How to Find Affordable Car Insurance in OR
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In Oregon, the average cost of a car insurance premium is $1,377 per year, which is almost 4 percent less than the national average. Drivers in the Beaver State could certainly use some breaks on their car insurance. And we will discuss money-saving tips and strategies a little bit later on. But first let’s take a closer look at car insurance in Oregon.
State Minimum Liability Standards
If you ever cause a car accident, liability insurance pays for the other people’s injuries and property damage, up to your liability limit. Each state has minimum liability requirements for the drivers in their state.
In Oregon, the minimum liability requirements are $25,000 bodily injury liability coverage per person, $50,000 bodily injury liability coverage per accident and $20,000 property damage liability coverage per accident.
The cost of this minimum liability coverage is about $745 per year.
Uninsured and Underinsured Motorist Coverage
Uninsured motorist coverage helps pay for damages caused by a driver who doesn’t have insurance. Underinsured motorist coverage protects you in the event of an accident where the other party is at fault and doesn’t carry enough insurance.
Oregon requires its drivers to carry uninsured and underinsured motorist coverages and the requirements are $25,000 bodily injury per person and $50,000 bodily injury per accident.
Oregon Is a No-fault State
If you happen to get in an accident in a no-fault state, no-fault insurance will reimburse you for any hospital or medical expenses and wages lost from inability to work. No-fault insurance will cover these expenses regardless of who is responsible for the accident.
No-fault insurance is also known as Personal Injury Protection (PIP). Oregon is a no-fault state and it requires its drivers to carry PIP coverage of $15,000 for medical services within two years after the date of the injury. Oregon’s PIP also includes limited coverage for loss of earnings, funeral expenses, essential services and child care.
A More Comprehensive Policy Costs More
In Oregon, a more comprehensive auto insurance policy with collision insurance and comprehensive insurance with $1,000 deductibles will cost around $1,253.
Collision insurance is coverage that helps replace or repair your car if it is damaged in an accident with another vehicle or object such as a tree or a fence. Comprehensive insurance covers events that aren’t covered by collision coverage. These events include theft, vandalism and fire and damages from weather such as a tornado, a hurricane, a hailstorm and a windstorm.
If you have a loan on your car, your lender may require you to carry both collision coverage and comprehensive coverage. A deductible is the amount you need to pay before your auto insurance company begins to pay for damages to your car or losses. Both collision insurance and comprehensive insurance require deductibles.
Choosing a higher deductible is one way to save money on your auto insurance premium.
Restrictions on Credit Data
In Oregon, insurance companies are restricted in how they may use consumer credit data when assessing policies.
In Oregon, insurance companies can’t use a policyholder’s credit information to raise premiums at renewal. Oregon law also prohibits insurers from canceling or refusing to renew existing policies because of credit history problems.
However, insurers in Oregon are free to use credit information when deciding whether to issue a new policy.
How to Save Money on Car Insurance
Now it is time to look at some tips and strategies for saving money on car insurance. Use as many as you can to save money on your car insurance premiums.
Get married. If you are married, you will pay less for car insurance. There is a correlation between being married and exhibiting safe driving behavior. Because of this, married motorists pay less for auto insurance than singles. In Oregon, married motorists save around $51 per year on car insurance.
Be safe on the road. Being a safe and responsible driver will save you money on your car insurance premium. In Oregon, a driver without a recent, at-fault accident saves 36 percent on their auto insurance premium. But get reckless and break a few rules of the road and your premiums will head up. A single speeding ticket can raise car insurance rates by 19 percent. And in Oregon, the first, minor, at-fault car accident will raise insurance premiums by about $743 per year. A DUI raises yearly car insurance rates by about $1,097. So drive safely and follow the rules of the road. If you’ve been a safe and responsible driver be sure to let your insurance company know. Your behavior on the road makes you eligible for a good driver discount. So be sure to ask for one, you’ve earned it.
Pay bills less often. Rather than pay monthly auto insurance bills, pay the entire annual amount or six-months amount. Your premium is lower when you pay just once or twice a year.
Go for a multi-car discount. Got more than one car to insure? Insure them at the same auto insurance company and save money with a multi-car discount.
Try bundling your policy. Bundle your auto insurance policy with another insurance policy such as a homeowners policy and save money.
Drop coverages. The maximum payout for collision coverage and comprehensive coverage is limited by the value of the car. So if your older car has a low market value, it may not make financial sense to carry collision coverage and comprehensive coverage any longer.
Review memberships. Members of some professional organizations and affiliates get discounts on car insurance. Check your professional memberships to see if you qualify for a discount.
Check features on the car. Having certain anti-theft and safety features on your car will lower your car insurance. Check with your insurance company to see if the features on your car qualify for a discount.
Age matters. Drivers who are younger than 25 and older than 65 have more serious accidents and pay more for car insurance. Drivers of the ages in-between pay less.
Be a female driver. Women make fewer accident claims than men and are rewarded with lower auto insurance rates. Men make more accident claims and pay more.
Keep mileage low. Want to save money on car insurance? Keep your mileage low. Low-mileage drivers pay less for auto insurance. Heavy commuters who rack up the miles pay more in insurance. So drive less and pay less for auto insurance.
Stick with your coverage. You’ll pay higher insurance rates if you don’t maintain continuous coverage of your auto insurance. So stick with your auto insurance coverage and save money.
Choose a high deductible. As mentioned earlier, choosing a high deductible is one way to lower your auto insurance premium. Just be sure to put the deductible amount in a small emergency fund. This way the money will be there should you need to make an insurance claim.
Go after discounts. The good driver discount is worth mentioning again. And there are also discounts for veterans and students. So reach out for the ones for which you qualify.
Pick a safe place. If you live in a neighborhood with high accident claims and auto theft, you are going to pay more for car insurance. If you live in a neighborhood with low accident claims and low crime, you are going to pay less for car insurance. So choose a safe neighborhood and save money on your car insurance.
Buy a home. Statistics show that people who own homes drive more safely. So let your auto insurance company know that you own a home and enjoy the savings on your auto insurance premium.
Shop around. One of the best ways to save money on car insurance is to shop around. You will want to get insurance quotes from several different insurance companies. SmartFinancial makes this easy to do. Just input the type of insurance you are looking for and a zip code to get started. Next, answer a few, quick questions and you’ll be comparing auto insurance rates in Oregon in no time.
SmartFinancial has access to more than 200 insurance companies so you are bound to find the insurance coverage and price that you want.
So shop smart for auto insurance and drive safely along the roadways of the Beaver State.