Insurance is a necessity in America. Drivers need it to be on the road legally, banks require it on homes and cars when they lend you money, and it helps to protect our assets when we encounter disasters of all types. The insurance industry is a competitive market, which is good news for consumers because that means you have choices. Learning all you can about insurance in your area can help you save money.
Due to the size, population, and weather conditions in Oklahoma, insurance can be a bit more expensive than in other states. Knowing exactly what kind of coverage you need and being able to compare custom quotes can help you find the right policy.
Car Insurance Knowledge In Tulsa
Tulsa can be on the expensive side when it comes to auto insurance. The average driver in Tulsa will pay $1,839 a year for full coverage. This is $92 above the state average. Choosing the right policy and the right provider will be essential in getting the best coverage without overpaying.
In order to do some comparison shopping, you’ll need quotes. Sometimes people shy away from getting multiple quotes because they don’t want to be bombarded with sales calls afterward. You can now apply for quotes anonymously on our website.
If you need to lower your rates, there are a few tips:
Buy a less expensive car.
Make sure to have safety features and anti-theft devices.
Be a good driver with no tickets, accidents, or DUIs on your record.
Maintain an excellent credit score. Work to improve your score if needed.
You can save money on car insurance by driving less. Your yearly mileage can impact your rates so using public transportation to commute to work even though you own a car could help.
Take advantage of all available discounts. You can get discounts for bundling, being a good driver, being in a certain profession, and more.
Take on a higher deductible per claim if you can afford the risk.
Pay your premiums upfront or by auto-draft for large discounts.
Bundle your home and auto or other types of insurance.
Take advantage of family rates.
What Information Impacts Your Auto Insurance Premiums?
A lot of personal data goes into calculating an individual’s car insurance rate. Some of the items are within your control, but others aren’t. Which factors are looked at and how heavily they are weighted comes from a complex algorithm that measures risk.
For example, you can’t control your age, but it’s a huge factor in auto insurance premiums. Even if you’re an excellent 21-year-old driver, you’re going to pay a lot more for insurance. This is because, statistically speaking, drivers under 25 get into the most accidents. Here is another example: many people don’t realize that their credit score can help or hurt them when it comes to auto insurance. According to the data, people with higher credit scores are more responsible on the road. Luckily, your credit score is something you can work to improve if it’s less than stellar right now.
Besides your age and credit score, other factors that help determine car insurance premiums include where you live, what car you drive, your marital status, gender, and your driving record. If you’ve had speeding tickets, accidents, or a DUI, these things could drastically increase your premiums for five or more years.
Tulsa is the second-largest city in the state of Oklahoma, and because of that, there are more drivers on the road, which raises rates. There are also extreme weather conditions in OK that make insurance more expensive for both auto and home.
Can You Buy Auto Insurance Online?
It seems you can do just about anything online these days, and shopping for auto insurance is one of them. You can often get the best deals online because of the lack of overhead costs. You can also use portals to quickly get quotes for multiple agencies at once. It’s a wonderful option to be able to get full-service insurance quotes without having to get dressed or leave your home. The quality of policy is exactly the same if you buy online or sit across from an agent at a desk. The most important factor when shopping online is being able to do side-by-side comparisons of local companies that fit your needs.
Average Full-Coverage Rates In Tulsa For People Over 30
Full-coverage is an easy way to say that a person has the three most common types of car insurance rolled into one. This includes liability, collision, and comprehensive coverage. If you don’t own your car and have used a bank to finance the purchase, they will require you to carry full coverage to protect their investment.
Here is a breakdown of what each type of coverage means:
Liability: Liability insurance will pay for damages and injuries to the other party when you cause an accident. Keep in mind that the state law requires a specific amount of coverage, but you might need more than the minimum to really protect your assets from lawsuits.
Collision: Collision coverage is what pays for your personal injury and property damages in that same accident. Without it, you are left to pay for your own repairs and medical costs out of pocket. If your car crashes into another car, person, or object, that is where collision insurance typically comes into play. The coverage limit for both collision and comprehensive coverage is typically the actual cash value of the car.
Comprehensive: Comprehensive coverage will be what helps cover costs when your car is damaged by things other than collisions. This could include things like weather damage, animal damage, and theft. If your car is fully paid for and is older or not worth much money, sometimes people will choose to drop comprehensive from their coverage to save money.
