Not all insurance policies are created equal. There are many differences between auto policies that go into how much their premiums are. The lowest premiums frequently have coverage that won’t protect you the way you expect should something happen. It is important to understand what each coverage is for and how it protects you either from liability or from a large out of pocket expense. We can walk you through these and help you select the auto insurance that is right for you while making sure that you are getting the best value for your premium dollar.

Liability limits are an important part of your insurance policy. It determines how much the insurance company will pay if an accident happens. All too frequently, people will go with the state minimum limits, and, as the cost of medical care and vehicle repair go up, the state minimums may not be enough. In Oklahoma, the Personal Auto minimum limits for bodily injury is $25,000 per person and $50,000 per accident. For Property Damage the minimum limit is $25,000.

Advancements in safety and engineering can be seen in the cost of not only new cars, but the cost to repair them.  $25,000 may cover some, or even most repairs. The problem is that it only takes a single accident that exceeds that limit for liability to affect your assets. When the liability limit is exhausted the insurance company will no longer pay for damages. Any cost above the limit you would be personally liable for.

When shopping for auto insurance, be sure to pay attention to what the liability limits are. Your premium may be attractive, but the liability limits could leave you dangerously exposed. Our insurance agency has a minimum standard of $50,000/$100,000 for liability limits to protect our clients from this exposure. We go over all of your coverages with you prior to issuing any policy to make sure you understand your coverage and how you are protected.

Physical damage coverage is another way we can help protect you. There are 2 types of physical damage coverage for your auto, comprehensive coverage and collision coverage. These coverages are not mandated by the state, but they may be a required by the terms of an auto loan. Even though they may not be required, it is important to consider if these coverages are right for you. In Oklahoma, comprehensive coverage is particularly important. This is the coverage that will take care of you if a hail storm comes through and damages your vehicle, or a deer runs in to the side of your car. Collision coverage would repair your car should an accident happen where either another person wasn’t involved or there was no other person at fault.

There are several endorsements that can be added to these coverages. These endorsements include loan payoff, audio equipment coverage, OEM replacement parts, new car replacement, $0.00 glass deductible, rideshare coverage, and rental car reimbursement. We can help you navigate these endorsements and coverages, explaining what each does and how you may or may not want or need the coverage. Insurance not a “one size fits all”, so come to our insurance agency in Stillwater and let us tailor coverage to you to keep you protected.