The Different Types of Auto Insurance
Auto insurance policies are different in each state. Types of coverage and minimum coverage limits depend on the state requirements. In Oklahoma, the tort insurance system means that if an accident happens, someone has to be accountable (at fault) for causing it.
This person has the financial responsibility to cover the related cost caused as a result of the accident. Drivers are required to carry a basic liability insurance policy to pay for:
- Property Damage
- Bodily Injuries
Property Damage Liability
It is mandatory for drivers to carry property damage liability in the state of Oklahoma. This coverage is meant to pay for damages to another person’s car or other property damaged where you may be found to be at fault.
Bodily Injury Liability
Drivers must carry this liability coverage to cover the cost of injuries for the victims of accidents where the driver is found at fault. This mandatory insurance is designed to protect drivers from lawsuits. An accident victim may seek compensation for damages such as:
- Lost Income
- Bodily Injury
- Pain
- Suffering
- Damaged Property
Collision Damage
Collision insurance pays for repairs and replacement of an insured car after it has been involved in an accident with another vehicle.
Comprehensive Insurance
Comprehensive Insurance pays for damages and loss caused by most events which do not fall under the collision coverage. Such events include:
- Fire
- Theft
- Vandalism
- Hail Storms
Why Do I Need Auto Insurance?
It’s the Law
Car insurance is mandatory in 48 states and the District of Columbia.
To Protect Your Finances
If you are found at fault for causing an accident, you may be required to pay costs associated with it. Liability coverage may pay for these costs. Such costs may include:
- Medical Expenses For The Victims
- Legal Fees
- Lost Income
To Satisfy Loan Requirements
If perhaps your vehicle is financed or leased, your lender requires you to buy collision coverage and comprehensive coverage. These coverages may help to repair or replace the vehicle after damages from a covered loss.
We have an office in Norman, Oklahoma. Tatum Insurance is here to help with all your insurance needs. We will guide you through various auto insurance policies and find the policy that matches your needs.