Oregon drivers need to have car insurance in place before they can drive. This is not only to comply with the state’s legal requirements but also to protect their financial assets in case of an accident. According to Bankrate’s 2021 study on annual quoted premiums, Oregon car insurance costs an average $1,346 per a year for full coverage.
Roads can become congested with more than 3,000,000 licensed drivers and more than 4 million vehicles in Oregon. A car insurance policy is crucial to protect your finances in the event of an accident. How do you find the best Oregon car insurance? Bankrate can help with your research.
Oregon’s best car insurance companies
Oregon residents might wonder how to compare different companies when shopping for car insurance. The Bankrate insurance editorial team did extensive research to simplify your journey to car insurance.
Quadrant Information Services provided current premium information for the largest Oregon insurance companies by market share. We began by collecting this information. This information was combined with our research about each company’s policies, discounts, and third-party scores, and each carrier was assigned a Bankrate score. Higher scores in each category indicate a company’s score is closer to 5.0.
USAA
USAA receives consistently high marks for providing exceptional customer service year after year. USAA does not qualify for J.D. Power’s studies were not possible due to the fact USAA only sells insurance for current military personnel, veterans, and their immediate families. USAA offers many discounts, even though its average premium for full coverage is much lower than Oregon’s. Savings can be made by being a student and insuring your new vehicle or garaging it on a military base.
Geico
Geico’s average premium may be slightly higher than Oregon’s, but the company offers one of the longest discounts lists in the industry to offset the cost of your policy. There are some ways to save money by being a federal worker, a safe driver, or a member of certain organizations like alumni groups. Geico also offers a user-friendly and highly-rated mobile app. This could be a great option if you want to manage your insurance online.
Travelers
Travelers offers the lowest premium for full coverage in Oregon, so if budget is your main concern you may want to get a quote. You can also customize the policies with optional coverages such as roadside assistance, accident forgiveness, and ridesharing. Low premiums could be due in part to generous discounts offered by the company, including savings for safe drivers, homeowners, hybrid and electric vehicles and homeowners, even if you don’t have Travelers insurance.
State Farm
State Farm is the largest provider of car insurance in the U.S. and a popular choice for Oregon drivers. State Farm’s financial strength and high J.D. are two of its strengths. State Farm is a well-known car insurance company that has a strong financial strength and high J.D. State Farm is a well-known car insurance company that offers in-person services.
Progressive
Progressive’s extensive list of coverages and special discounts earned it a place on our list. You can also choose from ridesharing coverage, custom parts and equipment coverage, loan/lease gap coverage, and a deductible savings option. You can save money by ordering your policy online and purchasing it in full. Name Your Price by the company could help you find coverage that suits your needs and your budget. Simply enter your car insurance budget to see different coverage options that might work for you.
Oregon’s average cost for car insurance
For full coverage, the average cost for car insurance in Oregon was $1,346 per annum. This premium is significantly lower than the $1,674 per year national average for full coverage.
For a variety of reasons, Oregon’s car insurance could be less expensive than the national average. Average rates are affected by the likelihood of an accident in Oregon, the cost for parts and labor, and the cost for healthcare.
There are many factors that go into determining the cost of car insurance premiums. How much you pay will depend on your driving record, car type, and what coverages you select.
Oregon’s minimum insurance requirements
In the United States, most states require that drivers have at least minimal car insurance. Oregon is no exception. Oregon’s minimum requirements for car owners require them to have liability insurance policies that cover at least:
- $25,000 for one-person bodily injury/death. $50,000 for more than one person’s bodily injury/death
- $20,000 to pay for property damage to other people
- $15,000 per person personal injury protection (PIP)
- $25,000 per person, $50,000 per accident uninsured driver coverage
The liability coverage covers damages you cause to others. Uninsured Motorist coverage and PIP provide coverage for your damages.
Insurance experts advise that you have more coverage than the minimum liability requirement. Although minimum coverage may be the most affordable, it can leave you with high-end out-of-pocket costs if you are involved in an accident. You are responsible for any excess damage or injuries you cause beyond your insurance limits.
Comprehensive and collision coverages do not provide protection for vehicle damage. These coverages are added to “full coverage” if you have a loan on your vehicle or a lease.
How to find the best Oregon car insurance
Drivers should take into consideration several factors in order to get the best Oregon car insurance. All car insurance companies offer different prices, coverage options, policies features, and discounts. Every Oregon car insurance company will evaluate you differently. Many insurance companies will consider rate factors such as your personal characteristics and previous driving record. You might consider the following:
- Assess your needs. Understanding the factors that affect your decision about car insurance can help you find companies that are right for you. Do you want the lowest possible policy? Are you a parent of a teenage driver? Are there tickets on your record. It is also important to think about what you need from a company, such as a mobile app, specific coverages, or excellent customer service. It might be easier to find the right company for you if you have these information.
- State factors: It is important to consider more than the minimum coverage in your state. Consider factors such as the area’s crime rate or potential for severe weather events to influence your decision to buy comprehensive coverage. You might consider purchasing collision coverage to increase your liability limits if you see a lot of crashes in your local area.
- A licensed agent can help you determine the right coverage and how much. A licensed agent will be familiar with Oregon’s drivers and can help you select the right coverage.
Oregon offers car insurance discounts
Insurance companies that offer car insurance can provide discounts to reduce your premium. While discounts vary from company to company, the following are some of the most common discounts offered in Oregon:
- Multi-policy discounts are available by companies that offer more than one product. Multi-policy discounts are most popular for bundling auto, home, condo, or renters insurance with one company. This can offer some of the best savings. This discount can also be used to purchase other products, such as life, umbrella, or business insurance.
- Discount for safe drivers: You might be eligible for a discount if you are able to avoid tickets and accidents, DUI convictions, or any other charges for a certain number of years (usually three to five years, but this can vary from company to company).
- Oregon student discounts: Oregon students may be eligible for discounts. Full-time students with a high GPA or letter grade average are eligible for student discounts. Drivers who have completed an education program prior to obtaining their license are eligible for driving training discounts. Distance student discounts are available if the student is not able to drive a vehicle while at school.
- Discounts on your bill: How you pay your bills could help you save money. You might get a discount by signing up for paperless statements or using automatic payment options.
Each company is unique so speaking with a representative can often be the best way for you to find ways to save. However, most companies offer discounts online. Remember that discounts may vary from one state to the next.
Questions frequently asked
Which Oregon insurance policy is best?
There is no one car insurance company that is best for everyone in Oregon. Which carrier is best for you will depend on your individual rating factors and what you need from the company. You might get quotes from multiple companies to help you choose the right car insurance company.
What are the requirements to obtain Oregon car insurance?
Oregon insurance agents will need the following information to provide a quote on auto insurance: Name, date of birth, and driver’s license numbers for each person in your household. For every vehicle that you wish to insure, you will need the vehicle identification number (VIN).
Why are car insurance companies charging different rates?
Each car insurance company uses its own rating algorithm for determining how much coverage they will charge. These formulas take into account the company’s past claim payments, the likelihood of claims in your region, and the severity of those cases, among others. Each company will therefore weigh your rating factors differently. A company may charge you a lot for a ticket, while another company might only slightly increase your premium. It is a good idea to request quotes from multiple companies.
