No matter where you live throughout the country, different types of insurance policies are available to protect your health, your property, your business, and your wallet in the event of an incident, and the difference between insurance costs from one state to the next can tell you plenty. In Oklahoma, insurance quotes are rather modest for some policies, and surprisingly high for others; knowing what makes some types of insurance policies more costly is often beneficial, as this knowledge can give you hints on lowering your rates or finding a better policy for your specific situation. Here are a few facts (and a bit of advice) that can help you better understand Oklahoma insurance, and hopefully lead you to the best policies possible.
Oklahoma Insurance Quotes: Homeowners and Renters
Two of the most common types of Oklahoma insurance are homeowners and renters policies. Though the cost of living is relatively low throughout Oklahoma, insurance quotes are higher than normal when taking out a policy on a house. The high frequency of tornadoes, high winds, and hail make insuring property in the Sooner State a bit risky, and homeowners policies reflect this, with some of the highest average rates in the country. When we look at HO-3 policies (the most common homeowners policy in the country), the average cost of Oklahoma insurance is $1,018, putting it well above the national average of $804.
When it comes to HO-4 coverage (otherwise known as renters insurance), Oklahoma is, again, higher than the national average ($230 compared to $189). When examining any kind of homeowners insurance quotes, Oklahoma residents should be particularly aware of the types of perils each policy covers; if you find a quote that is much lower than the competition, it may not cover damage due to wind, tornado, or hail, making it a difficult policy to justify.
Oklahoma Auto Insurance Quotes
Unlike homeowners insurance, Oklahoma car insurance is much more in keeping with the national averages. In fact, Sooners pay an average of $646 a year for auto insurance, which is well below the national average of $795. When it comes to vehicles, Oklahoma insurance quotes are more reasonably priced because many of the risk factors like high population density and high rates of crime and vandalism are simply not an issue for most areas throughout the state.
As is the case in most states, to operate a vehicle in Oklahoma, insurance is required by law. The minimum amount of car insurance you absolutely must carry is 25/50/25 ($25,000 coverage for personal injury per person, $50,000 coverage personal injury per accident, and $25,000 coverage for property damage). This minimal coverage is liability insurance designed to compensate the other vehicle when you are at fault, and doesn't provide coverage for you, your passengers, or your car. Of course, most insurance companies will tell you that the minimum amount of coverage in any state is too little coverage to fully cover a serious accident, so getting additional coverage is often recommended.
Lowering Oklahoma Insurance Rates
There are many things you can do to lower Oklahoma insurance rates (without raising your deductible or reducing your coverage), and most of them involve making you, your home, or your property seem less of a risk. Adding safety equipment like anti-theft devices and fire safety equipment to your home can lower your rates, as can installing weather-resistant materials that are less likely to be damaged due to hail. For your vehicle, improving your credit score, installing a burglar alarm, or moving to a less populous area will generally bring lower rates.
Finding Oklahoma Insurance Quotes
Another way to lower the cost of Oklahoma insurance is to change insurance providers. Often, different companies will offer different rates to the same person in the same situation, which means that lower rates for a similar policy are often available. The only way to tell if using a different insurance provider will save you money, however, is to get multiple quotes from the competition for your health insurance, auto insurance, life insurance, business insurance or home insurance. Here's where NetQuote can help. Simply put in your zip code and fill out a brief form, and NetQuote will provide you with several Oklahoma insurance quotes to compare. Remember: getting quotes is free, but if there is a cheaper policy out there that you don't know about, you could be paying hundreds of dollar a year more than you need to.
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