Oklahoma residents are encouraged to think carefully about how much auto insurance they need and how much they can afford to pay, as an insurance policy is a legal contract. If you let the contract lapse, it could cause your future insurance rates to go up. While Oklahoma only requires drivers to purchase minimum liability coverage, and drivers can certainly get cheap liability car insurance in Oklahoma, many drivers feel it is in their best interest to purchase additional coverage beyond the state requirements. Additional coverage in an auto policy could include: uninsured or underinsured motorists coverage, collision coverage, comprehensive coverage, medical payments, rental reimbursement, towing/labor coverage, guaranteed asset protection (GAP) insurance, and excess electronic equipment coverage. Here we’ll explore some things consumers should think about when it comes to auto insurance.

Know Your Rates

How much you pay for auto insurance is determined in part by how much coverage you want (the more coverage you purchase, the higher your premium) and the deductible you select (the higher your deductible, the lower your premium). Also, the insurance company must consider all of the risk factors associated with covering you and the other licensed drivers in your household. The base rate that is used to evaluate all drivers is then adjusted to take into account the following factors:

• Age. Statistics show that drivers under the age of 25 are involved in more accidents than those between the ages of 25 and 65. For this reason, drivers under 25 years old are considered a higher risk, so insurance companies will charge households with younger drivers more for insurance. Those who are older than 65 years of age are considered greater risks as well because their reaction time and overall physical ability tends to slow down.
• Gender. Statistical evidence shows men have more accidents than women. Men under the age of 25 are particularly more prone to accidents than women in the same age group, so male drivers typically must pay higher insurance rates than female drivers.
• Driving record and claims history. If you have had multiple accidents, tickets, and insurance claims, you are automatically considered a riskier driver to insure. For that reason, those who don’t have perfect driving records will see higher insurance rates.
• Marital status. Statistics prove that married couples tend to have far fewer accidents than those who are unmarried, so married couples may be offered a lower insurance rate when shopping around.
• Location where you garage and drive the vehicle. As a general rule, urban drivers pay more for auto insurance than those in small towns or rural areas because the increased traffic and higher crime makes their vehicles more likely to get into an accident or be stolen or vandalized.
• Make, model, and year of the vehicle. The general rule of thumb is that the more expensive and high-performance the vehicle, the more drivers will have to pay to insure them because they are more expensive to repair after accidents, not to mention more likely to be stolen. Insurance companies also point out that red, flashy sports cars are more likely to be pulled over for speeding and other violations by police.
• Credit history. Your credit history may play a part in the rates you receive. In general, those with good credit scores will likely enjoy low cost car insurance in Oklahoma.
• Annual miles driven/use of vehicle. If you don’t put many miles on your car each year, you pose less of a risk and therefore pay a lower premium. Also, people who use their car for leisure will generally pay a lower premium than those who use their car for business and long-distance commuting to work day in and day out.

Lower Your Rates

To get the best car insurance rates in Oklahoma, the Oklahoma Insurance Department (OID) recommends shopping around at a number of different insurance companies and comparing rate quotes for identical coverage plans before buying auto insurance. When shopping around, speak with an insurance agent and find out exactly what your insurance plan will cover for the price you are paying so that you receive the best price for the best coverage, as opposed to simply settling for a plan that is cheap, but doesn’t offer much.

Paying less for insurance starts with asking your insurance company how you can get a lower rate and making sure you are getting all the discounts possible, according to the OID. Inquire about discounts that a company may offer but not advertise, such as discounts for young drivers with good grades, drivers who have completed a driver’s education course, discounts for senior drivers, and good-driver discounts. Other ways to get the best car insurance in Oklahoma include: bundling your auto and home insurance under one provider, insuring multiple vehicles under one policy, and installing safety and anti-theft devices, the OID points out.

Longtime customers of an insurance company may be able to call in and request a lower rate for loyalty after many years of doing business with a company and faithfully paying their premiums on time. Also, insurance companies often give you the option to pay your entire premium all at once or pay it in installments; those who pay all at once often pay less overall.

In addition, pay close attention to your other insurance plans. Some plans, such as medical insurance, can overlap in coverage areas with your auto insurance plans, so you can opt out of paying for coverage in areas where you are already insured. By upping your deductible to the highest amount you can reasonably afford, you can receive a lower rate as well. Finally, if your vehicle is paid for or has a low market value, you may want to re-evaluate the cost-effectiveness of maintaining damage coverage on it.

