Oklahoma Auto Insurance
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Oklahoma Auto Insurance Requirements
Oklahoma has certain requirements that pertain to insuring its drivers. While these auto insurance requirements may be similar to those of other states, it is always better to know rather than assume what this state’s requirements are.
Oklahoma drivers must carry liability insurance
All vehicles registered in Oklahoma must carry Liability insurance. Liability insurance consists of bodily injury liability and property damage liability. Bodily injury pays for the wages, and injury to or death of another person when you’re determined to be at-fault. Property damage liability pays the repair or replacement cost of property damaged in an accident that your negligent driving caused.
State minimums sometimes fall short of covering claims
The minimum liability coverage required by Oklahoma is $25,000 per person and $50,000 per accident for bodily injury liability and $25,000 per accident for property damage liability. Note that with health care, funeral expenses and vehicle repair constantly rising, these minimums may be insufficient to cover all claims. Therefore, consider purchasing higher limits, especially if you have valuable assets that can be taken and used to pay claims.
Protecting YOUR vehicle on an accident
While liability protects against damage to other persons and other property, this coverage does nothing for your own vehicle. If you want protection for your vehicle when it’s damaged due to your at-fault collision or for reasons beyond your control, you need optional Comprehensive and Collision coverage. This pays your vehicle’s repair bills as long as they do not exceed the vehicle’s value. If they do, the insurer will declare the car totaled and then write you a check for the vehicle’s current market value.
Oklahoma gap coverage
If the vehicle is leased or financed, and the check for the totaled vehicle isn’t enough to satisfy the vehicle’s loan or lease balance, optional Gap coverage, if purchased, can help pay the shortage.
Optional Uninsured Motorist coverage pays your bodily injury expenses if you’re ever in a hit-and-run accident or the at-fault driver is uninsured. Optional Underinsured Motorist coverage may pay some or all of your bodily injury bills that the at-fault driver’s liability did not because coverage limits were too low.
Ohio Department of Insurance
If you’d like more information on Oklahoma auto insurance laws, visit the Ohio Department of Insurance website at http://www.ok.gov/oid/ or contact the Department of Insurance directly by dialing the branch office in Oklahoma City at 800-522-0071 or the Tulsa office at 800-728-2906.