Oklahoma Auto Insurance
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Oklahoma Auto Insurance: What You Need to Know
Oklahoma drivers are held financially responsible for the property damage and personal injury they cause. Motorists involved in auto accidents often find themselves assigning blame due to this legal liability, known as "tort."The degree of fault documented by each driver's Oklahoma auto insurance company determines the amount of money each party must contribute toward the resulting costs. This is known as "comparative negligence."
Oklahoma law requires car owners and drivers to carry either an owner's policy or a non-owner's policy in order to prevent any lapse in Oklahoma auto insurance coverage. However, the state requires only liability coverage, which protects you against costs incurred when you damage or injure someone else or their property.
Minimum amounts you must carry include $25,000 bodily injury per person; $50,000 per accident and $25,000 property damage.
Most Oklahoma auto insurers strongly recommend you carry more than these basic minimums. With medical and automotive repair costs skyrocketing, a stay in the hospital is not the time to discover you have insufficient Oklahoma auto insurance coverage!
Additional Options
If you're involved in an accident with an uninsured or underinsured motorist, you'll need Oklahoma auto insurance coverage which takes up the slack, providing you monetary provision where the other driver's insurance does not. This is where you may need additional insurance coverage.
Uninsured motorist (UM) and underinsured motorist (UIM) insurance come packaged together in Oklahoma. They may be purchased in either an amount equal to, or less than, the minimum level of bodily injury coverage mandated by the state.
Answers to Your Questions
Many consumers have specific questions addressing their Oklahoma auto insurance coverage. We've compiled a short list of these questions and their answers in an attempt to help you further understand the privileges and obligations you have concerning your Oklahoma auto insurance policy.
We hope you find this information useful in your quest for the right Oklahoma auto insurance coverage.
Q: I was involved in an accident and the other driver was at fault; but he had no liability insurance. If I file a claim against my own insurance, can my Oklahoma auto insurance company increase my premium?
A: No. According to Oklahoma state law, an insurance company cannot assign driving points to your record, increase your premiums or cancel or non-renew your auto insurance policy based on a motor vehicle accident which is not your fault.
Q: What determines how much my Oklahoma auto insurance will cost?
A: Auto insurers group like consumers together in categories, and then determine premium rates based on claims risk within that group. Group factors considered include driving record, age, location and type of car driven, annual mileage and other measurable statistics.
Q: My auto insurance policy was non-renewed and I can't find another company willing to insure me. What should I do?
A: Finding new coverage under these circumstances can sometimes present a problem. But there is hope! First, talk with several different insurers to see if any of them are willing to offer you coverage.
If that fails, contact the Oklahoma Assigned Risk Auto Plan at 866-667-2827, or online at www.aipso.com, for help. This type of coverage may be more expensive, but will help you get back on the road with sufficient Oklahoma auto insurance until you can qualify for something more affordable.
Q: Is my Oklahoma auto insurance company required to provide me with a grace period for paying my insurance premium?
A: No. Some companies do provide customers with a grace period up to 15 days as a matter of courtesy, but they are not required by law to do so.
Late payments mean you risk not having coverage when you need it, so always pay your Oklahoma auto insurance premium on time.
Q: Why are auto insurance rates higher for young male drivers than young female drivers?
A: Insurance rates must equitably reflect differences in expected losses and expenses. Statistics show that more young male than female drivers are involved in accidents resulting in auto insurance claims, making them a higher risk to insurers. Although the gap between these two groups is closing, for now young males are still more likely to be involved in collisions involving monetary insurance payouts.
Still Have Questions?
Your Oklahoma Insurance Department will happily answer any further questions you may have regarding Oklahoma auto insurance. Contact them online at www.oid.state.ok.us, or by phone at 800-522-0071.
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