Do you get exhausted from not being able to afford to buy auto insurance? Your situation is no different than most other drivers in Oklahoma. With drivers having so many options, it’s difficult to find the cheapest auto insurance company.
You need to compare premium rates at least once a year because insurance prices are rarely the same from one policy term to another. Even if you think you had the best price at your last renewal other companies may now be cheaper. Forget anything you know (or think you know) about auto insurance because we’re going to demonstrate the only way to lower your rates without sacrificing coverage.
Auto insurance policy discounts you can’t miss
The cost of insuring your cars can be expensive, but there could be available discounts that you may not know about. Larger premium reductions will be automatically applied at quote time, but lesser-known reductions have to be requested specifically before being credited.
- Buy New and Save – Buying insurance on a new vehicle may earn a small discount because newer models keep occupants safer.
- Anti-lock Brakes – Cars and trucks with anti-lock braking systems are safer to drive and earn discounts up to 10%.
- Air Bag Discount – Vehicles equipped with air bags or automatic seat belts can qualify for discounts of 20% or more.
- Discounts for Government Workers – Having worked for a branch of the government could provide a small rate reduction with certain companies.
- Distant Student Discount – Children living away from home attending college without a vehicle on campus could qualify for this discount.
- Payment Discounts – If you pay your bill all at once rather than spreading payments over time you can avoid monthly service charges.
A little disclaimer on discounts, most discount credits are not given to the overall cost of the policy. The majority will only reduce specific coverage prices like collision or personal injury protection. If you do the math and it seems like you would end up receiving a 100% discount, company stockholders wouldn’t be very happy.
Some of the larger companies who might offer many of the previously listed discounts possibly include:
Double check with every company to apply every possible discount. Some of the earlier mentioned discounts might not apply everywhere. To find companies with discount auto insurance rates in Oklahoma, follow this link.
Learn how to lower your auto insurance costs
It’s important that you understand the rating factors that go into determining the level of your policy premiums. When consumers understand what impacts premium levels, this enables informed choices that can earn you cheaper rates.
The following are some of the most common factors companies use to determine prices.
- Lower rates by increasing coverage deductibles – Physical damage deductibles are the amount of money you are required to pay before a claim is paid by your company. Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some examples of covered claims are rearending another vehicle, damage caused by hail, and damage from wind. The more you pay before a claim is paid (deductible), the lower your rates will be.
- More policies can equal more savings – Most major auto insurance companies give lower prices to clients that purchase more than one policy. It’s known as a multi-policy discount. Discounts can add up to as much as ten percent or more Even if you qualify for this discount already, it’s always a smart idea to shop around to guarantee you are still saving the most. Consumers may save money by buying from different companies
- Remove unneeded extra coverages – Policies have optional add-on coverages that sound like a good idea at the time when buying auto insurance. Things like rental car coverage, death and dismemberment, and extra equipment coverage may be wasting your money. You may think they are a good idea initially, but your money might be better spent on other coverage so get rid of them and save.
- Liability insurance limits are a factor – Your policy’s liability coverage provides coverage in the event that you are responsible for an accident. Liability insurance provides you with a defense in court to attempt to prove you were not liable. It is affordable coverage when compared with rates for comp and collision, so do not skimp.
- Marriage is a factor – Walking down the aisle helps lower the price on your auto insurance bill. It translates into being more stable financially and statistics show drivers who are married are more cautious.
More Oklahoma auto insurance information
More detailed Oklahoma auto insurance information can be read at the Oklahoma Insurance Department website. Oklahoma drivers can read state legal mandates and laws, discover disciplinary actions, learn about insurance regulations, and file complaints about a company.
More comparisons equals lower rates
In this article, we presented many ways to lower your auto insurance rates. The key concept to understand is the more rate comparisons you have, the better your comparison will be. Drivers may discover the lowest priced auto insurance comes from the smaller companies. Smaller companies can often provide lower car insurance rates in certain areas than the large multi-state companies such as Allstate and Progressive.
As you go through the steps to switch your coverage, do not skimp on coverage in order to save money. In too many instances, an accident victim reduced comprehensive coverage or liability limits only to regret at claim time that it was a big mistake. Your aim should be to get the best coverage possible for the lowest price and still be able to protect your assets.