All states now require that a driver of a motor vehicle carry a minimum of liability coverage for each motor vehicle driven. Insurance coverage is a way to protect yourself from risk in Tulsa, Oklahoma.
This minimum requirement does not ensure that a driver will carry the requisite insurance, nor does it ensure that a driver will carry enough liability insurance. Fortunately, there are ways to protect yourself – including carrying uninsured motorist Oklahoma coverage.
Insurance Minimum Requirements
Oklahoma law requires the following minimum coverage for motor vehicles: $25,000 for injury/death of one person; $50,000 for injury/death of more than one person in a single incident; and $25,000 for property damage. (Okla. Stat. tit. 47 § 7-324)
This minimum is a floor and it provides a very basic insurance threshold. In this day and age, it may not be enough coverage. A new car may cost upwards of $20,000. If a car is totaled as a result of the accident, this threshold amount may cover some, but most likely, will not cover all, of an insurance claim.
As a result, many people carry more than this minimum threshold amount. But many carry no insurance at all. So, it is wise to carry underinsured/uninsured motorist Oklahoma coverage.
FAQ: Uninsured Motorist Oklahoma Coverage
So what exactly is difference between uninsured and underinsured coverage and how does that affect you? Well, the differences are important to understand.
Uninsured motorist Oklahoma coverage protects you directly. It pays if you are injured by a driver who doesn’t carry insurance. It also covers you if you are injured by a hit-and-run driver. It takes the place of the culpable driver’s non-existent coverage. It is an important addition to your own coverage.
Here is how it works. If the driver at fault is uninsured, but you carry uninsured motorist Oklahoma coverage in the amount of $50,000 per person injured/$100,000 per incident, and your damages are $35,000, you may be able to collect damages from your own insurance company.
Underinsured motorist coverage applies when the at-fault driver has some liability insurance but not enough to cover all the losses you sustained in the accident. Your underinsured motorist coverage will pay you the difference between the amount of the culpable driver’s policy limit and the amount of your damages, up to your policy limits.
For example, if the culpable driver carries insurance at the $25,000/$50,000 level and your damages are $35,000, you may be able to make a claim against the culpable driver’s insurance up to the amount of their coverage. You may also make a claim against your own underinsured motorist coverage for the difference between their coverage amount and your damages — $10,000 in this case.
You are not legally required to carry this type of insurance coverage. However, it is relatively inexpensive to purchase. And it prevents you from having to dip into your own pocket to pay expenses which might otherwise go uncovered. So get underinsured/uninsured motorist Oklahoma coverage if you do not have it already.
Free Consultation: Tulsa Car Accident Lawyer
To get help after a Tulsa car accident, contact an Oklahoma personal injury attorney at the Personal Injury Law Office of Tulsa today.
For a free, no-obligation consultation, call 918-924-5528 or send your question using the email form on this page.