Auto Insurance in Oklahoma

Overview

Oklahoma is the country’s second largest producer of natural gas and is a major producer of the nation’s oil. While you may find gasoline to fill your automobile cheaper here than most states in the nation, for Okies, their auto insurance rates are the third highest of all U.S. states.

Oklahoma’s mandatory auto insurance requirements

According to Oklahoma auto insurance law, every driver in Oklahoma is required to meet the minimum auto liability coverages, which states the following liability minimums:

  • $25,000 – Bodily Injury (BI), one person
  • $50,000 – BI, multiple victims
  • $25,000 – Property Damage

Property damage is any damage that has caused by you.

Although it is not mandatory, consumer groups, along with the insurance industry, generally recommend that motorists carry coverages of $100,000 BI protection per person and $300,000 per accident, as the minimum liability requirements often do not meet the high costs of being in a car crash. This is due to skyrocketing medical costs and many drivers driving expensive cars that are costly to repair.

If you lease your automobile or have financed it through a commercial lender, the lender will often require you to carry higher coverages as a means of protecting their assets.

Providing proof of insurance

Proof of the mandatory liability coverage is required under Oklahoma law.

Factors involved in determining rates

According to the Oklahoma Insurance Department, although policy rates also take other factors into consideration, it is common in Oklahoma for your auto insurance premiums to be based on the following:

  • Whether or not you are at risk for getting in a car crash
  • Your driving history
  • Your accident history
  • Your gender and age
  • What kind of automobile you drive, including the make and value
  • Whether or not you park your auto in a protected location, e.g. a garage
  • Your credit history

In Oklahoma, your actual driving record is limited as a factor for a maximum of three years.

Shopping for the best Oklahoma auto insurance rates

Oklahoma’s state insurance commissioner recommends that it’s most worthwhile for Okies to shop rates when looking to purchase auto insurance.

Start by looking for an auto insurance company that gives great service. When it comes time to need them, you want someone who is responsive to you. If you have trouble getting through to speak to someone, they’re not going to be there in a timely fashion when you need their help, say for example if you’re in a car accident or have weather-related damage to your vehicle.

If you’re driving record is clean, stay away from companies and agents that market to high-risk motorists. You’re apt to pay more, even you’re a good driver.

Make sure when shopping for your Oklahoma auto insurance, that you are comparing rates for the same coverages, with the same deductible. Some auto insurance agents will tell you their premium rates are lower, but if you are not careful, you will find that you have quoted you for less coverage and a higher deductible. So don’t be snookered!

Also, it’s very important to confirm that the company you do business with is licensed as an insurer to do business in the state of Oklahoma.

The consequences of driving without auto insurance

Driving without the proper auto insurance coverage is in illegal Oklahoma.  If you are charged and convicted of driving without insurance you can be subject to suspension of your driver’s license in addition to fines and the possibility of a jail sentence.

If you are having trouble finding an Oklahoma auto insurance carrier

Oklahoma Automobile Insurance Plan

If you are considered a high risk motorist in the state of Oklahoma and are having difficulties locating a company that will insure you, Oklahoma’s Automobile Insurance Plan may be able to put you in touch with auto insurance carriers that provide coverage to high risk drivers. You can speak to someone with this program by calling 405-842-0844.

Average Annual Cost of Auto Insurance

According to Insure.com, the 2011 average annual auto insurance premium for Oklahomans is $2,197, the third highest average annual premium rate in the country. The national average is $1561.

 

Source

Oklahoma Department of Insurance
Tel 800-522-0071
Web  www.oid.ok.gov