“Minimum auto insurance may not be enough” |
| Minimum auto insurance may not be enough Posted: 08 Feb 2011 12:24 AM PST Published: 2/8/2011 2:21 AM Last Modified: 2/8/2011 8:16 AM Bodily injury liability: This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else, says the Insurance Information Institute website. You and family members listed on the policy are also covered when driving someone else's car with their permission. It's important to have enough liability insurance because if you are involved in a serious accident, you may be sued for a large sum of money. Definitely consider buying more than the state-required minimum to protect your home and savings. Oklahoma has strict laws about having valid auto liability insurance, and failure to comply with it or failure to produce proof of insurance to a law enforcement officer or upon request can result in fines of up to $250, 30 days in jail or both. Such failure also results in the suspension of one's driver's license and vehicle registration (vehicle tags suspended) in collisions involving injury or property damage of $300 or more. "Liability" means, as a driver, you are legally and financially responsible for injury, death or property damages you cause with your vehicle in a collision. All Oklahoma drivers and vehicle owners are required by law to carry minimum coverage: $25,000 for injury or death of one person, $50,000 for injury or death of two or more people and $25,000 for property damage – called "25/50/25." It used to be "10/20/10."Almost everyone needs more liability insurance than the state requires as accidents usually cost more than the minimums. If found legally responsible for bills for more than your insurance covers, you pay the difference out of pocket. Considering what an injury accident can cost you in court, you actually need coverage of at least 100/300/100, says the institute. "Carry your 'proof of liability insurance' (security verification form) in your car. By law, you must show it to law enforcement officers or Department of Public Safety representatives when asked," says the 2010 Oklahoma Driver's Manual. "If you are in a collision, you must show your proof of liability insurance to the other driver and to the other people involved. You should write down the information from the other driver's security verification form and the driver's complete name, driver's license number and date of birth for driver and owner for your own protection." Talk to your agent or company representative about buying higher liability limits to better match your financial situation. Also, consider buying an umbrella or excess liability policy that pays when your underlying coverage is exhausted. These policies cost $200 to $300 per year for a million dollars in coverage. If you have your homeowners and auto insurance with the same company, check the cost of extended coverage with this company first. If you have coverage with different companies, check first with your auto insurance company. Original Print Headline: Basic car insurance not always enough Submit Action Line questions by calling 699-8888, by e-mailing phil.mulkins@tulsaworld.com or by mailing it to Tulsa World Action Line, P.O. Box 1770, Tulsa OK 74102-1770. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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