How much liability insurance do I need in Oklahoma?

You need enough liability insurance to cover your net worth. Having coverage equal to the value of the assets you own and all the money you have, minus your debt, protects you financially in case of a serious car accident.

When to Carry Only the Minimum Liability Coverage

Although almost every state requires drivers to carry liability insurance, the minimum coverage is not always enough to cover the cost of an accident. It’s always best to carry as much liability coverage as you can afford, especially if you have a high net worth. You can generally get away with a lower property damage liability limit if you want to save, however, since property damage liability claims are usually less expensive than bodily injury liability claims.… read full answer

If you don’t have many assets or think the risk is worth it, you might be comfortable with carrying only the minimum coverage. But no matter what, make sure you’re carrying enough insurance to comply with state law and avoid paying fines for driving uninsured.

Liability Limits on Auto Insurance

Liability limits on auto insurance are the maximum amount that your insurance company will pay for injuries and property damage in accidents that you cause. Liability limits are typically written as three numbers divided by slashes.

For example, Arizona’s liability coverage requirements are 50/30/10. That means drivers need to carry $50,000 in bodily injury liability coverage per person, $30,000 in bodily injury liability coverage per accident, and $10,000 in property damage liability coverage overall.

Why You Need More Liability Insurance Than the State Minimum

Your insurance company will never pay for anything beyond the limits of your policy. Using the Arizona example, if you cause an accident that leads to $70,000 in medical bills for the other driver, you will have to pay for $40,000 if you are only carrying the minimum insurance required. And if you can’t afford to pay the full amount, the other driver can sue, and you can have your assets seized or wages garnished to cover the remainder.

No, uninsured motorist coverage is not required in Oklahoma, as drivers can reject the coverage in writing. Still, insurance companies are required to offer at least $25,000 in uninsured motorist bodily injury coverage per person (up to $50,000 per accident).

For Oklahoma drivers who do not opt out by rejecting the coverage in writing, uninsured/underinsured motorist coverage helps pay for a car accident in which the other driver doesn’t have car insurance, or doesn’t have enough coverage for the damage they caused.… read full answer

Why You Should Get Uninsured Motorist Coverage in Oklahoma

Normally, an at-fault driver’s insurance helps pay for any damage after an accident. However, if the other driver doesn’t have any – or enough – coverage, it can be time-consuming and difficult to sue them for funds to cover any medical or repair bills. That’s where this optional insurance coverage can help you save time and money.

Even though Oklahoma does not require uninsured and underinsured motorist coverage, you should still consider buying it. In Oklahoma, an average of 11% of drivers on the road don’t have car insurance, which means there is a 1 in 9 chance that the other driver won’t have coverage if you get into an accident. Car accidents in Oklahoma can be very expensive, too.

Key Facts About Uninsured Motorist Coverage in Oklahoma:

• Minimum Uninsured Motorist Bodily Injury: $25,000 per person and up to $50,000 per accident
• Uninsured Drivers on the Road: 11%
• Odds of a Crash with an Uninsured Driver: 1 in 9

No, personal injury protection (PIP) is not required in Oklahoma. PIP is not even available in Oklahoma. Instead of PIP insurance, Oklahoma insurance companies offer medical payments insurance (sometimes called MedPay), which helps with hospital bills resulting from a car accident.

MedPay is similar to PIP insurance in that both handle your medical bills even if you cause a car accident. But MedPay covers less than personal injury protection, with no provisions for lost wages or assistance with home tasks that you can’t manage due to injury.… read full answer

Personal injury protection is a type of car insurance used in no-fault states, since it covers medical payments regardless of who caused an accident. Oklahoma is an at-fault state, which means at least one driver is found to be “at fault” after a collision. Due in part to the differences in car insurance laws, the average cost of insurance in Oklahoma – $1,908 – is fairly expensive compared to most PIP states and other non-PIP states.