Full-coverage is more expensive than minimum liability only but it gives you much more protection. Keep in mind, the purpose of insurance is mitigating risk. You want to have enough insurance to protect your property and assets but not so much that you are being wasteful. It can be a tricky balance, but that is why comparison shopping is so important.
If you’re over 30 and have a clean driving record, then you’ll enjoy some of the cheapest full-coverage rates available. Here is a round-up of a few of the cheapest and best companies and their prices:
Sometimes things just don’t go your way. If you’ve had an accident recently, your rates will probably go up, and here are some example rates with one accident in Tulsa:
What About Teen Drivers In Tulsa?
Teenage drivers are very costly to insure, and their average in Tulsa can be as high as $7,000 a year. When a driver reaches their 20’s, the costs go down considerably to around $2,662. That’s a huge difference in just a few years. Teen drivers cause the most high-dollar accidents and accidents with fatalities than all the other age groups combined. According to the CDC, 650 teens are injured, and 6 are killed by teen drivers.
Teen drivers are notorious for driving faster and not paying close attention because they are easily distracted. Their inexperience on the road can also lead to more accidents.
Sometimes, you can get a discount for teens with no accidents, tickets, and who have good grades. It’s still going to be expensive though. Teen drivers should be encouraged to keep their phones out of arms reach while driving and limit their passengers. Try to lower your costs by buying them an older car or having them share a family car.
Minimum Auto Insurance To Legally Drive In Oklahoma
You have to have minimum liability coverage in order to legally drive a car in the state of Oklahoma. Just about all 50 states have a similar law. For people living in Tulsa, the minimum amount of liability you much have is:
$25,000 bodily injury liability per person.
$50,000 bodily injury liability per incident.
$25,000 property damage liability per incident.
This is the bare minimum and might not be enough coverage to protect you if you’re in a large accident. Also, liability coverage only protects the other party and doesn’t do anything to cover your personal costs. Keep in mind, if you’ve purchased your car using a loan from a bank, that bank will require that you take out full-coverage instead.
Cheapest Minimum Liability In Tulsa:
Homeowners Insurance Facts In Tulsa
For most people, a house is the most expensive investment they will ever make. It’s extremely important that you protect your home’s value with proper insurance coverage. This is not an area where you want to take the bare minimum. Homeowners insurance can protect your physical property, your personal possessions and protect you from liability for accidents on your property as well.
The average homeowner’s policy in Oklahoma is $1,576 a year, but that can change quite a bit depending on where you live, how much your home is worth, and what personal possessions you want to be covered. Some popular homeowner’s insurance companies in Tulsa are:
Oklahoma Farm Bureau
American Farmers And Ranchers
USAA (For Service Members)
Cheap Bets For Homeowners In Tulsa:
Average Homeowner’s Premium Based On Dwelling Coverage Limits:
$100K Home = $1,547
$200K Home = $2,624
$250K Home = $3,099
$400K Home = $4,634
Most homeowners insurance policies are called “open peril” which means they cover just about any disaster except for war, nuclear explosions, and sometimes floods and earthquakes. Each state will have slightly different rules on floods and earthquakes. Homeowner’s insurance will also not cover damage caused by neglect or criminal activity on the part of the policyholder.
A great add-on to think about is Additional Living Expenses (ALE), which will cover your cost to live somewhere else temporarily while your home is being repaired or rebuilt. There are other add-ons such as identity theft, unauthorized use of credit cards, and debris removal.
There is more than one way to value a home when dealing with insurance. You could use the actual cash value of the property, the replacement cost, or the extended replacement cost/value. Actual cash value includes the structure and belongings after subtracting depreciation. That means it’s not the value you actually paid but what they are worth right now. Replacement value doesn’t account for depreciation, thereby allowing you the actual cost to replace the items. This coverage is more expensive. The highest level of homeowner’s insurance is the extended replacement valuation that adds a buffer amount of around 20 to 25% of the total.
A standard tip for lowering your overall insurance costs is to bundle your home and auto insurance. Bundling will get you the biggest discount on both home and auto.
What Determines a Homeowner’s Insurance Premiums?
It all comes down to the likelihood of a claim being filed, combined with the value of the property. You’ll also see fluctuations based on zip code. Some types of homes are harder to get insured, such as vintage homes with very old wiring that is known to be a fire hazard. You can also expect higher premiums if you own swimming pools, certain breeds of animals, expensive art or jewelry, or trampolines.
