Insurance Articles

The Sooner State, similar to just about every state requires that motorist have the ability to pay for damages that they may cause while behind the wheel of an automobile; this is also known as financial responsibility. Although there are various ways to comply with this law, this most common method chosen satisfy this requirement is by purchasing an auto insurance policy. These laws are put into place in states for many reasons; mainly to protect motorists and others who occupy roadways. By mandating drivers to constantly maintain automobile coverage, it helps to ensure that if a person is injured or property is damaged at the fault of a driver, compensation will be ready to pay for medical care and/or property damage.

As mention, an Oklahoma auto insurance policy is the most common choice taken by individual, but one should be aware that the state requires minimum liability limits which are as follows; $25,000 for bodily injury to one person, $50,000 for bodily injury per accident and $25,000 for property damage. In some cases these limits may not be enough to cover medical care costs that arise from an automobile accident and may be wise to look into the price of higher limits to help avoid future financial hardships and protect assets. Many consumer groups suggest that liability limits of $100,000 for bodily injury for one person and $300,000 per accident should be considered to help protect against the chances of being in an accident that exceeds the minimum requirement; this can lead to the remaining compensation needed to be paid out of pocket or in some cases, being subject to a lawsuit.

Additional OK Car Insurance may be Needed

Oklahomans who are caught driving an active policy may face some harsh penalties which may include the suspension of a driver’s license, fines and/or jail time in addition to other municipal fines and penalties. Although residents can be subject to these penalties, many still take the dangerous risk of driving without auto insurance. Considering that the cost of automobile coverage is well below the national average and is actually one of the cheapest states to get insured in it is simply not worth taking the risk of having an uncovered accident. Many dire consequences can arise from driving uninsured and can cause potential financial hardships along with legal troubles and the possibility of being sued if involved in a collision.

It is for this reason that additional coverage may need to be purchased by those who abide by the laws in order to protect against the unfortunate devastation being struck by an uninsured motorist. The Insurance Research Council (IRC) estimated that in 2007 nearly a quarter of the state’s motorists operated vehicle without a policy and since the economy has suffered since the study, the percentage may now be much higher. Fortunately, consumers can protect themselves against such drivers by adding Uninsured Motorist coverage to policies, which pays compensates a policyholder in the event they are struck by a driver without a policy or if victim of a hit-and-run. The Oklahoma Insurance Department states that the add-on is quite affordable and prices range from $37 to $201 for $25,000/$50,000 coverage; this can be worth the money, especially in a state with such a high percentage of offenders.