Discount Insurance Quotes in Oklahoma – OK
According to the laws of the state, Oklahoma auto insurance companies must set their clients rates by underwriting. This practice requires that they take pertinent information about potential clients when they are applying for coverage and determine how likely they are to be involved in a car collision. Those who are the least likely to cause a collision require that Oklahoma auto insurance companies spend less money. Because of this, they will charge these people lower rates.
The Credit Score and Auto Insurance Rates
One criterion that Oklahoma auto insurance companies are allowed by law to consider is the drivers’ credit history. Oklahoma drivers can also use this to their advantage if they were charged a higher rate because they had a lower credit score when they first purchased their auto insurance policies. If these drivers work to pay their bills on time and increase their credit scores, they will be entitled to lower their auto insurance rates as their scores increase.
Maintaining a Better Driving Record
Oklahoma auto insurance companies are also allowed to use their applicants’ driving records as a way of determining how much they will charge their clients. The clients’ driving record is another area in which people can take control and lower their rates. By making an effort to drive carefully and reduce their chances of receiving tickets for moving violations and causing accidents, Oklahoma drivers will be able to qualify for lower rates than they had in the past.
Oklahoma auto insurance companies are also allowed to consider features that their clients cannot necessarily change for the purpose of lowering their rates. This does not always seem fair to people but there are some demographics that statistically are involved in more car crashes than other groups. It’s for this reason that the auto insurance companies can ask for this type of information and apply it toward their underwriting efforts. Some of the information includes:
• Marital status
• Place of residence
• Type of vehicle driven
Financial Responsibility Laws
Living in a tort state means that those who cause a collision will be tapped to take responsibility for it financially. It’s for this reason that Oklahoma has set minimum requirements for the amount of liability coverage its drivers must have for this purpose. If drivers neglect to follow these requirements, they will have to face the state’s consequences as well as pay for all of the damages they cause out of their own pockets.
Oklahoma’s Liability Requirements
In Oklahoma, every auto insurance company is required to contain bodily injury and property damage liability coverage in its policies. When a client of the company is found to be at fault in a collision, the company will be responsible for paying one injured person at least $25,000. More than two people may be injured, so the company will have the responsibility of paying at least $50,000 for any claims filed. Those who have property to repair will be entitled to $25,000.
Increasing Oklahoma’s Required Limits
The limited amounts for Oklahoma auto insurance are considered to be low by some experts, but auto insurance companies can increase the limits for people if they choose, and they can decide to increase the limits based on their underwriting. This means if the applicants have been determined to be too high a risk, they can be denied an increase in coverage.
Similarly, Oklahoma drivers may wish to add optional coverage that will help them pay for their vehicles’ repairs if they cause a collision or are hit by an uninsured driver. The company can legally refuse to sell this coverage based on their underwriting efforts as well.
If an insurance company’s underwriting is going to cause applicants for auto insurance to be charged very high rates, they have the option of receiving discount auto insurance quotes in Oklahoma. It’s the most efficient way of finding auto insurance companies that have better rates for everyone.