Oklahoma City Drivers Must Stay Covered with General Liability Insurance for Their Automobiles
Driving is a privilege for people of any age. For drivers in Oklahoma City, insuring your automobile is a necessity to preserve the driving privilege. Not only is general liability insurance required by the state of Oklahoma, liability insurance is also a prerequisite for most auto loans. Before choosing your type of insurance coverage, it is best to understand what is required by the state and what is available through most automobile insurers.
Oklahoma liability insurance covers the cost of medical expenses in addition to automotive repairs for damages done to any involved party’s person or property. Minimum coverage amounts for the state of Oklahoma includes $25,000 for medical expenses of an individual driver, $50,000 for combined medical expenses of other occupants of the other vehicle and $25,000 for property repair, including the vehicle. Although the minimum amount of coverage is all that is required, often times the minimum is exceeded in the event of an actual accident. The driver at fault is responsible for any expenses above and beyond minimums not covered by the general liability policy. There are other policies recommended for those drivers whose vehicles are financed that will help the automobile owner avoid any additional expenditures in the event of an accident.
For those vehicles financed through a lending institution, gap insurance is a type of insurance coverage available for automobiles with monthly payment obligations. Should you be the holder of an auto loan, a gap insurance policy in addition to comprehensive coverage may not be an option but a requirement. While general liability insurance is a requirement of the state, comprehensive and gap insurance would be a requirement of lenders. The insurance serves as protection of the insurer’s property (your automobile) until the loan is fully paid. Regardless of the ownership status of your car, you as an Oklahoma resident are required to possess liability insurance or risk the revocation of your driving privileges.
