Tips to Drive Down Auto Insurance Costs

I hear from many Oklahomans who are concerned about the rising costs of insurance, including auto insurance. Americans are facing this challenge nationwide. Many factors go into determining rates, and we may be unable to change some aspects, like inflation, insurance market conditions and disasters. Still, Oklahomans can save on auto insurance in several ways, for example, by driving safely and distraction-free – consider this your lighthearted reminder to put down your cell phone!

Let’s look at what’s happening and what you can do to lower your costs.

Auto rates are influenced by many factors, both on an industry-wide and an individual level. The increased number of natural disasters, the rising cost of repairs, higher inflation and interest rates, and more significant reinsurance costs go into these determinations. In Oklahoma, frequent and severe hail and windstorms are considerable risks, as is the number of uninsured motorists. In 2022, the Insurance Information Institute estimated that 11.8% of drivers in Oklahoma were uninsured. Still, you, the individual, can take steps to save.

Several different aspects impact your rate on a personal level. Insurers consider the type of vehicle you drive, your driving record, credit score, vehicle use, and where you live and garage your vehicle when determining the number. When you can present less financial risk, you’ll save more money.

Driving safely is one of the biggest and easiest ways to reduce costs. You cannot control how others drive, but you can control your driving. Obey traffic laws, avoid collisions, eliminate distractions (Put down your cell phone!), and maintain a clean driving record. Insurance companies offer lower premiums to drivers who demonstrate safe driving habits. Driving safely and responsibly reduces your risk and protects yourself and others.

Here are some additional ways you can save on insurance:

• Shop around. Rates can vary significantly from insurer to insurer. Compare quotes to find affordable coverage that meets your needs. In Oklahoma, we have over 100 companies licensed to offer auto insurance.
• Ask about discounts. Most insurers offer discounts for bundling, completing defensive driving courses, military service, and being a good student. Don’t be afraid to ask your insurer about these savings opportunities.
• Ask your agent about telematics. Some insurers now offer usage-based insurance programs that track your driving habits. Safe drivers can earn significant discounts this way. Insure U’s DriveCheck can help determine if usage-based insurance is right for you.
• Raise your deductible. If you can afford a higher deductible, adjust your coverage to save.
• Reduce coverage on older vehicles. If your car is worth less than 10 times your premium, consider dropping comprehensive and collision coverage.

Rising auto insurance premiums pose challenges to Oklahomans. Some of the factors you cannot change, but there are some things you can do to save money. The Oklahoma Insurance Department (OID) is here to assist you in navigating auto insurance and understanding your coverage choices. Contact us at 800-522-0071 or oid.ok.gov.

Media questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221