Oklahoma drivers must fulfill their financial responsibility by purchasing at least liability insurance. These policies must equate to $25,000 for each injury with a maximum payout of $50,000. The liability policy must offer at least $25,000 for property damage. The premiums paid for these policies may vary according to a several factors.
How Premiums are Calculated
The driving record of the driver plays a significant role in how their premiums are calculated. The total number of moving violations and previous insurance claims increase the monthly premiums. If the driver has a record of DUI convictions, they are identified as a risky driver.
Evaluating the Driver’s Credit Rating
The driver’s credit score determines if they have a history of late payments. If they have any collection accounts, charge-offs, or serious delinquencies, this could increase their premiums. Basically, a higher credit score equates to lower monthly premiums.
How Far Do They Travel
Drivers may face higher costs for Car Insurance in Tulsa OK if they drive long distances to work. Extended distances increase the probability of an auto accident. If the driver must travel through high traffic areas, the premiums could increase. Drivers who don’t travel often and senior citizens acquire the lowest premiums.
Jobs in which the driver travels for extended periods could affect their premiums. This could identify a need for commercial auto insurance if they use their automobile for their own business. This could reduce the liabilities associated with using the automobile for business purposes.
How Does Age Affect Premiums?
Drivers under the age of twenty-five are considered the highest risk. This is why their insurance premiums are the highest. After they turn twenty-five these costs decrease. Seniors who are fifty to sixty-five receive a discount for auto insurance. Married couples could also acquire lower rates.
Drivers who wish to acquire lower rates for Car Insurance in Tulsa OK should acquire a risk assessment. Select insurance carriers may offer discounts for teen drivers with excellent grades. They may also provide incentives for safe drivers as well. To learn more about affordable insurance plans, click here to find out more today.
