Here are some common car insurance questions from drivers here in Tulsa, as they relate to Oklahoma laws and general insurance information. Keep in mind that every state has different laws and rules and that no two auto insurance companies are exactly alike in how they cover claims or in how they set premiums.
What Is The Bare Minimum Legal Requirement For Auto Insurance In Tulsa?
Throughout most of the United States, you are required to have minimum liability insurance in order to drive a car. Liability insurance covers the other driver in the event you cause an accident. The minimum liability you must have in Oklahoma is $25,000 per person and $50,000 per accident for bodily injury and $25,000 for property damage. This type of coverage doesn’t cover your own costs, that will take a separate policy. Failure to obtain and keep current with the minimum insurance law can find you in hot water, facing fees, jail time, or loss of license.
Is Limited Liability Coverage Enough?
Minimum liability might not be enough insurance to keep you financially and legally safe if you cause an accident. It doesn’t cover your own expenses and if your minimum coverage isn’t enough to cover damages for the other party they might elect to sue you personally for the rest of the money. You can protect yourself and your assets by getting more coverage for both liabilities and then getting coverage for yourself as well, called collision insurance and full coverage insurance, to protect the investment you have in your vehicle.
What Is The Difference Between Collision and Full Coverage Insurance?
First of all, you should know that if you are using a loan from a bank to pay for your car, you will be required to take out collision and comprehensive coverage insurance otherwise known as full coverage auto insurance. Collision coverage covers damages that result from an accident while comprehensive protects you from non-collision damages like theft or weather damage. You might also be required to take out gap insurance so that if your car is totaled in an accident, the balance due on the car will be paid in full. Without gap insurance, you could end up making car payments on a car you no longer own. Cheap full coverage insurance is very difficult to find so it’s important to shop around to find the best rate possible.
Do Red Cars Really Cost More To Insure?
This is actually a myth, red cars don’t actually cost more to insure. Auto insurance costs do not take into account the color of your car. However, newer cars, vintage cars, and luxury cars all cost more to insure. If you want to make sure to keep your premiums down and you’re about to buy a new car, you can check with your insurance broker to see how different cars can affect your rates. Auto insurance quotes are based on a number of factors besides the type of car you drive, including your age, marital status, where you live, and even what job you have.
How Can I Get The Cheapest Auto Insurance?
Getting cheap insurance rates is all about your driving record and the discounts you can qualify for. First of all, keep a clean record with no tickets or accidents. If you’ve already got a great record, the next thing you can do to lower your auto insurance cost is to look for discounts. You can get the best auto insurance price when you utilize discounts for paying annually, paying via auto-draft, for taking defensive driving courses, having good grades if you’re a student, and for many jobs or clubs you might be a part of.