On Thursday, January 30th, Attorney Chad McLain of Graves McLain appeared on KTUL’s Good Day Tulsa program to discuss auto insurance policies, and what the term “full coverage” does and doesn’t mean. Watch the segment:
The term “full coverage auto insurance” is a misleading phrase at best. No policy on its own provides coverage for every possible scenario. However, by combining different types of policies, you can be prepared should an accident occur.
Liability insurance is required for all motorists in Oklahoma, as is the case in most states. Liability covers items such as medical bills and property damage. Oklahoma drivers are required by law to have liability insurance in the following amounts at a minimum:
- $25,000 for the injury or death of one person involved in an accident caused by the driver or owner of the insured vehicle
- $50,000 for the total injuries or death in an accident caused by the driver or owner of the insured vehicle
- $25,000 for property damage resulting from an accident caused by the driver or owner of the insured vehicle
All auto insurance providers in Oklahoma are required to offer policyholders uninsured/underinsured motorist coverage. You are not required to purchase this policy, but it is a good idea in case the other person involved in an accident does not have any or enough insurance to cover your damages. It is estimated that 10% of Oklahoma drivers fall into this category.
There are several additional categories of auto insurance that you may want to consider. Comprehensive insurance covers repairs and damages resulting from non-collision events, such as an incident with an animal, vandalism, or theft.
A collision policy covers damage to your vehicle after an incident with another driver or after hitting an object. Claims under a collision policy are usually subject to a deductible.
Medical benefits insurance takes care of medical expenses for those covered under your insurance, whether or not the accident was your fault.
Finally, gap insurance is something to consider if you lease your car or have a car loan. This type of policy covers the difference between the actual value of the car and what you still owe. These policies are sometimes required with a lease or loan.
Graves McLain is Here to Help
If you or a loved one has been injured in an auto accident that was not your fault, call Graves McLain right away at 918-359-6600. When you call one of our experienced Motor Vehicle Accident Attorneys, we will speak with you for FREE and determine the best course of action.
We review every detail of your situation at no cost to you—and fight hard to protect your rights. Trust our team, we are here to help. At Graves McLain, you will never pay an attorney’s fee up front—and you owe us nothing until we win your case. At Graves McLain, we don’t get paid until you do.
Graves McLain – Serious Lawyers for Serious Injuries