Oklahoma Auto Insurance Requirements
Oklahoma has strict auto insurance laws for both private and commercial vehicle owners, and is a comparative negligence state – which means that insurance companies are required to assess percentage of fault in any payable claim. Minimum auto insurance coverage requirements in Oklahoma are mandated by state law and the Oklahoma Department of Insurance. The following minimum coverage is required on every registered vehicle, except as noted below:
(Source: Oklahoma Department of Insurance)
Driving without the mandatory liability insurance in Oklahoma can result in a $250 fine, up to 30 days in jail, and suspension of driving privileges and revocation of vehicle registration. Subsequent offenses are subject to higher fines, reinstatement fees, and jail time.
The Oklahoma Automobile Insurance Plan is available to drivers who are unable to obtain required coverage through the voluntary market. More information is available on the AIPSO website.
Factors Influencing Car Insurance Premiums in Oklahoma
Getting a quote for cheap car insurance in Oklahoma requires some research and rate comparisons between different insurance companies, as Oklahoma ranks near the top of national averages for car insurance costs. Some factors that impact insurance rates in Oklahoma include:
– Oklahoma is not a “no-fault” state, and does not require PIP insurance
– Oklahoma is a “comparative negligence” state, which puts additional burden on auto insurance companies to assign fault percentage when settling accident claims
– Vehicle repair costs are generally less expensive in Oklahoma than elsewhere
– Overall accident fatality rates are much higher than national averages
– Oklahoma is near the top in percentage of uninsured drivers compared to national averages
– Auto insurance fraud
– Vehicle theft rates well above national averages
The average auto insurance premium for residents in Oklahoma is $2,197 in 2011; the national average is $1,790.
Tips for Obtaining Cheap Car Insurance in Oklahoma
– If you’re over 55, take a state-approved defensive driving course for a policy discount
– Several insurance companies offer “pay as you drive” car insurance for low mileage drivers in Oklahoma
– Maintain a good driving record
– Bind multiple policies (homeowners, life, auto) with the same provider
– Maintain a good credit score
– Create a personal “emergency fund” of up to $1500 and increase deductibles accordingly
– Discuss affinity discounts with your insurance provider
– Drop comprehensive and collision insurance on older vehicles
– Auto Theft: Oklahoma has a very high vehicle theft rate, but it has been decreasing (as is the case in most states) consistently in recent years. This can be attributed primarily to anti-theft devices being standard on recent model cars, as well as public awareness of the issue:
(Source: Auto Thiefs)
– Automobile Accidents: The total vehicle miles traveled in Oklahoma has remained fairly constant in recent years, as have vehicle accident fatality rates. Oklahoma is near the top in numbers of deaths in car crashes compared to national averages, despite having a fairly low population concentration.
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