There are as many as 145 insurance companies that deal with motorist coverage in Oklahoma. Some of these companies are MIC Insurance, First Liberty, State Farm, Allstate, and Union Mutual. Just like many other states, there are requirements for Oklahoma residents, when it comes to having their car lawfully insured. One of the most common insurance types is basic liability. There are also other options like Cash deposit with the Department of Public Safety, and Assigned Risk Auto Plans. If you’re someone that owns a company that utilizes a vehicle fleet of 25 vehicles or greater, a self-insurance policy may be something that you will want to look into as well.
When it comes to liability insurance, your minimum requirements should be split into three categories. The first is a basic one. You need at least $25,000 in injury or death coverage. Just in case there is more than one person involved in the accident, then you might want to get coverage that is $50,000 or more. For property damage then you should have a minimum amount of coverage equal to $25,000.
These insurance rates are the minimum requirements you need as a driver to have your own policy. For any additional charges that may come about later on — such as labor, repairs, or towing — these items can be added to your policy at your discretion. For Oklahoma residents it is better to go over the minimum requirements to ensure better protection.
Some other insurance policies to consider are: under-insured driver coverage and uninsured coverage. These policies cover both injury, and also any damage that has affected the car in case the driver you hit is under-insured or uninsured. These policies are considered elective insurance coverage under the laws of Oklahoma. They are not mandatory, and some experts in insurance say that having extra protection is worth it, since it will help with car damage repairs, medical bills and even some wages that may be lost. It is especially useful in the event that the other person driving was at fault, and is only uninsured or has very minimal insurance.
There are also other insurance coverage policies you can consider as well, such as collision coverage. Collision will protect your property if you are at fault in an accident. If you do not have this coverage, then any losses will not be reimbursed. Another form of insurance coverage you might want to have is non-compulsory. This insurance is comprehensive, and is designed to protect the vehicle in case of weather related damages, vandalism or theft.
If for whatever reason you have been stopped for a violation of traffic, you must prove that the coverage meets the state’s minimum requirements. To prove that you have adequate insurance you must have an insurance card with you at all times.
If for whatever reason you’re unable to provide the proof of liability coverage, there may be penalties forced upon you. These penalties will likely include a fine that can go up to $250; and for very severe cases there may be a jail term and a suspension of your license and registration.
In you’re in need of getting car insurance in Oklahoma, doing a few hours of research is essential in order to locate the right insurance company. Finding the right one will help save you on money, and provide coverage for your entire family.