Yes, you do need car insurance in Oklahoma. Drivers in Oklahoma need at least bodily injury liability, and property damage liability insurance for a minimum coverage policy, and it’s a good idea to also consider optional types of coverage to ensure you’re fully protected in the event of an accident.
Car insurance in Oklahoma costs an average of $54 per month for a minimum coverage policy and an average of $176 monthly for full coverage.
Types of Car Insurance Required in Oklahoma
Bodily injury liability insurance of at least $25,000 per person and $50,000 per accident. Bodily injury liability insurance pays for the medical expenses of other drivers in accidents you cause. It can cover things like hospital fees, loss of income, pain and suffering, and funeral costs.
Property damage liability of at least $25,000. Property damage liability insurance pays for other drivers' property damage in accidents you cause. It can cover things like vehicle repairs or damage to stationary objects like houses or fences.
Premiums are representative of a 45-year-old good driver with a minimum coverage policy.
Oklahoma is similar to the majority of states in that it requires all drivers to have at least a certain amount of car insurance. Virginia and New Hampshire, on the other hand, are the only states that do not require drivers to carry traditional auto insurance.
Key Things to Know About Liability Car Insurance in Oklahoma
It covers others’ expenses. Liability insurance pays for others’ medical expenses and property damage after an accident you were responsible for.… read full answer
There are penalties for driving without the required coverage. If Oklahoma drivers do not satisfy Oklahoma’s minimum liability requirements, they can face penalties for driving without insurance.
Drivers should consider purchasing higher limits. Drivers should consider buying more than the minimum amount of liability coverage required by Oklahoma law if they can afford it. If you cause an accident that results in damage beyond your policy limits, you will be personally responsible for paying the difference.
Liability insurance will not cover all events. Oklahoma drivers can also consider purchasing other types of car insurance in order to better protect themselves, given that liability insurance does not provide any coverage for the policyholder’s own injuries or property. For instance, both collision insurance and comprehensive insurance cover damage to the policyholder’s car. You will likely need these types of insurance if your vehicle is financed.
Car insurance in Oklahoma costs $43 per month or $511 per year for minimum coverage, on average. The cheapest car insurance companies in Oklahoma are USAA, State Farm, and Geico, and getting quotes from several companies can help you find the best deal.
The average cost of car insurance in Oklahoma is 24% lower than the … read full answernational average auto insurance premium. There are several factors that affect how much you’ll pay for car insurance in Oklahoma, including your driving record, age and location, the amount of coverage you purchase, and the insurance company you buy it from.
Average Cost of Car Insurance in Oklahoma by Category
After an at-fault accident:$172 per month
Driver with poor credit: $63 per month
Teen driver:$279 per month
After a DUI: $79 per year
Average Cost of Car Insurance in Oklahoma by Company
Note: Rates are an approximation based on a driver in Oklahoma with minimum coverage and a clean driving record. Actual rates will vary.
How to Lower the Cost of Car Insurance in Oklahoma
Shop around and compare quotes. We recommend comparing quotes from at least three different insurance companies to make sure you are getting the best rate.
Choose a higher deductible. Your deductible is the amount you have to pay out of pocket before your insurance kicks in. Choosing a higher deductible can lower your premiums but means you will have to pay more out-of-pocket when you file a claim.
Consider lowering your coverage. Consider purchasing only the minimum amount of coverage required by your state, rather than purchasing higher limits or a full coverage policy.
Look for discounts you may be eligible for. For instance, most insurance companies offer a good-driver discount for customers with a clean driving record, a good-student discount, or a discount for paying your premiums in full up front.
Full coverage insurance in Oklahoma is usually defined as a policy that provides more than the state’s minimum liability coverage, which is $25,000 in bodily injury coverage per person, up to $50,000 per accident, and $25,000 in property damage coverage. Full coverage in Oklahoma also includes optional collision and comprehensive insurance… read full answer. As a result, full coverage insurance costs an average of $2,155 per year in Oklahoma, while a state minimum policy costs $511 per year.
If you can’t afford to repair or replace your car after an accident, collision and comprehensive are important coverage types—even if they’re not required. Collision insurance covers repair or replacement costs if you are in an accident, drive into an object, or flip your car. Comprehensive insurance covers repair or replacement costs if your car is damaged by falling objects, natural disasters, floods, fires, theft, vandalism, or animals. Full coverage insurance costs an average of $2,155 per year in Oklahoma, while a state minimum policy costs $511 per year. Lenders usually require collision and comprehensive in addition to the insurance you must have under Oklahoma law when you finance a car.
Most people should also choose higher liability coverage limits than what is required by Oklahoma law. If you cause an accident and your liability limits don’t cover the whole bill, you are still personally responsible for the rest. In the end, “full coverage” means having the right amount of coverage to protect your assets in a worst-case scenario.
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