Who Has Cheap Car Insurance for Low Credit Scores in Oklahoma?

The words “bargain” and “insurance” really shouldn’t be used together, especially when shopping around for the best price on coverage for low credit scores. Let’s take a look at some things the can have a considerable influence on insurance rates, and find out if we can help you lower the cost of your next policy.

The type of vehicle driven is one of the largest factors when comparing quotes for cheap auto insurance for low credit scores in Oklahoma. Vehicles with lots of speed or power, poor safety features, or high incidents of liability claims will cost substantially more to insure than more modest models.

The table below features car insurance prices for some of the most budget-friendly vehicles to buy coverage for.

Data variables include single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Premium amounts do not factor in specific Oklahoma garaging location which can affect coverage rates substantially.

Based upon the rates shown, you can presume that vehicles like the Honda CR-V, Jeep Wrangler, Toyota Prius, Subaru Forester, and Ford F-150 will definitely be some of the most affordable vehicles to insure for bad credit.

Comparing rates for reasonably-priced auto insurance is not always easy, and finding out which companies have the most affordable car insurance rates for low credit scores will take even more work. Each insurer has a unique approach to determine premium rates, so let’s begin by taking a look at the car insurance companies with the overall best prices in Oklahoma.

Best Auto Insurance Prices in Oklahoma

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Oklahoma Farmers Union has some of the most affordable car insurance rates in Oklahoma at around $1,166 each year. USAA, The Hartford, GEICO, and Safe Auto also are some of the best Oklahoma car insurance companies.

In the above rates, if you are currently insured with GEICO and switched to USAA, you may realize savings of approxmiately $168. Drivers with Safe Auto may save as much as $192 a year, and Farmers customers might cut rates by $209 a year.

To discover how much you can save, click here to start a quote or quote rates from the companies below.

Bear in mind that those premium estimates are averaged across all types of insureds and vehicles and and are not figured with a rate decrease for low credit scores. So the car insurance company that has the cheapest rates for you may not even be featured in the above list. That points out the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.

Full coverage rates compared to liability only

Finding cheap auto insurance for low credit scores in Oklahoma is important to most people, and one great way to lower the cost of insurance is to only buy liability insurance. The illustration below shows the difference between insurance rates with full coverage and liability only. The price estimates are based on no accidents or driving violations, $250 deductibles, drivers are single, and no policy discounts are applied.

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Averaged out for all age groups, full coverage costs $2,597 per year more than buying just liability insurance. That amount may make you wonder if physical damage coverage is worth the money. There is no set guideline to delete full coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let’s say your vehicle’s book value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after paying your policy deductible. If premiums are more than $800 annually to have full coverage, then it may be the right time to buy liability only.

There are some scenarios where removing full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.

Company comparison: Geico vs Progressive vs State Farm vs Allstate

If you’re looking for the best auto insurance for bad credit, four companies you’ll want quotes from are Geico, Progressive, State Farm, and Allstate. Between them, they make up over 48% of the entire U.S. car insurance market. The following table compares some of the different features that are available for customers.