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The state of Oklahoma imposes its Financial Responsibility rule on all licensed drivers and owners of vehicles driving within its boundaries. To this end, proofs meeting the Financial Responsibility requirements are needed every time one tries to obtain a driver’s license, upon obtaining car registration and its subsequent renewal, and, most importantly, when law enforcement officers demand for it when there is an accident or when a driver figures in a traffic violation. If a driver fails to produce such proofs, he or she will be fined for up to $350, have the driver’s license and the vehicle registration suspended, as well as face the possibility of jail time.

To further validate this rule, all insurance companies underwriting coverage for auto liability within the state are required to report to the Department of Public Safety the compliance of a particular vehicle to this rule via an online system. In addition, insurance companies are also required to report to the same government agency if a certain auto insurance policy is canceled within 180 days from the beginning of the policy so the agency can follow up with the policyholder and ask to submit proof of valid insurance coverage they presently maintain. The state also imposes minimum amount limits for liability coverage. There is a $25,000 minimum limit for bodily injury or death of an individual person per accident, while a $50,000 minimum limit is imposed on total injuries or deaths in an accident. There is also the $25,000 minimum limit for property damage coverage. Typically, these limits are often referred to as the 25/50/25.

In cases when a vehicle will not be used for a certain period of time and the owner does not want to maintain its insurance policy, he or she may file an affidavit of non-use to the Oklahoma Tax Commission. This way, the owner may not need to incur unnecessary expenses on behalf on the unused vehicle and may reinstate its insurance coverage only when it becomes usable again. Auto insurance consumers should be familiar with the factors that impact the rates of the policy. One of these factors is driving history, with the individual having excellent driving history be offered a much lower premium rate compared to one who is classified to be a high-risk driver. Under the law, a particular driving history record may only be used for up to a maximum time of three years, necessitating the need of obtaining a new, updated version after this time limit. Other factors affecting auto insurance premium rates are the type of vehicle being driven, the usual geographical location in which the automobile is driven, the age of the driver, gender, and even personal credit score.

Under state law, insurance providers are allowed to impose surcharges on policyholders whenever they file claims for at-fault accidents. In this case, the amount of surcharge imposed usually lasts for three years and may vary from one case to another. However, when not-at-fault accident claims are filed, the insurance provider is not allowed by state law to impose these surcharges nor raise the premium rate. For those considered to be high-risk drivers and whose applications are often rejected by private insurance providers, there is the option of availing the Oklahoma’s Automobile Insurance Plan. This program aims at helping this type of consumers find insurance agents within the state who are willing to offer coverage for their automobiles.

Lastly, auto insurance policyholders should also know that there are several instances in which their particular policies may not provide coverage, such as in the event of hit and run accidents or when in collision with an uninsured or underinsured drivers. Their insurance policies may not also extend coverage to car rentals or for theft of personal property inside the vehicle. To this end, it is best for policyholders to scrutinize their individual policies and determine which scenarios are specifically covered and which are not. In most cases, they would often need to contact their insurance agents or insurance providers to purchase additional coverage, if needed.