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Oklahoma Car Insurance Coverage

If you are seeking car insurance in the state of Oklahoma, you have many different insurance providers to choose from. Currently, there are over fifty insurance providers (including nationwide, statewide, and local carriers) licensed in the state. Comparison shopping will allow you to choose the company that best suits your needs from the plethora of companies competing for your business. There are options on the Internet that will allow you to receive free car insurance quotes from these providers. You can compare, side by side, the various rates from numerous providers on the policies that you are interested in purchasing. The rates you were paying last year may not be the lowest rates you can achieve this year.

car insurance premiums for residents in the state of Oklahoma have averaged, so far, $2,063 for the year 2009. Currently, the national average for car insurance hovers around $1,807. There are many consumers who believe that each insurance company predetermines their rates for motorists. This is not true. Insurance premiums are segmented differently by each insurance company according to the consumer's characteristics. The year of 2009 has seen a drastic increase in the cost of car insurance for the state of Oklahoma compared to the last several years. The average insurance premiums are 15% higher this year than they were at the same time in 2008. The month of August saw the highest spike in car insurance so far this year with rates reaching $2,363. A thorough understanding of what Oklahoma's insurance requirements are and what your personal needs are will be the single most influential factor in battling high insurance premiums.

The law in the state of Oklahoma requires that its motorists maintain minimum Bodily Injury Liability limits of $25,000 per injured person up to a total of $50,000 per accident, and Property Damage Liability coverage with a minimum limit of $25,000. These are referred to as the 25/50/25 limits of coverage for the state. Oklahoma is a state that follows a Tort system when it comes to dealing with car collisions. Under the guidelines of a Tort system, one party of an accident must be determined at fault in the collision. This party and their insurance carrier then assumes the financial responsibility for the medical expenses and property damage repair costs of all other parties involved in the accident. The fine details of the Tort system vary by state, so it would be in your best interest to inquire with Oklahoma's Department of Motor Vehicles to learn more.

The only form of coverage that a motorist is required to have in Oklahoma is liability coverage. Should you happen to select the minimum coverage limits and these limits do not suffice to meet all of the bills incurred in an accident, you will be held financially responsible for the remainder of the balance. This can expose you to years of costly court battles as the injured parties and their insurance companies seek to recoup their financial losses. It is a distinct possibility that a court system could force you to liquidate property, savings and bonds; dock your future paychecks; or liquidate other assets in order to make restitution.

A thorough understanding of how liability insurance works is necessary to determine what your insurance needs will be. Liability insurance is currently divided into two separate sections: property damage liability and bodily injury liability. Bodily injury liability will assume the cost of other party's bodily injuries or even death in an accident for which you are responsible. What most consumers do not know is that it will also provide for the cost of legal counsel that another party will incur if they happen to file a law suit against you. The claims that another party can file under you bodily injury liability insurance include provisions for medical expenses, loss of income, and reimbursement for pain and suffering. Ideally, you would like to choose a coverage amount that would be adequate in providing for your needs if you should be sued.

It should be noted that liability coverage does not assist you or your passengers with any medical expenses you may incur due to the accident. The maximum monetary amount that your insurance provider will provide per person, per accident is detailed in your insurance policy. If you have purchased only the minimum required in Oklahoma, this would be $25,000 per party's injuries, with a $50,000 being the maximum per accident.

The second part to liability insurance is property damage liability. This part of liability insurance assists you in paying for the damages that another party's vehicle may sustain in an accident. However, the definition of property damage can be extended to include a person's home, fence, mailbox, or other sorts of property harmed in the accident. Property damage liability also provides funding for your legal defense if you should be sued by another party. The scope of your coverage is limited to the scenarios listed in your insurance policy. The coverage limits, again, are bounded by the maximum amounts in your policy. According to the minimums for the state of Oklahoma, this amount would $25,000.

Uninsured Motorist Insurance is not required by the state of Oklahoma. However, it is strongly recommended by the state's Department of Insurance that you obtain this form of coverage. Essentially what uninsured motorist protection does is provide coverage for you and your passengers in the event that you sustain injury or property damage in an accident in which the other party has no insurance or is underinsured. UMI, like liability insurance, is subdivided into two sections: bodily injury and property damage. You, your passengers, and other drivers listed on your policy are covered under this form of protection. If the motorist at fault is underinsured, uninsured motorist insurance will pay the remaining balance between what the other motorist's insurance pays for and what your bodily injury coverage will pay. If the limits specified on your purchased policy are lower than the actual cost of the accident, you will be responsible for the remainder of the balance. Because many motorists are covered by comprehensive health insurance plans, their medical expenses may not be of much concern. However, your property damage costs can surpass those of your medical expenses.

If you do not possess collision coverage, UMI will provide a pre-specified amount towards the repairs of your car. The pre specified amounts are dictated in the terms of your policy. The amount, most usually, is set at around $3,500. If you do have collision insurance included in your policy, then UMI will only pay the collision deductible for you. It is important to remember that the benefits of uninsured motorist insurance will only apply if you are struck by a driver who has no insurance or is underinsured.

Now that you are informed as to what your state's minimum requirements for insurance are, you should conduct an assessment on your vehicles. This will allow you to select the coverage amounts that will efficiently protect your assets. If you have lingering questions or concerns, you can contact your local insurance agent. He or she will be able to answer your questions and recommend solutions to your needs. The only way you can save on your car insurance is to make informed choices. Get started today.

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