Although most drivers believe cutting back on their car insurance is a good way to save money, little do they know that it actually puts them at a greater financial risk. Not only is driving without insurance illegal, but not having enough may land you in debt a lot worse than paying a little extra for more coverage.
The State of Oklahoma requires every driver to have liability insurance, in the amount of 25/50. This insurance is designed to protect others from something you might do. Let’s say you are involved in an accident and it is deemed your fault. You will be held responsible for expenses that include property damages, vehicle damages, medical bills, and any legal suits that are filed against you. Your liability insurance is designed to pay for the other party’s medical expenses, and your property damage insurance pays for the other party’s auto repairs and any other property damages they may incur.
Now, you know how expensive it is to fix people and cars, right? If you have liability/property damage limits of 25,000/50,000/25,000, meaning your insurance will pay up to $25,000 of medical bills for each person insured for a maximum of $50,000 per accident and $25,000 for property damage, how far do you think that will go to covering someone who is seriously hurt? How about if there is more than one person injured? What happens if they sue you because you didn’t have enough insurance? If you purchase insurance in greater liability limits, you are not only making sure that other people are taken care of, but also protecting yourself and your assets.
According to Consumer Reports, motorists should purchase liability insurance in 250/500 limits. It’s still a personal choice, but you would be surprised at how little a difference the extra coverage will make in your insurance rate. None of us have any intentions of getting into an accident or hurting someone, but many roads are paved with good intentions and accidents do happen! Call us today to see how little a lot of extra protection will cost!
ABOUT FAMILY INSURANCE
Phone # (405) 329-9780
Fax # (405) 823-6917
http://www.gotomypolicy.com
paul@familyinsu.com