Car insurance is something that we all need. It covers us if and when we are in an accident. In 48 of the 50 states, you are required to carry financial liability insurance in order to drive. Typically you cannot register a vehicle without proof of insurance. This goes for cars, trucks and motorcycles.
Remember, if you are in an accident you are expected to—and required to—show your insurance information to the other party. It is wise to fully understand your policy so be sure that you have read it and know what your coverage is. The very first page of your policy is a cover sheet known as the Declarations page. It is a one-page overview of your coverage and you should immediately check this when your new policy arrives. Not only are you checking for the coverage you have selected but also listed here should be any discounts that you were supposed to receive.
You have dozens of companies to choose from regarding auto insurance. Selecting one should be based on more than just the lowest rate. In a future article we will share tips for selecting auto insurance.
Oklahoma is a comparative negligence state. What this means is that the insurance companies involved will determine how much property damage and personal damage each party in the accident is responsible for. If you are in an auto accident, it is important not to discuss the occurrence with the other party, but only to share insurance and contact information and then wait for the police to arrive. It is also recommended that you carry uninsured motorist coverage. This will be explained in a future article as well.
As you know, your insurance policy covers you for certain amounts.
Here are the policy minimums that you are required by law to carry in Oklahoma:
- $25,000 for property damag
- $25,000 for injury or death of one person
- $50,000 for injury or death of two or more persons
An additional note: Some people don’t know that even someone who does not own a car still needs to purchase non-owner insurance if they are driving any vehicle.
You may also want to familiarize yourself with the penalties involved in not adhering to the state’s auto insurance laws. If you do not have the minimum required amounts with your policy, or if you do not have insurance, you face fines and suspension of your drivers license and vehicle registration. You may even spend time in jail. Also note that if your auto insurance policy lapses—let’s say you don’t pay your premium and the policy is canceled, you will not be able to renew your vehicle registration until you have proof that your insurance company has reinstated your policy (or proof of a new policy with a different company).
Insurance can be a bit complicated but the responsibility of understanding your auto insurance is yours. Our law firm sees people on a regular basis who did not understand their policy or who, unfortunately, did not have auto insurance. This insurance is important for your own protection, just as having an attorney is important for protecting your rights.
These are really great tips. Now if somebody is seeking an insurance policy they will have a clear concept about the insurance pros and cons.
Thanks for sharing this idea.
I used admiral’s young pesorn policy when I insured my 1st car-it has a higher excess for under 25 s and you aren’t insured to drive any other cars 3rd party as most policies allow and this made it much cheaper for me. They also do a 10 month bonus accelerator which allows you to get 1 yrs no claims bonus in 10months making your insurance cheaper after that time.Having another driver on your policy can help. I am now 25 and even having my 22 yr old BF added to my policy made it cheaper!I have seen companies like Norwich Union advertising that named drivers can get their own no claims bonus which I think is really good for younger drivers, it should make your insurance cheaper as you could put your mum as the main driver and you as a named driver but you can still get a no claims bonus which will really help as you get older.There are other factors which make insurance cheaper that may be out of your control: engine size, postcode, where the car is parked, immobiliser etc, miles travelled, if you have a pass plus certificate, value of the car etcGood luck!
Usually insurance coemnaips will not let you start a policy until you actually own the vehicle. But you can still call or talk to an agent to get a quote and then once you are actually purchasing the vehicle, you can call them and start the policy. Since you are buying a car for the first time and insurance as well, I would recommend you go to a local insurance agent and sit down with them and talk with them about the various coverages and whatnot as many coemnaips that you call over the phone will try to sell you the cheapest insurance which does not provide good protection in the event of an accident. Also, check several different coemnaips for quotes and make sure you get a quote with the same coverages so as to see who can offer you the best rate.