Liability Only Car Insurance – Who Needs It?
If you are looking for an inexpensive way to get your car insured in Oklahoma, you should consider purchasing liability only Oklahoma car insurance. These types of policies will cover you for property damage and bodily injury only. You won’t be covered for medical bills or loss of income. These types of policies are ideal for those who live in more rural areas where medical expenses can be expensive. Since these policies do not offer any type of collision coverage, it is very important that you have adequate coverage on your side in case of a serious accident.
Oklahoma has a unique type of car insurance policy called the “no-fault” policy. This type of policy limits the amount of liability you and your insurance company can collect. For instance, if you cause an accident, the minimum amount of liability your insurance policy will pay out is the cost of repair to your vehicle. The insurance company will then take away your deductible. In addition, your premiums and insurance payments will increase significantly.
If you are a person with a pre-existing condition, your insurance policy may be required to exclude certain types of medical expenses from being covered by your policy. For instance, in Oklahoma, your insurance carrier may not be allowed to pay for your chemotherapy treatments if your medical condition was determined to be the cause of the accident. If you have a policy in place, your doctor can file a claim for your damages. However, your premiums and insurance payments will skyrocket if you have to pay out of pocket for your treatments.
Car insurance can also exclude coverage for damages to your vehicle. This means that you would be completely responsible for all costs associated with fixing or replacing your vehicle if it was damaged in an accident. Most insurance companies provide coverage for vehicular damage. However, you would be responsible for the cost of repairs from your own pocket. This could include a large bill for a new vehicle.
Liability only insurance policies don’t usually cover the contents of your vehicle. They do offer protection against personal injury claims and property damage. Many times this type of insurance will cover only the physical damages incurred during an accident. You would be responsible for any damage to your car or its contents, including theft.
Liability insurance is one of the most expensive types of car insurance. If you owe a significant amount of money to a third party, you may need to take out a loan to pay off your obligations. If you don’t pay off your outstanding obligations, you may have to suffer the consequences of a judgment entered against you.
Keep in mind that once your insurance expires, you will no longer be able to legally operate a vehicle. Any traffic violations, your state may have placed on your driver’s license will remain on your record. This could greatly affect your ability to apply for jobs, loans, or other forms of credit. In some cases, it could also limit your choice of schools or institutions you may want to enroll in.
Getting liability only car insurance is only effective, however, if you take steps to make sure you are properly insured. A standard policy will only provide up to the amount of liability coverage you select. If you increase your deductible or drop coverage, you’ll have essentially the same coverage as a traditional policy. If you ever become injured in a vehicle accident, your vehicle insurance company will handle the matters of filing a claim with the appropriate authorities. However, if you choose to handle these matters yourself, you could help save money in the long run.