Understanding Homeowners Insurance Deductibles
Before a claim gets paid out on any type of insurance, you typically have a deductible. The deductible is paid out of pocket and is a way to reduce overall costs and prevent insurance fraud or frivolous claims. Your deductible can range anywhere from $500 to $2,500 or be a percentage of the total claim. If you choose a higher deductible, you will get a lower premium.
Explaining Condo (H06) Insurance
Condos are unique because while you own your individual unit, you don’t own the whole building. Figuring out whose insurance pays for what can be a tricky business. HO6 insurance was designed exclusively for condo units. It’s sometimes called a “walls-in” policy because it protects everything within the walls of your particular unit. It typically will protect the structures within your walls, your personal belongings, and coverage for living expenses if you have to move temporarily while repairs are being made. The common areas of the condo are covered by the condo association. Most condo insurance policies will also include at least $100,000 in liability insurance to cover accidents in your dwelling. If your condo will be uninhabited for 30 days or more, then you’ll need vacant condo insurance. Vacant dwellings are more at-risk, which is why they require a separate policy.
Do You Need Renter’s Insurance In Tulsa?
Don’t make the mistake of thinking that your landlord’s insurance will protect you when you are renting an apartment, condo, or even a home. The landlord’s protection is typically only for themselves and any property damage the building receives. If you want to protect your personal items, then you’ll need renter’s insurance.
Luckily, renter’s insurance isn’t very expensive, but it can save you a ton of money if there is a disaster like a flood, fire, or even theft. Some of the best renter’s insurance companies in Tulsa are:
State Farm (rated all-around best coverage and service)
Liberty Mutual (one of the best for affordability)
Allstate (one of the best for excellent customer service)
The statewide average for renter’s insurance in Oklahoma is just $30 a month. You can find cheaper policies than this average, though; you just need to shop around for the best deal that fits your needs.
Finding Commercial Insurance In Tulsa
Tulsa local business owners know they need commercial insurance, but where is the best place to find it, and what, exactly, do you need? Small business owners just starting out might be overwhelmed with insurance options or ignore them completely, leaving themselves open to risk and litigation down the road. Here are some commercial insurance policies your business may or may not need.
Business Owner’s Policy - This covers both business property insurance and general liability protection and is essential for most types of business,, no matter their size.
Commercial Auto Insurance - Provides coverage for you and your employees and any vehicles they own or lease for work.
Commercial Property Insurance - You need this if you have office space, a warehouse, inventory, etc.
Umbrella Insurance - Just like a real umbrella, this insurance helps cover legal fees that your regular insurance doesn’t cover. If it’s raining down on you, umbrella insurance can help cover you.
General Liability - Financial protection from lawsuits.
Data Breach Insurance - If you deal with customer data and face government regulation, then this insurance could help you with fees and payments associated with a breach.
Home-Based Business Insurance - If you run a business from your home, certain things might not be covered by your homeowner’s insurance policy, such as damage to your inventory or anything you use for business.
Workman’s Comp Insurance - This form of insurance provides coverage for work-related injuries and covers medical bills, wages, rehab, and disability payments.
Some highly rated commercial business insurance companies in Tulsa include:
Three by Berkshire Hathaway
Make Sure To Find The Best Insurance Company For Your Needs
Cost is important, but it isn’t everything. There are other things to consider when choosing your provider. Excellent customer service is extremely important. Remember, you are typically using your insurance after some type of accident or disaster. Your life will be stressful enough at this moment, why add bad customer service to the mix? Look for insurance companies that are highly rated for customer service. You can also check reviews and word of mouth to find users that have had a good or bad experience with specific companies before you sign up.
You’ll also want to choose a company with competitive discounts that benefit you. Some professionals have affiliate discounts or you might be entitled to things like good driver discounts or discounts for safety devices or security systems.
Finally, choose a company that is very accessible with 34 claims support and a mobile app to help keep you connected. Many companies offer claim processing through their apps and you can carry the details of your policy wherever you go. It’s nice to know that all your insurance questions can be answered with a few taps on your phone.
New to Cheapest Auto Insurance?
No matter what type of insurance you’re shopping for, start by comparing personalized quotes between companies that are available to you. So many factors go into premium quotes, you can’t truly see which is the best deal without requesting quotes and seeing them side-by-side. Remember, if you’re searching for auto insurance and want anonymous quotes, check out this link with Cheapest Auto Insurance. Cheapest Auto Insurance wants to be your neighborhood insurance partner in Tulsa. You can reach one of our agents via phone at 918-744-5145
or get an instant online quote at the link above.