Oklahoma Drivers Overpay for Auto Insurance

Oklahoma City-While a state lawmaker prepares for an interim study on home insurance rates, new research shows Oklahomans are also paying far more for car insurance than drivers in other states.

How Oklahoma Compares

According to a report from the Consumer Federation of America (CFA), Oklahoma’s system has allowed auto insurance costs to rise sharply. In contrast, California’s regulatory model has kept insurance rates steady and among the lowest in the nation.

The CFA report claims that if Oklahoma used California’s system for insurance rate approvals, drivers could save a billion dollars annually on car insurance premiums.

Legislative Response

One Oklahoma lawmaker is pushing for further examination through an interim study, hoping the findings could pave the way for reforms that lower both home and auto insurance costs for residents.