In Oklahoma, drivers are legally required to obtain and maintain minimum liability coverage. The state’s requirement is known as 25/50/25 denoting the levels of coverage drivers need for personal injury, the accident itself and property damage. It is a good idea to talk with an agent in Ada, OK about higher levels of coverage. There are several pragmatic reasons for this. First, the minimum liability coverage only pays for the repair or replacement of the other party’s vehicle if the policyholder causes the accident. It will also pay the medical expenses of the other party in an accident caused by the policyholder. It will not cover the repairs, vehicle replacement or medical expenses of the policyholder. In addition, if the medical expenses or repairs exceed the amount covered by the policy, the individual can sue to cover the additional expenses. With the ever-rising costs of repairing or replacing a car coupled with the expense of medical care, it’s wise to consider buying additional coverage.
Most lenders require that drivers obtain and maintain collision or comprehensive insurance policies for the lifetime of the loan. This protects the lender should the car be damaged or totaled in a vehicle while money is still owed. An insurance agent can explain the available options. In general terms, though, a collision policy provides coverage should an automobile need to be repaired or replaced following an accident. The insurance company will pay out the fair value of the car minus depreciation. A comprehensive policy provides additional coverage relating to the damage or destruction of an automobile not related to an accident. Examples of this include fire, hail, vandalism, and theft.
The staff at Moon – Baker Insurance Agency serve the Ada, OK area. They are ready to help the client get the coverage they need. Get a fast quote online them give them a call today!
