Oklahoma Minimum Insurance Requirements for Drivers and Riders
Oklahoma requires that you have insurance coverage for every vehicle you drive, whether you own that vehicle or not. If you are stopped by law enforcement, you risk a fine if you don’t have proof of coverage in the vehicle with you.
You are required to carry at least the state minimum insurance coverage for all motor vehicles and motorcycles of at least 25/50/25 –
- $25,000 – the maximum amount your policy will pay per person for injuries sustained in an accident
- $50,000 – the total maximum amount that will be paid for all persons who sustain injuries in a crash. Once this total payment is reached, the injured may seek compensation from you
- $25,000 – the total your insurance will pay for proper damage you cause in an accident
These minimums will cover property damage and injuries for each accident you cause. However, you must keep in mind that should the injuries or damages be more than the coverage limits of your policy, you will be personally responsible for that overage. For example, if you are driving with three friends in your car, and you have a collision with a vehicle carrying two people, at least five people will be making claims against your $50,000 policy. Should any of their medical expenses come to more than $10,000, you may have to pay the difference. IF any of those involved file a lawsuit against you for the accident, you may also incur court costs and attorney fees. If you are unable to pay these costs, your wages can be garnished, and your home and vehicle can be taken to cover these debts.
Understanding Insurance Policy
Typically, your insurance policy involved several types of vehicle coverage –
- Collision – pays for damage to your vehicle should you have a single vehicle accident
- Comprehensive – pays for non-accident damage to your vehicle, such as if it is damaged in a hail storm, or crushed under a fallen tree
- Bodily Injury – pays a set amount for medical costs of passengers, pedestrians, or occupants of motor vehicles involved in accidents that you cause
- Property Damage – pay for property damage such as vehicle damage, bike damage, or damage to something you hit
- Under/Uninsured – pays for injuries or damage caused to you by a driver who does not have insurance or not enough insurance to pay for these expenses
You are required to carry full coverage policies that include collision, comprehensive, and liability coverage. Vehicles that are owned outright must be covered by liability insurance at the least.
Recent Changes
Oklahoma Governor Mary Fallin signed new legislation that prevents drivers who fail to show proof of insurance to law enforcement at a stop from being fined. When law enforcement runs a vehicle check, they can now see the insurance coverage for that vehicle. The government was quick to point out that you may still incur a fine if your policy cannot be verified through the database system.
Determining Your Premium
There are several factors that insurance companies consider when determining how much your insurance premium will be. Some of the most important factors include –
- Driving history – having moving violations, accident claims, or a drunk driving conviction can cause your rates to be higher
- Credit Score – the worse your credit score, the higher you can expect to pay for insurance
- Occupation – driving jobs or jobs that require a long daily commute could trigger higher ratesr rates
- Location – if your neighborhood is in a high crime or high-claim area, you can expect to pay more
- Annual Miles – the fewer miles you put on a vehicle, the lower your premiums
- Gender – females typically have fewer accidents than men
- Marital status – a married individual is generally considered less risky than single people
- Age – new drivers up to age 25 generally have higher premiums, while those over age 50 have lower premiums
- Vehicle type – typically, the more expensive or powerful the vehicle, the higher the premium
Speak to your insurance agent to see if you are able to customize your policy and include options like Roadside Assistance, and rental car use when your vehicle is being repaired.