UNINSURED MOTORIST

Oklahoma ranks among the highest in the nation for motorists without auto insurance, according to an article in the Journal Record published in 2019. This does not include drivers who only carry state minimum liability insurance which in Oklahoma is $25,000 per person/$50,000 per accident for bodily injury and $25,000 for property damage.

What happens if you or your passenger(s) are injured in a car crash caused by a driver without insurance? What if that driver did not have enough liability insurance to fully cover you or your passenger(s) bodily injuries? Expenses such as medical bills and health insurance deductibles can be hefty. You may lose a few paychecks if you miss work. It is possible to help this situation by having uninsured motorist coverage, and in Oklahoma, it also provides for underinsured drivers who have liability insurance, but not enough to fully cover your injuries or those of your passenger(s).

In Oklahoma, uninsured motorist covers your bodily injuries and/or those of your passengers when there is auto accident caused by another driver who did not have auto insurance or not enough insurance, a hit-and-run driver who caused the accident, and other situations. This coverage may help cover medical bills, lost wages, compensation for pain and suffering, costs associated with a funeral, and other expenses.

In some states, UM is required. In other states such as Oklahoma it is optional coverage you may purchase and some states if may not be offered at all. In Oklahoma if you elect to carry uninsured motorist coverage, you must carry at least the amount that matches the bodily injury limits of the state’s minimum automobile insurance requirement which is currently $25,0000 per person/$50,000 per accident. The maximum amount that a policyholder may purchase is equal to the amount of bodily injury liability coverage that the insured is covered by. For example, if your automobile liability coverage has bodily liability limits of $100,000 per person and $300,000 for all injuries ($100,000/$300,000), you will be able to purchase uninsured motorist coverage in the amount of $100,000/$300,000 but not less than $25,000 per person/$50,000 per accident.

Contact a local insurance agent or your insurance carrier to learn about the insurance requirements in your state and what your options are for this coverage.

The above information serves as general information only to help you better understand the different types of coverage. An insurance agent licensed in your state, or your carrier should be contacted regarding your specific policy(s), coverages, and your insurance needs. Insurance companies, policy contracts, and states will all have different coverage, limits, responsibilities, restrictions, and exclusions, in addition to legal requirements.

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Why Has My Insurance Rates Increased!!!!

By Steven Conway • 18 Apr, 2024

A significant rate increase can be scary and frustrating. You might be wondering why your premiums are going up. My goal is to help you better understand insurance rate increases. The severity and frequency of storms are increasing, resulting in higher claims and loss ratio. Inflation affects materials, labor, medical costs. The insurance companies may adjust their premiums to keep up with inflation and make sure they have enough money to cover future claims. New and increasing risks are emerging, such as cyber security threats driving claims up. Cars are not just more expensive to repair due to inflation in material and labor costs but because of cameras, computers, sensors, and other technology. Regulations like minimum coverage levels and mandated benefits can affect insurers' pricing. As a result of new regulations, policyholders may pay more. Premiums paid by the insured are invested by the carrier to generate income, which offsets operating costs and claims payouts. To stay profitable, insurers might raise premiums during economic downturns. Reinsurance lets the insurance carriers transfer some of their risk to other companies. Depending on market conditions, catastrophic events, and the perceived level of risk in the insurance industry, reinsurance costs can go up or down. To offset reinsurers rate increases, carriers may pass off these increase to the policyholders by raising premiums. Insurance companies evaluate their underwriting criteria and pricing models constantly to assess risk and set premiums. If insurers see underpriced risks or adverse loss trends, they may revise their underwriting guidelines and/or raise rates. Although a significant rate hike can be tough, you can manage insurance costs by doing these things: Compare quotes from multiple insurance companies. Ask about credits and discounts such as affiliation credits, telematics, good grades, defensive driving courses, and low mileage. Choose the right coverage and deductibles for you and your family's needs and exposures. Insurance companies often give discounts when you bundle auto and homeowner's policies. Install safety devices, maintain a clean driving record, or put property security measures in place to reduce your risk profile. Rate increases are influenced by a lot of things, including claims costs, regulatory changes, and economic conditions. Understanding these dynamics and exploring cost-saving measures can make you a better insurance buyer and help you make informed decisions to protect yourself and your assets. Don't hesitate to contact your insurance agent or company if you have any questions or concerns about your premiums.

AUTOMOBILE LIABILITY INSURANCE

By Steven Conway • 07 Mar, 2023

If you or your vehicle are at fault in an automobile accident, liability insurance covers damage to the property and/or bodily injuries to others up to the limit of your policy. This coverage is required by most states and usually covers two parts. Auto liability insurance provides coverage for bodily injury and property damage you […] The post AUTOMOBILE LIABILITY INSURANCE appeared first on Conway Insurance, LLC.