Oklahoma Car Insurance
The state of Oklahoma requires drivers to carry minimum auto liability insurance of $10,000 per person, $20,000 per accident for bodily injury liability coverage and $10,000 minimum coverage for property damage liability. These are minimum coverage amounts that protect the driver up to the coverage limits for the specified damage types in the event of an at fault accident. These amounts are some of the lowest required amounts in the United States. Oklahoma drivers would be well advised to purchase optional higher coverage limits.
UIM Coverage
In Oklahoma, drivers are not required by law to purchase Uninsured/Underinsured Motorist ("UIM") or Personal Injury Protection ("PIP") coverage but both are a good idea. UIM coverage applies when a driver at fault for an accident is uninsured or does not have enough insurance to pay for the damages sustained by the other driver(s) or passengers in the accident.
For example, if a driver in an accident in Oklahoma had $10,000/$20,000 UIM coverage, he or she would be able make a UIM claim with their auto insurance company and be able to receive up to $10,000 for their own bodily injury damages. Per the policy limits, their insurance company would only pay up to $20,000 for all UIM bodily injury claims stemming from the accident. If a UIM claim is paid, the driver's insurer would then be able to pursue damages for the amounts paid from the at fault driver.
PIP Coverage
PIP is no fault insurance coverage that pays for "reasonable and necessary" medical bills, a limited amount of lost wages, household services, and funeral expenses for a driver and their passengers following an accident per the policy terms. PIP coverage is the primary form of medical coverage following a motor vehicle accident. If the coverage is exhausted, health insurance may also be pay accident caused medical expenses.
Keep Your Car Insurance Current
Oklahoma drivers face substantial risk by not carrying insurance. Uninsured drivers face a fine and may forced to comply with state financial responsibility laws. Uninsured drivers can also be held personally responsible for damages caused by an accident. With some auto accidents involving hundreds of thousands of dollars in damages, driving without car insurance in Oklahoma can lead to financial ruin and put an individual and their family at risk of losing substantial assets. Oklahoma drivers should always know when their auto insurance policy expires to avoid a lapse in coverage.
Collision and Comprehensive Coverage
Other important available insurance coverage types in Oklahoma include Collision and Comprehensive coverage. These coverage types are not required by law but can be very important in the event of an accident. Also, many financial institutions require vehicle owners to purchase collision and comprehensive coverage as a condition of their loans.
Collision pays for vehicle repairs or vehicle replacement value following a collision regardless of fault. Comprehensive coverage pays for all vehicle repair damage or replacement value for incidents other than a collision such as the tree falling on a car or the car being stolen. There are minimum deductible limits for these collision and comprehensive such as $500, but drivers can also raise their deductible amounts to lower their premiums. Other types of auto insurance coverage to consider purchasing in Oklahoma include rental car, towing, roadside assistance, and wage loss benefits resulting from an accident.
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