How much liability coverage do I need?
Unfortunately there is not a simple answer to this question, but understanding this coverage may shed some light on how much you may feel comfortable with. In laymen’s terms, Oklahoma auto liability coverage pays for medical bills, disability income, and pain and suffering to individuals in an accident that you are liable for. Your Oklahoma insurance company will pay the claimants in the accident up to your limit of coverage. If this limit of coverage is not enough, the claimants have the right to sue you personally. This is why at Lynnae Insurance Agency, we recommend no less that $100,000/$300,000/$100,000 in auto liability coverage. In households that are have assets that need further protection from a lawsuit, we recommend $250,000/$500,000/$250,000, or in some cases we will recommend adding an Umbrella coverage to increase your protect by $1,000,000.
What do my Oklahoma liability limits stand for?
When speaking of Oklahoma liability coverage limits, many people will refer to them as a group of numbers – 100/300/100 or you may see 250/500/100. So what does this mean? With many insurance companies, your auto liability coverage’s are broken down into three different category limits – Liability coverage for each person in the accident, Liability coverage for the entire accident, and the coverage paid for property damage. In the example of 100/300/100, you have $100,000 in liability coverage (medical bills, disability, and pain and suffering) for each person in the accident, 300,000 for the entire accident liability (in case more than one person is hurt), and an additional $100,000 to pay for any property that was damaged.
Should I continue to carry full coverage on my car?
As with many questions regarding Oklahoma auto insurance, this one is a personal preference. There is no set point when we recommend to remove full coverage on a car. For many people, the cost of keeping full coverage is worth the piece of mind knowing they have some coverage on their old car. In saying this, a vehicle will reach a point that it does become less economical to keep full replacement but this number varies per situation. For instance, if you have an excellent driving record and the full replacement aspect of your policy is only $15 a month for a $4,000 car, then it may be recommended to keep the coverage. On the other hand, if you are a young driver and the full coverage aspect is $60 a month for the $4,000 vehicle, than a case can easily be made to remove this coverage. Each situation should be evaluated by your Oklahoma insurance agent to make the best determination.
My child has their permit license, do I need to add them to my policy?
When your child has a permit license, we do not need to rate them to the policy. It is a good idea to notify us of the change so that we can add them as a member of the household. Once they get their full driver’s license, it is imperative that you add them to your policy within 30 days, otherwise you run the risk of denial of coverage.
What do I do in the event of an accident?
Refer to the Claims Frequently Asked Question