When it comes to Oklahoma auto insurance, drivers are required to have at least a certain level of protection in place. The state has determined that everyone on the road must have $25,000 in bodily injury liability coverage to pay for the damages sustained by an individual injured in an accident and $50,000 to compensate all victims of the same accident. Along with the bodily injury portion of the policy, property damage coverage of $25,000 or more must be purchased.
The bodily injury liability coverage pays for medical bills and lost wages incurred by the occupants of the other vehicle in an accident. Property damage liability insurance pays for the cost of repairing the other driver’s vehicle, as well as other property such as fences, mail boxes and sign posts that were damaged or destroyed in the accident.
While a person who buys only the minimum level of coverage required by law is not doing anything wrong, he or she may not be adequately protected if they are the at-fault driver in a serious accident. The insurance company will provide coverage, but only up to the policy limit that a customer has in place. Any damages owing above that amount are the responsibility of the insured personally.
Rather than run the risk of having to sell off personal assets to pay a judgment, a better choice is to buy a policy with a higher level of protection from the outset. The extra amount charged in premiums is money well spent.