Auto Insurance in Oklahoma
What is Auto Insurance?
Simply put, personal auto insurance, or car insurance, is an agreement between you and your insurance company. This agreement is where you pay the determined premium and they will pay for losses as explained in your policy. Insurance policies are unique to each individual and their situation regarding premium amounts, deductibles, and limits. All insurance policies are made of the same pieces. Most states require a minimum level of insurance coverage. Car insurance is usually in either 6-month or 1-year terms.
Types of Auto Coverage
Car insurance is primarily made up of seven different coverages. Some of them affect other coverages and some are based on personal criteria. Each of them is just as important as the others.
The premium is the amount you pay to the insurance company for your policy.
Comprehensive coverage pays for repairs to property owned by the policyholder in the event of an accident due to weather or nature. Hail damage or a collision with an animal are some examples of what comprehensive coverage could cover.
Uninsured Motorist (UM) coverage is protection for the insured and insured’s passengers should an accident occur where the at-fault driver does not have insurance.
Rental Reimbursement coverage helps pay for a rental vehicle. There must be a covered claim that cause the insured to be without transportation in order to use Rental Reimbursement coverage.
The deductible is the amount you are responsible for paying when a loss occurs and there is a claim.
Liability limits are the maximum dollar amounts that your insurance company pays to the other party involved in an accident with you.
Collision coverage is what pays for repairs to property owned by the policyholder in the event of a collision after the deductible is paid.
Medical Payment coverage can take care of the cost of medical expenses for the policyholder in the event of an accident up to the limit as defined on the insurance policy.
Roadside Assistance is a program that will provide services for the insured if their car breaks down or has various mechanical issues while out driving.
Why do I Need Car Insurance?
Not only is having car insurance a requirement in most states, it is the financially responsible thing to do. Auto insurance can help when a claim or accident causes things get really expensive such as repairing or replacing a vehicle, medical bills, or in the case of a lawsuit filed against you. If you were to not have car insurance if/when these events occur all expenses would be your full responsibility and have to come out of your pocket.
Click here to fill out our Insurance Policy Servicing Form. We will reach out to you as soon as we are able for more information. You can also give our office a call at 580-772-7101 and we will be happy to assist you!
SR-22 Insurance Endorsement
What is SR-22 Insurance?
An SR-22 Insurance document is an endorsement that shows proof of financial responsibility and a verification of auto liability coverage. The DMV in most states may require the purchase of an SR-22 if someone:
- drives under the influence of drugs or alcohol
- drives without proper insurance
- is a habitual traffic offender
- or sometimes if a driver is involved in an auto accident
Depending on the severity of the violations, the cost and the amount of time required to have an SR-22 will vary but generally it’s up to 3 years. During the time period required, continuous auto liability coverage must be maintained. Any lapse in coverage will be reported to the state and the driver’s license will be suspended. After the period of time required has been completed, the SR-22 will expire and be removed from the insurance policy. For more information on SR-22 insurance, give Kim a call or reach out to her via email at kim@magillagency.com and she will be glad to assist you!
Additional Resources for Personal Insurance:
Click the following links to learn more about each of these coverages!