Equity Car Insurance Review: Ratings and Expert Insights
Equity is a small regional company specializing in non-standard insurance for high-risk drivers in Oklahoma.
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Written byCarley Clark
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Carley Clark is a freelance financial writer based in Michigan. She has written for several well-known brands, including Benzinga, CNN Underscored, GOBankingRates, and FinanceBuzz. Carley earned her bachelor’s degree in business from Spring Arbor University in 2018 and later worked as a revenue auditor for a casino before transitioning to writing. Outside of work, she enjoys reading, playing video games, and going for walks with her dog.
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Edited byBecky Helzer
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Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.
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Table of contents
Equity Insurance Company is a small insurer specializing in non-standard auto insurance for Oklahoma drivers.[1] If you live in Oklahoma and have a history of high-risk driving, Equity may be worth considering.
That said, there’s not much information to go by. The company doesn’t list coverage options on its website, and the few Equity Insurance reviews online make it difficult to gauge customer experiences.
For this review of Equity’s performance, we relied on our expert analysis, industry ratings, and the limited online information available. But to find the best coverage for your situation, it’s always wise to compare quotes from several insurers before buying a policy.
Quick Facts
As a regional insurer, Equity isn’t rated by AM Best or J.D. Power.
You’ll need to contact an agent to get a quote and learn about Equity’s coverage options and discounts.
Equity is best for people in Oklahoma with poor driving records.
Our take on Equity car insurance
Insurify doesn’t have enough industry data or customer feedback to recommend Equity. Still, the insurer may be an option for Oklahoma drivers who struggle to find coverage with other insurance companies.
As a non-standard auto insurer, Equity offers coverage to high-risk drivers, including people with tickets, accidents, a poor credit history, or lapses in coverage. The company also accepts foreign driver’s licenses, doesn’t use credit-based insurance scores, and offers low down payment options.
Equity’s main drawback is the limited information available about the company. It has no AM Best rating, no J.D. Power score, and very few customer reviews. Even its website offers minimal details about its coverages, discounts, and claims process.
And unlike many of its competitors, Equity doesn’t provide a mobile app to manage your account.
Still, if you’ve been denied by other insurers in Oklahoma, Equity car insurance may be worth considering.
Equity industry ratings
Industry ratings from organizations like AM Best, J.D. Power, and the National Association of Insurance Commissioners (NAIC) provide valuable insights into an insurance company. Along with evaluating an insurer’s financial strength, these ratings consider customer satisfaction and the claims process.
The only industry rating that Equity has is from the NAIC, which is shown below:
Rating  | Score | What This Means |
|---|---|---|
| AM Best | Not rated | No way to determine the company’s financial stability |
| J.D. Power | Not rated | No data on claims or customer satisfaction |
| NAIC Complaint Index | 1.62 | Higher number of complaints than expected for an insurer of its size |
| Better Business Bureau (BBB) customer review ratings | 3 stars out of 5 (1 customer review) | Not enough reviews to provide an accurate picture of the insurer’s performance |
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How Equity compares to similar insurance companies
 |  |  |  |
|---|---|---|---|
Average price Prices based on average across state-minimum and full coverage car insurance $0/mo* | Average price Prices based on average across state-minimum and full coverage car insurance $0/mo* | Average price Prices based on average across state-minimum and full coverage car insurance $0/mo* | Average price Prices based on average across state-minimum and full coverage car insurance $169/mo* |
Overall rating 0.0 | Overall rating 4.6 | Overall rating 4.2 | Overall rating 3.7 |
Value for money 0.0/5 | Value for money 3.0/5 | Value for money 3.2/5 | Value for money 3.4/5 |
Customer service 0.0/5 | Customer service 3.3/5 | Customer service 3.5/5 | Customer service 3.0/5 |
Claims handling 0.0/5 | Claims handling 2.6/5 | Claims handling 3.0/5 | Claims handling 3.3/5 |
Special highlight Drivers with less-than-perfect creditAI-generated from 0 user reviews | Special highlight Affordable ratesAI-generated from 3 user reviews | Special highlight SR-22 insuranceAI-generated from 4 user reviews | Special highlight Robust mobile appAI-generated from 39 user reviews |
Data in this table has been sourced from Insurify’s users who have indicated they are insured with the listed providers
Is Equity car insurance cheaper than competitors?
Your auto insurance premiums depend on your location, driving history, vehicle, and the type of coverage you select.[2] As a non-standard auto insurer, Equity may offer cheaper insurance rates if you have past accidents or tickets compared to standard insurers.
Equity doesn’t offer online quotes, so you’ll need to call an independent agent to ask about pricing, coverage, and available discounts.
But since online reviews are limited, and the company has a relatively high number of complaints, any potential savings may not be worth it.
Equity car insurance discounts
When comparing insurers, it’s important to consider car insurance discounts since they can save you money on your premiums. Equity claims to offer multiple discounts, but its website doesn’t specify which ones are available or the savings you could expect.
