Are you overwhelmed by the sheer number of auto insurance options in Stillwater? Many other consumers are too. You have so many options that it can be a ton of work to find better rates.
More discounts equal less premium
Insurance can be prohibitively expensive, but there are discounts available to reduce the price significantly. Certain discounts will be applied when you purchase, but less common discounts must be manually applied before they will apply. If you don’t get every credit available, you’re just leaving money on the table.
- Own a Home – Being a homeowner can save you money because of the fact that having a home shows financial diligence.
- Employee of Federal Government – Being employed by or retired from a federal job could cut as much as 10% off with select insurance companies.
- New Vehicle Savings – Adding a new car to your policy can be considerably cheaper compared to insuring an older model.
- 55 and Retired – If you qualify as a senior citizen, you may qualify for reduced rates.
- Auto/Home Discount – If you have multiple policies with the same company you will save up to 20% off your total premium.
- College Student – Youth drivers who attend school more than 100 miles from home without a vehicle on campus can receive lower rates.
- More Vehicles More Savings – Buying insurance for multiple cars or trucks on one policy qualifies for this discount.
Drivers should understand that most credits do not apply to the overall cost of the policy. The majority will only reduce individual premiums such as comp or med pay. So even though they make it sound like you could get a free auto insurance policy, you won’t be that lucky. But any discount will help reduce your premiums.
To see a list of providers who offer auto insurance discounts in Oklahoma, click this link.
Beware of misleading auto insurance ads
Oklahoma consumers constantly see and hear ads for car insurance savings from companies such as State Farm, GEICO and Progressive. All the ads make the same claim that you can save after switching your policy.
But how can every company make almost identical claims? This is how they do it.
Insurance companies have a certain “appetite” for the type of driver that earns them a profit. For example, a preferred risk could possibly be over the age of 40, has no prior claims, and drives newer vehicles. Any driver who matches those parameters will get very good rates and as a result will probably save when switching.
Drivers who don’t qualify for the “perfect” profile must pay more money which leads to business not being written. Company advertisements say “customers who switch” not “people who quote” save that much money. That’s the way companies can advertise the way they do.
This illustrates why it’s extremely important to quote coverage with many companies. Because you never know which auto insurance company will have the lowest rates.
The coverage is in the details
Learning about specific coverages of your auto insurance policy can help you determine appropriate coverage and the correct deductibles and limits. Policy terminology can be confusing and nobody wants to actually read their policy.
Medical expense insurance
Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses such as EMT expenses, ambulance fees, hospital visits and surgery. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. It covers both the driver and occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage
This can cover damage that occurs to other’s property or people that is your fault. Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have a combined limit which provides one coverage limit without having the split limit caps.
Liability coverage protects against things like legal defense fees, funeral expenses and repair costs for stationary objects. The amount of liability coverage you purchase is a decision to put some thought into, but buy as high a limit as you can afford. Oklahoma state minimum liability requirements are 25,000/50,000/25,000 but drivers should carry better liability coverage.
Protection from uninsured/underinsured drivers
This coverage gives you protection from other drivers when they either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as your vehicle’s damage.
Since many Oklahoma drivers only purchase the least amount of liability that is required (Oklahoma limits are 25/50/25), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Normally these coverages are identical to your policy’s liability coverage.
Comprehensive (Other than Collision)
This coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive insurance covers claims such as a broken windshield, theft, damage from flooding, hitting a bird and damage from a tornado or hurricane. The maximum amount a auto insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.
This coverage pays for damage to your vehicle resulting from a collision with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision coverage protects against things such as driving through your garage door, hitting a parking meter, colliding with another moving vehicle and hitting a mailbox. This coverage can be expensive, so consider dropping it from older vehicles. Drivers also have the option to bump up the deductible to bring the cost down.
Consumer auto insurance information in Oklahoma
Much more information about auto insurance in Oklahoma can be read on the Oklahoma Insurance Department website through this link. Visitors are able to find a variety of consumer forms, download brochures, view a list of available companies, and find disaster information.
When trying to cut insurance costs, never reduce coverage to reduce premium. In too many instances, drivers have reduced liability limits or collision coverage only to find out that the small savings ended up costing them much more. Your strategy should be to find the BEST coverage at an affordable rate while still protecting your assets.
Budget-conscious auto insurance can be bought online and with local Stillwater insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money. A few companies do not offer online price quotes and these small, regional companies work with independent agents.
We just showed you a lot of information how to compare auto insurance prices online. It’s most important to understand that the more price quotes you have, the better chance you’ll have of finding lower rates. Consumers could even find that the most savings is with a smaller regional carrier.