Oklahoma auto insurance
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What to know about Oklahoma auto insurance
According to data from the CDC, traffic accidents in Oklahoma cost residents more than $8 million in medical bills and nearly $1 billion in work loss costs per year. While the number of serious injuries and deaths has declined since 2019, they increased from 2,061 injuries and 654 deaths in 2020 to 2,094 injuries and 762 deaths in 2021. The total number of crashes also increased from 61,739 in 2020 to 66,074 in 2021. You can protect yourself from the high cost of serious traffic accidents by purchasing Oklahoma auto insurance.
Oklahoma traffic accident statistics
Many of Oklahoma's serious traffic injuries and deaths are from preventable causes. Failure to use seatbelts and car seats contributed to 48.2% of traffic fatalities in 2021. Alcohol or drugs contributed to 407 of the state's 762 traffic deaths. Speeding was a factor in the deaths of 206 people. Distracted drivers caused 1,270 accidents.
Deaths and injuries from large truck crashes rose sharply from 2020 to 2021, with a 49.3% increase in deaths and a 19.1% increase in injuries. While the number of crashes that involved speeding dropped by 1.1%, the number of deaths and injuries from speed-related crashes rose by 11.4% and 4.9%.
Fridays were the worst day of the week for traffic accidents and April was the worst month. More accidents happened between 5:00 p.m. and 5:59 p.m. than at any other time of day.
Types of Oklahoma auto insurance coverage
Oklahoma drivers and vehicle owners must purchase two types of required coverage. Most insurance companies also provide Oklahoma auto insurance quotes that include several optional coverages.
Oklahoma drivers must purchase two types of liability insurance, Bodily Injury Liability and Property Damage Liability.
Bodily Injury Liability insurance pays for medical costs, lost wages, pain and suffering and other expenses related to injuries that you or someone else driving your vehicle cause to other people. You must purchase at least the minimum amount of this coverage that the law requires.
If you or someone you allow to drive your vehicle damages someone else's car or other property, your Property Damage Liability coverage pays to repair or replace it. This coverage also applies to public property, such as road signs or guard rails.
You do not have to purchase this coverage; however, your insurance company must offer it to you. Uninsured Motorist Bodily Injury Liability pays for injuries to the occupants of your vehicle that an uninsured driver causes.
The minimum liability limits are often not high enough to cover the cost of a serious car accident. If a driver who has insurance causes injuries to you or your family members and that driver does not have high enough limits to pay for all of your expenses, optional Underinsured Motorist coverage helps pay the difference.
Medical Payments is an optional coverage that pays for the medical expenses of you or your passengers no matter who caused the accident.
Optional Collision Coverage pays to repair or replace your vehicle, minus the price of your deductible. It can also provide you with protection against property damage caused by an uninsured or hit-and-run driver.
If you live in an area with a high number of vehicle thefts or frequent damaging storms, you may want to purchase Comprehensive Coverage. This coverage pays to repair or replace your car from damage by something other than a collision, such as weather, animals, thieves or vandals.
Oklahoma minimum insurance requirements
Oklahoma drivers and vehicle owners must purchase at least these that state law requires:
• $25,000 per person Bodily Injury Liability.
• $50,000 per accident Bodily Injury Liability.
• $25,000 per accident property Damage Liability.
In addition to the required insurance above, Oklahoma drivers can purchase Uninsured or Underinsured Motorist coverage on an optional basis. While state law does not require you to purchase these coverages, the law requires that every insurance company offer it to their auto insurance clients for liability limits of $25,000 per person, $50,000 per accident and $25,000 for property damage. This coverage pays for expenses when you are hit by an at-fault driver who either didn’t carry insurance (uninsured) or didn’t carry enough insurance to address all the medical bills or car repair costs (underinsured).
Average cost of Oklahoma auto insurance
Oklahoma drivers pay an average annual premium of $1,900 for full coverage. Nationally, the average annual premium is about $1,700 for full coverage.
Oklahoma drivers who want to save money on their car insurance rates should compare the prices of different insurance companies. You can easily compare multiple auto insurance companies by requesting Oklahoma auto insurance quotes from VIU by HUB.
Factors that affect Oklahoma auto insurance rates
Oklahoma insurance companies consider a variety of factors when determining insurance rates.
Larger cities tend to have more traffic and a higher risk of accidents. As a result, insurance rates in larger cities tend to be higher.
Because inexperienced drivers tend to cause more accidents, younger drivers usually pay higher average premiums. An 18-year-old driver in Oklahoma will pay twice the premium that a 25-year-old driver will pay. Rates continue to decline as drivers get older up until around 70 where rates will begin to increase again.
Drivers of all ages who commit traffic violations or cause accidents tend to pay higher premiums. A speeding ticket can increase your rates by 20%, while an accident may cost you 30% more. A DUI conviction could increase your rates by 50%.
This information is intended for general informational purposes only and is not intended to constitute legal advice.