The state of Oregon requires all drivers to carry auto insurance with liability coverage in order to register their vehicle. There are different minimums for the amount of required bodily injury and property damage coverage depending on whether or not your car is financed. The three most common forms of car insurance in the state are Standard Bodily Injury/Property Damage (BI/PD), Uninsured Motorist BI/PD, and Personal Injury Protection. Mandatory minimums are listed below for each insurance type.
What the Law Requires
Oregon Revised Statute 742.520 requires that all vehicles registered in Oregon must have some kind of liability coverage. If you are financing your vehicle, state law dictates a minimum amount of coverage to protect the lender, but it will not allow you to drive your car. If your car is paid off or if you have a loan on your vehicle from a bank or other financial institution that is not a licensed Oregon dealer, then liability insurance is only required for damage and injuries that you cause others.
Cheapest Car Insurance in Oregon
Oregon is ranked as one of the most expensive places to get car insurance in the United States. The uninsured motorist rate in Oregon is also quite high, and if you find yourself in an accident with a driver who doesn’t have insurance, your rates will increase even more. On average it would cost anywhere from $346 (Cheap Full Coverage) to $1,175 (Standard Bodily Injury/Property Damage) per year for car insurance in Oregon. The least expensive rate possible is for drivers who are 25 years old and drive a 2005 Honda Civic; the highest rates belong to drivers between the ages of 51-65 who own a 2010 Jaguar XK or similar luxury vehicle.
Best Car Insurance Companies
If you are searching for the best car insurance rates in Oregon, then you will want to check out these five carriers: GEICO, USAA, State Farm, Pacific Source and Farmers Insurance Group of Companies. Drivers can save on their premiums by increasing their deductible amounts or bundling their policies together. Policies with lower premiums typically have higher deductibles and vice versa. The average cost of a $500 deductible car insurance policy for drivers between the ages of 35-40 who drive 10,000 miles per year in Oregon is $419 (Cheap Full Coverage). The cheapest rate for drivers with clean driving records would be $1,202 (Standard Bodily Injury/Property Damage) which is a 23% rate increase from the average.
Compare Oregon Quotes Online
To get even more savings, you may want to conduct a free online quote comparison of car insurance in Oregon from several different companies before choosing a policy that best fits your needs. It will only take a few minutes and you could end up saving hundreds of dollars on your car insurance premium. Make sure that the company is licensed in Oregon, and that they provide quotes from a variety of different carriers. Once you have chosen an auto insurer, it will take about 15 days to register your policy with DMV and your new coverage should start within five business days.
Average Cost of Car Insurance
The average cost of car insurance in Oregon is $1,175 (Standard Bodily Injury/Property Damage) per year for full coverage which includes bodily injury, property damage and uninsured motorist coverage where required by law. Drivers who are 25 years old with comprehensive insurance on their vehicle typically pay the least. Rates are determined by many factors, including your address, driving history and credit rating (the worse your score the higher your premiums will be). You can save money on your premium if you qualify for discounts like a good student discount or defensive driving training.
Drivers With a DUI in Oregon
You can save thousands in Oregon by not getting a DUI. If you are arrested for a DUI and convicted, then your insurance rates will increase drastically because you will be labeled as high-risk. The cost of car insurance in Oregon for drivers with DUIs starts from $1,443 (High Risk) per year and goes up to $4,943 (SIR). On average, the cost of car insurance for drivers with a DUI in Oregon is $2,533 (High Risk) per year. To get the cheapest rates possible after getting a DUI you will need to wait at least seven years and install an ignition interlock device in your vehicle which costs about $100 per month. However, you can save money by completing an online defensive driving course.
Drivers With Tickets in Oregon
There are many types of traffic violations that will raise your car insurance rates, but speeding tickets are among the most common. Insurance companies start out with a base rate for each driver and then add on additional premiums if there are citations on your driving record. If you get three speeding tickets within three years it will likely double your insurance rates.
The average cost of car insurance for drivers with one speeding ticket in the past three years is $1,882 (High Risk) per year and ranges from $957 (Standard Bodily Injury/Property Damage) to $3,171 (SR-22). You can save money by completing a defensive driving course and avoiding speeding tickets.
Drivers With Bad Credit in Oregon
If you have bad credit, it will cost you more to get car insurance in Oregon. According to the Oregon Insurance Division, 20% of people who file monthly claims on their auto insurance policy have credit scores below 550. The worse your credit the higher your premiums will be, so if you are able to improve your credit in any way then you should do so before signing up for insurance.
High-risk drivers who have bad credit may pay more than $5,000 (SR-22) per year in Oregon which is about double what a driver with good credit and safe driving habits would pay. To qualify for the best rates you will need to have at least a score of 620 and be well established in Oregon for several years.
Seniors in Oregon
If you are over 70 years old, your rate will be lower than other drivers that fall into other categories, but if you are younger than 50 your premium could be higher. Rates also depend on where you live in Oregon because rates for seniors vary from city to city. If you qualify for discounts like a good student and have defensive driving training then you can save money on your car insurance rate.
Student Drivers in Oregon
If you are a student with good grades and have taken defensive driving training then your premium will be significantly lower than if you had bad grades and no traffic school. The average cost of car insurance for student drivers in Oregon is $1,517 per year and ranges from $969 (Standard Bodily Injury/Property Damage) to $4,874 (SR-22) per year. In Oregon, some companies offer a good student discount which can lower your rate by as much as 25%. You can save money on car insurance if you do well in school and take defensive driving training.
Military Drivers in Oregon
If you serve in the military and get stationed in Oregon then you will automatically qualify for a new resident discount. If you are not in the military and move to Oregon then it’s best to shop around because some companies do and some companies don’t give discounts to drivers who recently moved here. If you have good credit and safe driving habits, insurance companies will reward you with lower premiums.
Cheap Full Coverage in Oregon
The minimum requirements for full coverage insurance are liability (bodily injury/property damage), personal injury protection, underinsured motorist (bodily injury), uninsured motorist (bodily injury) and collision with a deductible of $1,000. There is also comprehensive and collision coverage with a $500 deductible. You must have at least $25,000 in liability insurance which is the minimum requirement in Oregon. The average cost of car insurance for full coverage is $3,482 per year and ranges from $1,810 (Standard) to $6,220 (High Risk).
Car Insurance in Oregon
Our research shows that the average cost of car insurance in Oregon is $2,368 which ranks as the 43rd most expensive state for car insurance. According to our data, Portland is the most expensive city and Central Point is the cheapest city for auto insurance. Geico has the best rate for full coverage at $1,809 per year and Progressive has the best rate for liability insurance at $1,054 per year.
Conclusion
Driving in Oregon is a privilege, not a right. That’s why it’s important to drive responsibly and know the laws about driving. If you have tickets or haven’t had your license for long, car insurance companies might charge more than normal rates for coverage–even if they are cheap. Make sure you compare quotes online so that you can find affordable full coverage before committing to one company! We hope this guide has helped answer some of your questions about getting insured legally in Oregon, but feel free to reach out any time with other questions on how best to protect yourself while behind the wheel. Good luck!
