Different states can require or allow different kinds of auto insurance. If you live in Oklahoma, then you should be aware of the coverages available in Oklahoma. You should discuss these coverages with your insurance agent and your attorney.
Liability coverage. Oklahoma law requires that you carry a minimum of $25,000 liability coverage for claims made against you for bodily injury and property damage when you are at fault in a collision. Bodily injury coverage pays the other person who suffered injury in a collision caused by you. Oklahoma law requires $25,000 per person to a limit of not less than $50,000 when two or more persons are injured or killed. While the law requires you to buy minimum coverage, you should discuss with your insurance agent about buying higher coverage.
Uninsured motorist coverage. Oklahoma law requires that you be offered uninsured motorist insurance equal to the bodily injury liability coverage you purchase. You can waive this coverage. But, if you waive this coverage, then you are essentially not buying insurance for yourself to compensate you if you are injured due to the fault of an uninsured driver. Uninsured motorist coverage pays when you are injured due to the fault of the other driver who does not have liability insurance or liability insurance sufficient to compensate you for your injury.
Medical payments coverage. Pays medical bills or even funeral costs of those persons covered under the policy. Medical payment coverage reimburses you without regard to who caused the collision.
Collision coverage. Collision coverage pays for damages to your vehicle caused by a collision.
Comprehensive coverage. It covers damage to your vehicle caused by something other than a collision such as vandalism, theft or a flood.
Gap coverage. This is not included in your auto policy but is a separate policy. It applies when your vehicle is a total loss but you owe more on the loan than the total value of the vehicle. Gap coverage makes up the difference. Historically, the best rates for gap coverage have been at credit unions while the highest rates have been at car dealers.
