Every Oklahoma City driver wants to save on their rates. The city's car insurance rates are among the highest in the state, on average. Therefore, if you have a tarnished record, you might pay more than you like (or can afford) for your coverage. You'll want to save as much as you can as a result. You might even feel like you need to drop your coverage to the minimum levels just to afford it. Here's why.
All Oklahoma drivers have to carry liability insurance. Maintaining only that which is required by the state could still put you in the way of financial harm. So, even if you pay a low price for your coverage, you will might suffer financial struggles the event of a vehicle accident.
Oklahoma's Car Insurance Requirements
By law, all Oklahoma drivers must carry:
- $25,000 bodily injury liability insurance per person
- $50,000 bodily injury liability insurance per accident
- $25,000 property damage liability insurance
The liability coverage does not pay you, the policyholder, directly. Instead, it pays others for the damage you might cause them. For example, if you hit another car, the bodily injury coverage will pay others for their medical costs. Property damage coverage will pay for damaged assets, such as their vehicle.
However, just because you have to carry liability insurance doesn't mean you only have to carry that protection. Most policyholders can add more liability insurance to their policies. They can also often add coverage for their own vehicle damage, medical costs and other bills arising after accidents.
Still, a policy that only includes the minimum coverage is likely the cheapest. Therefore, if your tarnished record drives your premiums up, you might feel tempted to drop your coverage to the minimum limits. Don't do it.
Why You Shouldn't Drop Coverage
If you only carry the minimum required liability limits, you'll leave yourself a lot of holes in coverage. Those holes might equal more personal costs, should accidents happen.
- If you only have liability coverage, you might have no assistance available for your personal losses. Therefore, your policy won't help you pay for such items as wreck damage or bodily injury costs following hazardous occurrences.
- There is no guarantee that accident costs will fall within the limits of your liability insurance. What's to say an accident might cost $50,000 in property damage, but you only have $25,000 in coverage. Therefore, that's another $25,000 that you might have to cover out of your own pockets. Still, there are ways to avoid this fate. If you increase your liability limits to more than $100,000, for example, you might have coverage. We recommend that you do so.
There are other ways to save on your car insurance costs. For example, you might be able to qualify for policy discounts even though you might have a poor record. Therefore, you can still ensure you pay the most-affordable cost for your coverage.
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