How to Meet the Insurance Requirements in Oklahoma

If you own a car or truck, purchasing protection is not only a smart decision - it is also the law in all 50 states, including Oklahoma.

There are several components of auto insurance, from what types of costs are reimbursed to how much protection is enough, that should be considered when shopping for a plan. Additionally, many companies offer desirable discounts that can help make the process more affordable.

Vehicle Insurance: Vital Protection for Drivers

These are the five primary types of coverage:

• Bodily Injury:

  Bodily injury protects you against legal claims that are made by other injured drivers if you are found to be at fault for an accident.

• Liability:

  Liability coverage protects you if you damage another person's property in a vehicular accident.

• Collision:

  The essential coverage goes towards any costs associated with damage to your vehicle caused by another vehicle or object.

• Comprehensive:

  This covers any costs associated with damage to your vehicle caused by non-vehicular events, such as fire, theft or vandalism.

• Uninsured or Underinsured Motorist Coverage:

  The Uninsured or underinsured motorist add-ons protect you if you are in an accident that is caused by another driver with litter or no insurance.

 

How Much is Enough?

Drivers in almost every state are required by law to carry a minimum level of protection. In Oklahoma, the state minimum levels are 25/50/25, meaning that drivers must carry coverage of at least $25,000 for bodily injury for one person, with a maximum of $50,000 for all injured persons, and $25,000 for property damage.

Many should consider purchasing the minimum amounts required by their state in an effort to save money. However, carrying the state minimum might end up costing them more in the end.

In 2006, the average cost associated with an average hospital stay, consisting of 4.6 days, was $23,958, according to the U.S. Department of Health and Human Services.

If you carried Oklahoma's minimum standards of 25/50/25, then your plan would just barely pay for the average hospital stay cost. However, if injured person's health care costs exceed $25,000 for any reason, you would be on the hook for the remaining balance and the injured party could come after your assets to take care of those costs.

Available Money Saving Solutions You Should Seek

Today, there are several types of money saving coverage solutions of which consumers can take advantage when purchasing a plan. Here are a few of the most common available savings:

• Multiple Policy Discount:

  Multiple policy savings applies to those customers who combine two or more policies, such as their auto and homeowners plans, with the same company.

• Safe Driver Discount:

  A safe driver discount applies to those with driving records that are free of any moving violations for an extended period of time.

• Anti-Theft/Safety Devices:

  Anti-theft/safety device savings applies to policyholders with vehicles that include anti-theft devices, such as an alarm system, or certain safety features, such as airbags.

• Low-Mileage Discount:

  A low-mileage savings applies to those who drive less than 10,000 miles per year.

• Defensive Driving Savings:

  A defensive driving discount applies to those who have completed a defensive driving course approved by the provider.