If a rate quote sounds too good to be true, it just might be. Remember to make sure that the company is permitted to do business in Oklahoma. If you are suspicious about any insurance company, call the Oklahoma Insurance Department at 800-522-0071 or (405) 521-2828 to verify if any actions have been taken against that company.

Picking an Insurance Agent/Broker

Insurance agents with insurance companies aim to sell policies for commission. Insurance brokers, on the other hand, do not represent a company. Instead, they work with individual clients, assessing their clients’ needs and finding different insurance options to fit those needs. Like agents, however, they also receive a commission for the sales they make from different insurance companies. Both types of insurance experts can help you find the most affordable auto insurance in Oklahoma.

Whether you use an agent or broker, make sure that they are licensed with the Oklahoma Insurance Department.The Department provides a helpful licensee look-up tool that allows you to search a database to make sure an agent or company is licensed in the state of Oklahoma. In addition, you can request information on licensure from the Department, as well as request information on how many complaints have been filed against a particular agent or broker or how many times they have faced disciplinary actions. You may want to find out how long an agent or broker has been licensed, if you prefer to do business with those with lengthy experience.

If you have had issues with an insurance company or a particular agent that you cannot resolve through the company itself, you can file a formal complaint online with the Department of Insurance. You can also file a complaint by mail or fax, providing supportive documentation. You can request information on why your claim has been denied, why your insurer cancelled your policy, or any other situation in which you believe you were treated unfairly by your insurance company. The Department will investigate the matter, forward you complaint to your insurance company, and get back to you with their conclusions and if any formal disciplinary actions will take place.

After an Accident

Accidents happen, even to the most responsible drivers. If you have been involved in an accident, you must immediately notify local law enforcement. If you or someone else is injured, request emergency medical services if necessary. Drivers should stay at the scene of the wreck until released by a police officer. To expedite procedures, be prepared to give a thorough account of the events leading up to the collision to responding law enforcement members, and also take down information such as the names of the police officers and witnesses you spoke with for your own accident report.

Under Oklahoma law, you must provide your name, address, and vehicle registration number, as well as present your driver’s license upon request, to the other driver involved in the accident as part of your duty to give information and render aid. However, do not admit fault.

You must also report the incident to your insurance company as soon as possible, closely following your particular company’s procedures for filing a claim. If your collision involved another driver, obtain their name, address, phone number, insurance information, driver’s license number, and the make and model of the car they were driving during the collision, even if that other driver has no car insurance in Oklahoma. Be prepared to report the extent of the damage to both cars, how the accident happened, what occurred during the accident, and the names and contact information of any witnesses at the scene. Any police report filed must also be copied and sent to your insurance company.

When all of your information has been received, your insurance company will investigate and pay your claim according to the terms of your insurance policy. If your claim is delayed, the insurance company must notify you every 30 days until it is processed. In the event that your claim is denied, your insurance company will notify you in writing.

Your insurance company may also seek subrogation, which typically happens when someone else was at fault for an accident you were in. Your insurance will cover the costs of any medical or repair bills you had, but your insurance will then reach out to the at-fault driver’s insurance company for compensation. During this process, you should provide your insurance company with full cooperation to ensure that this process goes smoothly. If you intend to settle with the at-fault driver or their insurance company, be sure to notify your insurance company.

Insurance for High-Risk Drivers

Your driving record may prevent you from receiving the insurance coverage, especially if you have a lengthy history of accidents, tickets, or drunk driving. However, the state of Oklahoma makes it possible for every driver to find insurance opportunities by offering the Oklahoma Automobile Insurance Plan. This plan specifically covers drivers in Oklahoma who cannot find coverage in the voluntary market due to their driving records. You can find out more about the plan by calling (405) 842-0844. In order to qualify, be sure that you meet the following criteria:

• Be a resident of Oklahoma
• Possess a valid Oklahoma driver’s license
• Be free of debt from any previous auto insurance
• Show that you have sought insurance in the voluntary market and have been unable to obtain it

Additional Help

The Oklahoma Insurance Department offers assistance to anyone shopping for insurance. They will answer inquiries related to insurance, look into complaints with specific agencies, agents, or brokers, educate consumers on insurance law and procedures, and enforce insurance law on the consumer’s behalf if needed. You can contact them at (405) 521-2828 or toll-free at (800) 522-0071.

Online resources include:

• Oklahoma Insurance Department – Consumer’s Guide to Auto Insurance
• Oklahoma Insurance Department — Instructions for Filing a Complaint
• Oklahoma State Statutes — Insurance Code