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Oklahoma Auto Insurance
With regard to auto insurance regulations, Oklahoma is a tort or at-fault state. In a tort state like Oklahoma, all drivers are required to carry minimum liability coverage to fulfill paying costs of injuries to people and damage to property if they cause an accident.
In most cases, when an accident occurs the authorities will determine that one party is at fault and that individual's insurance will have to cover all damages. Another very important aspect of such a system is that the at-fault driver's liability does not end with their insurance coverage, but rather, can extend to any amount of damages they cause.
Oklahoma Auto Insurance Legal Requirements
Oklahoma auto insurance laws require liability coverage limits of at least 25/50/25. What that number designates is that if you are in an accident and are found to be responsible, such liability coverage would pay a maximum of $25,000 per person injured, up to $50,000 for all injured persons, and up to $25,000 for any property damages.
Of course, these are legal minimums and should not be considered adequate coverage. As mentioned above, you may have to pay for any damages caused that exceed these limits. If you refuse to pay or cannot pay, you can be sued in a court of law and even have your assets used to pay the victims.
This basic coverage also provides you no protection of your property if you cause an accident. For this, you should consider purchasing collision coverage, especially if you drive a more expensive vehicle. If you finance or lease a vehicle in Oklahoma, you will probably be required to buy this type of insurance.
Another consideration is the protection of your property from damage or loss caused by such things as theft, vandalism, or weather. In order to have coverage under these circumstances, you would need to purchase comprehensive auto insurance coverage.
A final type of coverage your should seriously consider is uninsured motorist coverage, including uninsured motorist bodily injury protection and uninsured motorist property damage coverage. These types of optional insurance will pay for medical expenses, lost wages, and property damages caused if an uninsured driver hits your vehicle and cannot provide you with proper compensation.
Oklahoma Auto Insurance Rates
Oklahoma auto insurance ranked 34th in the country for amount of money spent annually in a recent survey. On average, Oklahoma auto insurance cost $688 per year, with drivers paying $386 for liability, $298 for collision, and $176 for comprehensive coverage.
How Premiums are Calculated
How do Oklahoma auto insurance providers determine rates? They use different formulas to come up with premium costs, but all consider some common factors. First off, they place all drivers in risk categories based upon their individual traits and behaviors by looking at variables such as your age, gender, type of vehicle, and driving record. The riskier they consider a driver to be, the more that driver will pay. Of course, drivers insuring more expensive automobiles will also have to pay more for the company to provide coverage.
A secondary source of expenses for Oklahoma drivers are statewide average costs for which the driver has little or no control. Everyone will pay for a portion of the company's operating costs as well as the perceived risk associated with statewide traffic statistics. If a large number of accidents occur in Oklahoma in a given year, everyone will pay for it.
Oklahoma Auto Insurance Companies
Oklahoma motorists have dozens of choices when it comes to selecting auto insurance. Not all companies are equal, however. Depending on your budget and the level of service you desire, you may have very different requirements than other drivers so you should compare quotes and coverage from multiple car insurance companies when selecting coverage.
Additional Oklahoma Auto Insurance Information and Resources
For more information on Oklahoma auto insurance, to find ratings on individual carriers, or to check consumer complaint records, contact the Oklahoma Department of Insurance.
Oklahoma Department of Insurance
2401 N.W. 23rd Street, Suite 28
Oklahoma City, OK 73107
Toll Free: (800) 522-0071
Phone: (405) 521-2828
For other Oklahoma Insurance Resources, See:
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