Auto Insurance helps protect you financially if you ever have an accident. There are different components to your auto insurance, some may be required by the state you live in, others are optional coverages. Oklahoma currently requires that a policyholder in Oklahoma have liability insurance ($25,000/$50,000/$25,000 at a minimum). This can be read as, your limits for bodily injury are $25,000 per person, with a total maximum per $50,000 per incident, and $25,000 for damage to the other party’s property.

• Liability Coverage: Auto liability coverage is mandatory in most states. Drivers are legally required to purchase at least the minimum amount of liability coverage set by state law. Liability coverage has two components:
  • • • Bodily injury liability may help pay for costs related to another person’s injuries if you cause an accident.
      • Property damage liability may help pay for damage you cause to another person’s property while driving.
• Comprehensive Coverage: may help cover damage to your car from things like theft, fire, hail or vandalism. If your car is damaged by a covered peril, comprehensive coverage may help pay to repair or replace your vehicle (up to the vehicle’s actual cash value). This coverage has a deductible, which is the amount you’ll pay out of pocket before your insurer reimburses you for a covered claim.
  • • • This is typically an optional coverage, but your lender may require if you’re leasing or paying off your vehicle.
• Collision Coverage: If you’re involved in an accident with another vehicle, or if you hit an object such as a fence, collision coverage may help pay to repair or replace your car (up to actual cash value minus your deductible).
  • • •  This is typically an optional coverage, but your lender may require if you’re leasing or paying off your vehicle. 
• Uninsured/Underinsured Motorist: If you’re hit by a driver who doesn’t have insurance, uninsured motorist coverage may help pay for your medical bills. If you’re hit by an underinsured driver, that means they have car insurance but their liability limits are not enough to cover your resulting medical bills, underinsured motorist coverage may help.
• Medical Payments: If you, your passengers or family members who are driving the insured vehicle are injured in an accident, medical payment coverage may help pay for costs associated with the injuries. Covered costs may include hospital visits, surgery, x-rays, and more.
• Other Types of Coverage: You may be able to add additional coverages to your auto insurance depending on your situation. John R. Carpenter Insurance Agency can help you understand what each helps cover, so you can put together a policy that’s right for you. These additional coverage options can include:
  • • • Rental Reimbursement Coverage/Transportation Expense Coverage
      • Gap Coverage
      • New Car Replacement Coverage
      • Towing and Labor Cost Coverage
      • Ride-Sharing Coverage
      • Sound System Coverage
      • Classic Car Insurance
      • And more!