Oregon Car Insurance
The state of Oregon has some of the most stringent total auto insurance requuirements in the country. Oregon requires drivers to carry four different types of car insurance coverage. By law, Oregon drivers are required to carry minimum bodily injury liability coverage of $25,000 for one person, $50,000 for all parties injured in an accident. Oregon drivers are also required to have $20,000 minimum coverage for property damage liability. This amount of coverage may be more simply stated on an auto insurance policy as 25/50/20.
In Oregon, drivers are also required by law to purchase Uninsured/Underinsured Motorist (“UIM”) and Personal Injury Protection (“PIP”) coverage. 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.
The required minimum UIM bodily injury liability coverage in Oregon is $25,000 for one person, $50,000 for the accident. For example, if a driver in an accident had 25/50 UIM coverage, they would be able make a UIM claim with their auto insurance company and be able to receive up to $25,000 for their own bodily injury damages. Per the policy limits, their insurance company would only pay up to $50,000 for all bodily injury damages UIM claims.
PIP is no fault 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. In Oregon, the minimum PIP coverage is $15,000.
Collision and Comprehensive Coverage
Other important available insurance coverage types in Oregon 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.
Keep Your Car Insurance Current
It is very important that Oregon drivers do not allow their auto insurance policies to lapse. Each day, thousands of Oregon drivers are involved in car accidents. Uninsured drivers in Oregon pay fines and may be forced to comply with state financial responsibility laws, which require them to purchase expensive SR–22 Insurance. They can also be held personally responsible for all damages caused in an accident. Driving without car insurance in Oregon is fiscally irresponsible and can lead to financial ruin.
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