Cheapest Car Insurance for Low-Income Drivers in Oklahoma (October 2024)


Updated: October 2, 2024

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For individual drivers in Oklahoma with low income and poor credit history, Mercury is the cheapest car insurance option at $31 per month. For families with low income, Progressive is the most affordable provider at $55 per month. Oklahoma does not offer state-backed car insurance programs for families and individuals with low income. Finding the provider with the most affordable rate is one option for managing the cost. There are also ways to get discounts to help alleviate the cost of car insurance.

Although minimum coverage will help you drive legally, there are downsides to getting this type of coverage. For example, minimum coverage might not be sufficient to cover all damages in an at-fault accident.

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Cheapest for Individuals With Low Income

Mercury is the cheapest car insurance provider in Oklahoma for individual drivers with low income and poor credit history. Its average minimum coverage premium is $31 per month or $377 per year.

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Cheapest for Families With Low Income

Progressive is the cheapest car insurance provider for families with low income in Oklahoma. Its average minimum coverage premium is $55 per month or $659 per year.

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Cheapest for Senior Drivers With Low Income

Mercury is the cheapest car insurance provider for seniors with low income and poor credit score in Oklahoma. Its average minimum coverage premium is $40 per month or $482 per year.

Why Trust MoneyGeek? We analyzed thousands of data points and quotes from Quadrant Information Services and the Oklahoma Insurance Department to get the cheapest average costs for drivers with low income in Oklahoma.

27,868Quotes Analyzed
 
10Companies Compared
 
49ZIP Codes

Does Oklahoma Offer Low-Income Insurance?

Like most other states, car insurance companies in Oklahoma don't offer income-based assistance programs. Income isn't a factor when calculating your car insurance rates in Oklahoma, but other factors — including your age and credit history — are important.

The best way to find the cheapest rates is to compare quotes from several insurance companies. A minimum coverage policy is often the most inexpensive way to stay legal on the road, but it can leave you vulnerable to a substantial loss from an at-fault accident. If you rarely drive, look into pay-per-mile insurance, which could be a great way to save.

Minimum Car Insurance Requirements in Oklahoma

To drive legally in Oklahoma, you must have car car insurance that meets the state's minimum car insurance requirements. Your policy should include at least the following liability coverage limits:

  • $25,000 for bodily injury liability per person
  • $50,000 for bodily injury liability per accident
  • $25,000 for property damage liability per accident

Understanding the difference between policy types is crucial. A liability-only car insurance policy covers expenses for the other driver if you're at fault in an accident. However, it doesn't cover your own vehicle. To protect your car, consider a full coverage car insurance policy, which includes collision and comprehensive coverages. These cover damages beyond collisions, like theft, vandalism or natural disasters.

Assessing the risks and benefits of different coverages will help determine what's best for your situation.

Cheapest Car Insurance for Individuals With Low Income in Oklahoma

Your credit record can affect your car insurance rates in Oklahoma. A lower credit-based insurance score may signal to insurers that you're a higher risk, which can lead to more expensive premiums.

Oklahoma drivers with poor credit records can find affordable rates with:

  • Mercury: $377 per year; $31 per month
  • Progressive: $573 per year; $48 per month

The cheapest car insurance in Oklahoma for drivers with low income and good credit history are:

  • Mercury: $289 per year; $24 per month
  • Progressive: $362 per year; $30 per month

Driving without insurance in Oklahoma is considered a misdemeanor and can lead to suspension of your driver's license and vehicle registration, fines ranging from $175 to $1,000 and other penalties. Make sure you're covered to drive legally and safely.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
MercuryAnnual Premium$377Monthly Premium$31
ProgressiveAnnual Premium$573Monthly Premium$48
GEICOAnnual Premium$591Monthly Premium$49
Oklahoma Farm BureauAnnual Premium$653Monthly Premium$54
Home State Ins GroupAnnual Premium$766Monthly Premium$64
ShelterAnnual Premium$833Monthly Premium$69
FarmersAnnual Premium$850Monthly Premium$71
AllstateAnnual Premium$951Monthly Premium$79
State FarmAnnual Premium$1,039Monthly Premium$87
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Cheapest Car Insurance for Families With Low Income in Oklahoma

While car insurance rates aren't directly tied to your income, your family situation can influence your premiums. In Oklahoma, a single parent's annual rate can differ by $712 compared to a married couple with a teen. The latter enjoys a more affordable rate by $59 per month.

The most budget-friendly car insurance companies for married couples with a teen in Oklahoma are:

  • Progressive: $659 per year; $55 per month
  • State Farm: $697 per year; $58 per month

For single parents with a teen, the most cost-effective options are:

  • State Farm: $1,105 per year; $92 per month
  • Progressive: $1,371 per year; $114 per month

Married couples with a teen often find lower rates than single parents with the same dependent, which is reflected in the premiums. Keeping a solid credit score is key to accessing these more affordable rates, as it reassures insurers of your reliability.