Common discounts to ask about include:
Multi-car discount
Good driver discount
Student discount
Senior discount
Vehicle safety discount
Paid-in-full or automatic payment discount
Equity car insurance coverage options
Equity doesn’t disclose a complete menu of its car insurance coverage offerings. It also doesn’t mention whether it sells full-coverage policies, which typically include collision coverage and comprehensive coverage.[3] You’ll have to contact an independent insurance agent to find out your options.
Below are some coverages you may find with Equity:
Bodily injury liability
Bodily injury liability insurance covers the other party’s medical expenses if you’re at fault in an accident.
Property damage liability
Property damage liability insurance pays for the other party’s property damage if you cause an accident.
Non-standard car insurance
Many insurance companies exclude coverage for high-risk drivers or charge them significantly more. Equity offers insurance for high-risk drivers in Oklahoma who struggle to find coverage from standard insurance companies and claims to do so for a “low down payment.”
No-credit-check car insurance
In many states, insurers are allowed to assess premiums based on your credit history. Equity is an insurance solution for drivers with limited or poor credit history, as it doesn’t require a credit check.
Non-U.S. citizen car insurance
Most insurers require a U.S. driver’s license to purchase car insurance. If you have a foreign license, consider Equity for your insurance needs.
Other options for Equity customers
If you want to bundle your car insurance with homeowners, renters, or life insurance, you may need to look elsewhere. Equity appears to offer only car insurance, though you can ask your insurance agency to confirm.
Other insurers offer a wider range of coverage options, including motorcycle insurance, pet insurance, and business insurance. If you prefer to have all your insurance with one company, it’s worth comparing other insurers to see whether they offer the types of coverage you need.
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How to file a claim with Equity
Equity Insurance doesn’t outline its claim process on its website — just ways to submit your claim. Filing a claim typically involves the following steps:
Report the incident. Notify Equity about your claim as soon as possible. You can contact the company by phone, fax, mail, or email. You can also submit a claims form on Equity’s website if you have your policy number available.
Provide details about the incident. Like most insurers, Equity will request information on the incident. You may be asked to provide each party’s contact information, driver’s license number, vehicle details, and insurance policy information. You may also be able to include witness statements, photos, and a copy of the police report, if applicable.
Work with a claims representative. A claims representative may call you for more information. Be prepared to provide additional details as requested to avoid delaying the claims process.
Receive payment. If Equity approves your claim, you’ll receive a payout based on your policy’s coverage limits and deductibles.
Equity insurance FAQs
If you’re considering Equity auto insurance, the information below can help you learn more about the insurer.
Is Equity legitimate?
Yes. Equity Insurance is a legitimate auto insurance company despite its limited online presence.
Is Equity good at paying claims?
Third-party agencies like AM Best and J.D. Power haven’t rated Equity, so it’s hard to say whether the company is good at paying claims.
How do you cancel your Equity insurance policy?
Equity Insurance doesn’t provide specific instructions on its website for how to cancel a policy. Contact your Equity insurance agent for instructions, or call its customer service team at 1 (800) 777-0404.
Can you get Equity insurance outside of Oklahoma?
No. As a regional insurer, Equity Insurance offers its services exclusively in the Oklahoma market. People who live outside the state can’t obtain coverage through Equity.
Is Equity Insurance the same as Ocean Harbor?
No. Pearl Holding Group represents Equity Insurance and Ocean Harbor, but Equity Insurance in Oklahoma is a subsidiary of Home State Insurance Group, Inc.
How does your credit score affect car insurance?
Insurers often look at your credit-based insurance score, which considers your credit history, to help set your rate.[4] They may charge higher premiums if you have a lower score since it could indicate you’re more likely to file a claim.
Equity doesn’t use credit scoring to set premiums, which can help you qualify for coverage if you have poor credit or a limited credit history.
Methodology
Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 500+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.
Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).
Liability-only premium averages correspond to policies with the following coverage limits:
- Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
- Property damage limits between $10,000 and $50,000
- No additional coverage
- Comprehensive coverage with a $1,000 deductible
- Collision coverage with a $1,000 deductible
Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.
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Sources
- Equity Insurance. "Our Company."
- Insurance Information Institute. "What determines the price of an auto insurance policy?."
- Insurance Information Institute. "What is covered by a basic auto insurance policy?."
- Oklahoma Insurance Department. "How Does Credit History Affect My Insurance Premium."
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Carley Clark
Carley Clark is a freelance financial writer based in Michigan. She has written for several well-known brands, including Benzinga, CNN Underscored, GOBankingRates, and FinanceBuzz. Carley earned her bachelor’s degree in business from Spring Arbor University in 2018 and later worked as a revenue auditor for a casino before transitioning to writing. Outside of work, she enjoys reading, playing video games, and going for walks with her dog.
Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.