When shopping for insurance, residents of Oklahoma experience both ends of the spectrum—higher than normal averages for homeowners insurance and lower than average for auto insurance. You can keep your rates low, regardless of the type of insurance you need, by knowing the numerous factors that come into play when calculating Oklahoma insurance rates.
Oklahoma Insurance—Autos
Oklahoma operates under a tort system, meaning drivers must carry minimum amount of liability insurance to legally drive. These limits include:
- Bodily Injury: $25,000/person and $50,000/accident
- Property Damage: $25,000
Oklahoma insurance rates for liability is relatively inexpensive, even when increasing your coverage limits (which, by the way, is highly recommended, as Oklahoma state minimums are often not enough to cover costs associated with a serious accident). The real cost comes from other factors, including:
Age/gender. Statistically, males and those under 25 pose the highest risk of getting into an accident
Location. Insuring a car in a rural area is typically cheaper than insuring in a large city or an area with high crime.
Driving record. Accidents and tickets can increase your annual insurance premiums by hundreds for the next three years.
Type of car. Newer cars, luxury cars, and sports cars are often more expensive to repair, so they cost more to insure.
Some of these factors you can control, and others you can't, but you can still save by being aware of your driving and keeping a clean record and taking advantage of insurance discounts.
Oklahoma Insurance—Homeowners
Factors that influence homeowners rates include median home values, cost of living, construction and labor costs, and crime indexes. Even though Oklahoma residents enjoy a low cost of living and affordable housing, Oklahoma insurance rates for homes are higher than national averages. Why? The main reason is the high risk of tornados.
As part of "tornado alley," Oklahoma experiences an average of 54 tornados each year, the highest in the country. Tornado damage resulting from high winds and hail can be devastating, and so can the costs. Luckily, most homeowner policies include damage from tornados, including wind and hail, in their coverage. It's still a good idea to check your specific policy, however, for any exclusions relating to tornado damage.
Saving on Oklahoma Insurance Rates
In addition to looking for discounts, increasing deductibles, and driving safely, you can save on your Oklahoma insurance by shopping around and comparing different rates. You may find that you can save hundreds on your annual premiums by doing this. Localinsurance.com is an excellent resource for comparing Oklahoma insurance rates. Best of all, it's fast, simple, and free.
