Can Oklahoma cut down on the number of motorists who are uninsured?

Will Oklahoma’s crackdown on uninsured motorists since November 1 lead Oklahoma towards a historic zero uninisured drivers status, or at least, becoming the state with the fewest uninsured drivers? According to consumer research website ValuePenguin.com, Oklahoma’s uninisured driver rate has seen one of the steepest declines in the country since 2009:

  • Oklahoma has reduced the number of uninsured drivers on the road: In 2009, nearly 1 in 4 Oklahoma drivers did not have any insurance, but by 2015 (the latest year of data available) that fell to just 10 percent of the drivers on Oklahoma roads, which is actually below the national average of 13 percent. Compare this to Florida, or Tennessee where 20-26 percent of drivers aren’t insured (the highest in the nation). There are currently no states with zero uninsured drivers.
  • Is Auto Insurance too expensive in Oklahoma? At $1,615 – the average cost of auto insurance in Oklahoma is among the highest in the nation—and depending on the insurer—insurance premiums can be as much as $3,260/year. This begs the question, is the cost of insurance too high for low-income Oklahomans? While benchmark figures can be high, shopping around could yield insurance premiums that are hundreds of dollars cheaper.
  • Driving Uninsured Will Cost a Lot More: Beyond paying the $174 fine, Oklahomans with a lapse in insurance coverage will need to pay at least 30 percent more for auto insurance – and would need to pay a lot more if they had an uninsured driver conviction. In fact, some insurance companies don’t cover high-risk drivers.
  • You Can buy Auto Insurance From the Government:  Drivers who are unable to get auto insurance coverage from private insurance companies can purchase auto insurance through the Oklahoma Automobile Insurance Plan (OKAIP). While this means higher premiums, it ensures that drivers will be covered.

ValuePenguin insurance analyst Bailey Petersen has authored several reports on Auto Insurance in Oklahoma. For more information, go to www.valuepenguin.com.