3 Myths about Car Insurance Oklahomans Refuse to Debunk

Car InsuranceLike the rest of the country, the Sooner State requires you to carry liability insurance to cover the costs related to injuries, death, and property damage due to accidents you cause. The minimums are $25,000 for injury or death per person, $50,000 for injuries and deaths per accident if more than one person is hurt during the incident, and $25,000 for property damage.

But outside liability coverage, Oklahomans are quite divided when it comes to other things. The state’s auto insurance laws may end there, but your knowledge of other forms of insurance shouldn’t.

More often than not, your assumptions in terms of the types of coverage you should hold when driving around Oklahoma are in touch with reality.

Uninsured Motorist Insurance Is Mandatory

Contrary to popular belief, you’re actually not required to add uninsured motorist insurance to your policy. As optional coverage, you can not carry it at your own risk. It may not be the wisest decision, as not having this insurance may put your finances in jeopardy should an uninsured driver hits you.

Nobody Can Force You to Buy Collision and Comprehensive Coverage

The law may not require you to pay for these two, but it can be impossible for you to secure an auto loan or lease a vehicle without getting collision and comprehensive coverage.

Because it’s often part of the loan or lease agreement, the only way to escape paying these types of insurance is to buy your own vehicle cash and pay for it in full.

You Only Need Gap Insurance When Buying Brand-New

Gap insurance is generally linked to new car sales in Oklahoma City, Tulsa, Norman, and other major cities, but it’s also applicable to used vehicles, says Hudiburg Nissan.

Especially if you’re trying to buy a pre-loved vehicle that’s less than three years old and going to log a lot of mileage on it, carrying it for a few years makes sense.

Most drivers don’t see the value of auto coverage until the unexpected happens. The majority of insurance products may not be obligatory, the more you include in your policy, the more you protect yourself financially.