Data filtered by:Results filtered by:
Family Type:
Family Type:Married Couple with Teen
ProgressiveAnnual Premium$659Monthly Premium$55
State FarmAnnual Premium$697Monthly Premium$58
AllstateAnnual Premium$884Monthly Premium$74
GEICOAnnual Premium$933Monthly Premium$78
FarmersAnnual Premium$1,207Monthly Premium$101

Cheapest Car Insurance for Seniors With Low Income in Oklahoma

Car insurance premiums generally decrease as you reach your early senior years, typically around age 55 to 65, especially if you have a clean driving record. The two cheapest car insurance for senior drivers with low income and poor credit history are:

  • Mercury: $482 per year; $40 per month
  • Progressive: $524 per year; $44 per month

After age 70, car insurance rates typically increase as older drivers are statistically considered higher risk. This trend continues each year, meaning premiums generally rise as seniors age. In Oklahoma, there are no specific laws or guidelines for seniors getting car insurance.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
MercuryAnnual Premium$482Monthly Premium$40
ProgressiveAnnual Premium$524Monthly Premium$44
Oklahoma Farm BureauAnnual Premium$588Monthly Premium$49
GEICOAnnual Premium$647Monthly Premium$54
ShelterAnnual Premium$653Monthly Premium$54
Home State Ins GroupAnnual Premium$818Monthly Premium$68
FarmersAnnual Premium$882Monthly Premium$73
State FarmAnnual Premium$978Monthly Premium$81
AllstateAnnual Premium$1,051Monthly Premium$88
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

What Factors Affect Car Insurance Rates in Oklahoma?

Income doesn't directly affect car insurance rates in Oklahoma. However, if a low income leads to a poor credit record, this can result in higher rates. Conversely, a good credit record can lower rates. Understanding the factors contributing to car insurance rates in the Sooner State can help you make informed decisions when choosing the best car insurance for you.

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    Driving record

    At-fault accidents and moving violations increase rates for drivers. A clean driving record can help you get lower rates.

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    Age and gender

    Young drivers and males often pay more for car insurance due to higher risk factors.

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    Credit history

    A poor credit history can result in higher insurance rates, while a good credit record can help you get lower rates.

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    Location

    Living in urban areas with high traffic and crime rates can increase your car insurance costs.

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    Vehicle type

    Driving a luxury or sports car can result in higher insurance rates due to the higher cost of repairs.

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    Coverage levels

    Higher coverage levels increase the cost of car insurance. Minimum coverage is cheaper but offers less protection.

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    Insurance company

    Different insurers have different underwriting methodologies and discounts, so it's important to compare quotes.

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    Claims history

    A history of filing a claim can lead to higher rates as it indicates a higher risk to insurers. If you can afford to pay for your own repairs, it might pay not to file a claim.

How to Save on Car Insurance in Oklahoma

You don't need a state-sponsored program to cut costs — finding affordable car insurance in Oklahoma is possible with the right strategies. Here are some tips to lower your premiums:

1
Choose minimum coverage

Choosing a state-mandated minimum coverage can help you save while meeting legal requirements to drive. By sticking to the basics required by law, you can keep your premium more affordable.

2
Comparison shop

Get quotes from multiple insurers to compare rates and discounts. Shopping locally might lead to the lowest rates in Oklahoma, ensuring you’re not overpaying for your coverage.

3
Look for discounts

Many insurers offer discounts for being a good student, having a safe driving record, being a military member or bundling your auto insurance with other policies. Make sure to ask about all available discounts.

4
Increase your deductible

If you opt for collision or comprehensive coverage, opting for a higher car insurance deductible can significantly reduce your monthly premium. However, ensure you can afford the deductible in case of an accident.

5
Consider pay-per-mile insurance

Pay-per-mile is a great option for low-mileage drivers. You pay a base rate plus a per-mile fee, which can be cheaper if you don't drive much.

6
Bundle your policies

If you have other insurance needs like homeowners or renters insurance, bundling them with your auto policy can often lead to discounts. The best home and auto bundles can save you around $496 each year.

7
Drive a cheaper car

Your car's make, model and year significantly impact your insurance costs. Driving the cheapest cars to insure can save you hundreds of dollars in insurance costs each year.

FAQ: Low-Income Car Insurance in Oklahoma

Finding affordable car insurance for drivers with low income in Oklahoma can be challenging. Here are answers to some of the most commonly asked questions about low-income car insurance options.

Does Oklahoma have a state-backed low-income car insurance program?
How can low-income families get affordable car insurance in Oklahoma?
Does your income affect the cost of car insurance in Oklahoma?
What are the benefits of usage-based telematics programs for drivers with low income in Oklahoma?

About Mark Fitzpatrick


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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.