

Many hours of research and analysis of data about auto insurance companies in Oklahoma have led me to conclude that State Farm auto insurance is the hands-down cheapest and best for low income drivers in the state.

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Updated: 18 March 2024
Written by
Bob Phillips
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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.

Cheapest Car Insurance for Low-Income Drivers in Oklahoma 2024

Cheapest Low-Income Car Insurance, Oklahoma 2024

Comparison of the Cheapest Low Income Car Insurance in Oklahoma

Overall Rating (Best 5.0) Best Suited For A.M. Best Rating J.D. Power Rating Get A Quote
State Farm
4.9

Cheapest Overall

A++

838

Instant Quote
GEICO
4.7

Poor Credit

A++

801

Instant Quote
Nationwide
4.6

Seniors

A+

NR

Instant Quote
Scroll to see comparisons

Our methodology

When researching information and data sources for this review of auto insurance providers, we garnered multiple components, including: customer service ratings, product options, pricing, and user experience, along with our combined evaluations of internet review sites. This review is an impartial, unbiased one that has been painstakingly researched for a view of Oklahoma's auto insurance company landscape. The data shown here was gathered from our collective opinions, backed by facts and honed by the fifteen years plus I spent as a licensed agent in the auto insurance industry, plus multiple interactions with agents from auto insurance providers, and insights from our combined experiences in buying and having car insurance in Oklahoma This informed perspective is the result of more than 15 years of active involvement in the industry as a licensed agent. It includes numerous interactions with representatives from various companies and insights gathered from firsthand experiences of purchasing car insurance in Oklahoma.

43

Quotes Analyzed

19

Brands Reviewed

15+

Years Of Experience

25+

Research Hours

Cheapest Car Insurance Companies for Low Income Drivers in Oklahoma


Cheapest Overall

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

I

The car insurance market in Oklahoma is nothing if not competitive. That being said, the provider that distinguishes itself from the rest is State Farm, both for its first-rate coverage and modest cost.

Our efforts in conducting research for this review, as well as reviews of auto insurance premiums in Oklahoma, left us no doubt at all that State Farm has the most affordable, full coverage car insurance rates in Oklahoma, with premiums starting at $55 per month.

If you are a resident of Oklahoma and in the low income bracket, State Farm’s auto insurance can  provide you with a premium that won’t blow your budget along with the coverage that fits your needs.

Apart from having inexpensive premiums, State Farm ranks amongst the top vehicle insurance carriers in the industry, right up there with the best in the U.S. It’s a shrewd choice for low-income car insurance, with a long history of coverage and discounts designed to meet a variety of consumer needs.

State Farm has an  edge over competitors in Oklahoma’s auto insurance market with its flexible coverage, comprehensive coverage, and reasonable rates. It’s the first choice for many drivers who need vehicle insurance without over-spending.

Benefits & Drawbacks

Benefits
  • Superior AM Best financial strength rating
  • Cheapest rates for most drivers in Oklahoma
  • Numerous coverage options and discounts available
Drawbacks
  • Must buy from a State Farm Agent

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

Insurance company Monthly Rate
State Farm $43
Progressive $51
GEICO $35
Allstate $62
Farmers $50

Best for Poor Credit

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
9/10 Claim Payouts
8/10 Coverage Level

Why We Like Them

Oklahoma drivers who need car insurance but have poor credit would be well advised to check out GEICO. GEICO offers rock bottom rates for those whose credit ratings are less than perfection. Multiple studies conducted have shown that GEICO is the most reasonably priced for poor credit drivers.

Don’t be misled into thinking that lower premiums equal lower quality insurance, because this isn’t true of GEICO. It’s a highly respected company within the auto insurance industry, and has an impressive record of excellent performance. If you do have a low credit rating, you can still locate vehicle insurance coverage at a low price that won’t cost more than you can afford to pay. Offering low-priced, high quality car insurance is one thing that makes GEICO a good choice for drivers with poor credit.

GEICO realizes that a poor credit rating doesn’t automatically mean a higher than average risk driver. Some car insurance companies raise rates of poor credit drivers. However, GEICO takes a more equitable approach, taking into consideration other components such as your driving record and the vehicle you’ll be insuring, as well as other pertinent factors.

If you need affordably priced coverage and have poor credit, GEICO is probably your best bet.

Benefits & Drawbacks

Benefits
  • Superior AM Best financial strength rating
  • Numerous coverage options and discounts are available
  • Cheapest rates for most drivers in Oklahoma with poor credit
Drawbacks
  • Digital tools are available but aren’t as robust as some competitors
  • Not as many GEICO agents in Oklahoma compared to many large competitors

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

Insurance company Monthly Rate
GEICO $50
State Farm  $72
Progressive  $87
Allstate  $104
USAA  $56

Cheapest for Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

According to our research, Nationwide is the best choice for senior drivers in Oklahoma who need car insurance. This isn’t founded just on our opinions alone, but on all the data that indicated as much. Research of the auto insurance industry in Oklahoma, and customer reviews as well, showed Nationwide as the overall best bet for senior auto insurance coverage.

Nationwide’s rates are simply the lowest in the state for older drivers. For instance, to provide some context, senior auto insurance policyholders with Home State Insurance have an annual rate of $3,710.00, while those with Oklahoma Farm Bureau pay approximately $3,985.00 annually.

The rates offered to this age group by Nationwide have been specifically crafted for senior drivers in Oklahoma. If you fall into this age bracket, you can be sure it’s a safe bet for seniors who need  affordable rates combined with acceptable coverage.

Benefits & Drawbacks

Benefits
  • Comprehensive mobile app for digital policy management
  • High financial strength ratings
  • Auto, homeowners, life, and other insurance products available
Drawbacks
  • Not rated by J.D. Power for customer service
  • Can only buy from Nationwide agents

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

Insurance company Monthly Rate
Allstate    $66
GEICO    $51
USAA    $38
State Farm    $41
Mercury    $68

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.

FAQs

How can low income families get affordable car insurance in Oklahoma?

Oklahoma low income drivers need to compare rates between auto insurance providers, along with coverage amounts. Also, low income drivers looking for affordable premiums should check on the discounts offered by insurers, since discounts can decrease your rates. This small investment of your time can pay big dividends in savings.

What is the minimum amount of car insurance you have to carry in Oklahoma?

Oklahoma law requires drivers to have a minimum amount of liability auto insurance, as follows: $25,000 for injury or death of one person as the result of an accident, $50,000 for more than one person, $25,000 for property damage per accident.

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