The words “cheap” and “insurance” really don’t belong together, especially when trying to find the cheapest auto insurance for veterans. Because it’s not cheap, let’s start off by going over some things that impact auto insurance rates, and find out if we can help you shave a little off the next policy you buy.
Trying to find budget auto insurance is easier said than done, and deciding which company offers the most affordable car insurance rates for veterans requires more quotes for comparison. Each company uses different criteria to determine premium rates, so let’s take a look at the overall cheapest car insurance companies in Tulsa.
Keep in mind that Tulsa, OK car insurance rates are determined by lots of factors that can increase the price of coverage. This price fluctuation is why consumers need to take the time to spend some time comparing rates to get the most affordable insurance quotes for veterans. Car insurance prices are determined by many things and can change substantially, so the most economical option three years ago may now be quite expensive.
Cheapest Insurance Rates for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,185 |
| 2 | Oklahoma Farmers Union | $1,202 |
| 3 | Safe Auto | $1,363 |
| 4 | The Hartford | $1,373 |
| 5 | Farmers | $1,380 |
| 6 | GEICO | $1,381 |
| 7 | State Farm | $1,521 |
| 8 | Travelers | $1,849 |
| 9 | Liberty Mutual | $1,871 |
| 10 | Mercury | $2,033 |
| 11 | OK Farm Bureau | $2,058 |
| 12 | Home State | $2,128 |
| 13 | MetLife | $2,147 |
| 14 | Shelter | $2,173 |
| 15 | Progressive | $2,245 |
| 16 | Allstate | $2,472 |
| 17 | Safeco | $5,209 |
| View More Rates Go | ||
USAA normally has some of the lowest car insurance rates in Tulsa at around $1,185 each year. Oklahoma Farmers Union, Safe Auto, The Hartford, and Farmers would also make the list of some of the best Tulsa, OK car insurance companies.
In the rate table above, if you currently buy coverage from Oklahoma Farmers Union and switched to USAA, you might achieve a yearly savings of approximately $17. Customers with Safe Auto may save as much as $178 a year, and The Hartford insureds might lower prices by $188 a year.
These policy prices are averages across all insureds and vehicles and and are not figured with a specific location for veterans. So the insurer that fits your situation best may not even be in the top 17 companies in the list above. That illustrates why you need to compare as many prices as possible using your own specific driver information and vehicle.
For veterans, one of the big components that determine car insurance rates is where you live in Tulsa. Larger areas will most likely have higher rates, whereas areas with less people or fewer weather incidents have the benefit of cheaper car insurance.
The information below ranks the most expensive areas in Oklahoma for veterans to purchase auto insurance in. Tulsa comes in at #1 with an annual cost of $2,282 for the average policyholder, which is around $190 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Tulsa | $2,282 |
| 2 | Sand Springs | $2,227 |
| 3 | Midwest City | $2,205 |
| 4 | Bethany | $2,201 |
| 5 | Broken Arrow | $2,195 |
| 6 | Oklahoma City | $2,178 |
| 7 | Del City | $2,177 |
| 8 | Bixby | $2,169 |
| 9 | Moore | $2,153 |
| 10 | Owasso | $2,148 |
| 11 | Sapulpa | $2,102 |
| 12 | Claremore | $2,069 |
| 13 | Edmond | $2,042 |
| 14 | Shawnee | $2,028 |
| 15 | Norman | $2,013 |
| 16 | Yukon | $1,994 |
| 17 | Ponca City | $1,976 |
| 18 | Stillwater | $1,970 |
| 19 | Enid | $1,961 |
| 20 | Bartlesville | $1,941 |
| Quote Best Rates Go | ||
Rates are estimated as vehicle location can revise price quotes substantially.
The diagram below illustrates how choosing a deductible can impact insurance rates when trying to find cheap insurance for veterans. The premium estimates are based on a married male driver, full physical damage coverage, and no discounts are taken into consideration.
In the chart above, a 30-year-old driver could lower rates by $344 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $524 by selecting a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, have the ability to save as much as $1,038 every year by using a higher deductible.
If you make the decision to raise deductibles, it is a good idea to have enough in a savings account to allow you to cover the extra out-of-pocket expense, which deters some people from using high deductibles.
Do you need full coverage?
Saving money on car insurance is important to the majority of people, and one of the fastest ways to reduce the cost of insurance for veterans is to not insure for full coverage. The example below illustrates the difference between insurance premiums when comparing full coverage to liability only. The data is based on no claims or violations, $250 deductibles, marital status is single, and no policy discounts are applied.
Averaged for all ages 20 through 70, comp and collision coverage costs an extra $2,349 per year over liability only. Many drivers may wonder if buying full coverage is a good investment. There is no definitive guideline of when to eliminate physical damage coverage, but there is a guideline you can consider. If the annual cost of coverage is more than about 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your vehicle’s claim settlement value is $11,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $10,000 after paying your deductible. If you are paying in excess of $1,000 annually for your policy with full coverage, then it may be the right time to buy liability only.
There are some circumstances where dropping full coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should maintain full coverage.
How accidents and tickets impact rates in Tulsa
The recommended way to score the most affordable car insurance rates in Tulsa for veterans is to be a good driver and avoid traffic citations and accidents. The example below demonstrates how speeding tickets and accident claims can raise yearly insurance costs for each different age group. The rate quotes are based on a single female driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
The data charted above shows the average cost of a car insurance policy in Oklahoma per year with a clean driving record and no accidents is $3,311. Add in one speeding ticket and the average cost swells to $3,752, an increase of $441 each year. Then add two accidents along with the one speeding ticket and the annual cost of car insurance for veterans goes up to an average of $7,454. That’s an increase of $4,143, or $345 per month, just for not paying attention while driving!
Chances are good that you’re overpaying for Tulsa car insurance
Oklahoma car insurance rates are based on many factors which can substantially change your annual premium. Improving your credit score, buying a home, or having a fender bender may cause policy rate changes that can now make some companies cheaper than competitors. Not only may things change on your end, but insurance companies file new Oklahoma car insurance rates as often as every three months in order to be able to pay unexpected claims. Higher than usual claims may cause rate increases, while a better loss history can result in cheaper Tulsa car insurance rates.
The data below demonstrates which company has the cheapest car insurance in Tulsa, OK for a 35-year-old female driver with no accidents or violations, and good financial standing. When quoting prices based on her personal risk profile, Oklahoma Farmers Union may have the lowest car insurance rates in Tulsa at $1,412 each year. This is $555 less than the average premium paid by Oklahoma drivers of $1,967. USAA, GEICO, The Hartford, and Safe Auto are also on the list of the top five cheapest Tulsa, OK auto insurance companies.
The example below compares rates after we give the driver in the first chart an accident surcharge, a lower credit score, and a traffic ticket or two. Since each auto insurer uses their own calculation to set policy rates, comparing quotes could now result in a different set of the cheapest car insurance companies in Tulsa as shown below.
State Farm now has the cheapest car insurance in Tulsa with USAA, Liberty Mutual, GEICO, and Travelers now being in the top five. This example shows why it is critical to compare rates when trying to find cheap auto insurance quotes for veterans. Insurance rates are determined by many different factors and can change without notice, so the best price two years ago may now not even be in the top five.