Requirements for Acquiring Auto Insurance
SafeAuto wants to help you get the lowest possible auto insurance rates. Being familiar with your state's financial responsibility requirements is an easy way to start. Here is the most recent information for Oklahoma:
The minimum amount of liability insurance coverage required to satisfy Oklahoma's Financial Responsibility law is 25,000/50,000/25,000. This means that your insurance policy must insure you against loss in an accident where you have been determined to be at-fault for a minimum of:
- Twenty-five thousand dollars ($25,000) because of bodily injury to or death of one (1) person in any one (1) accident
- Fifty thousand dollars ($50,000) because of bodily injury to or death of two (2) or more persons in any one (1) accident, subject to the twenty-five thousand dollar ($25,000) per person limit
- Twenty-five thousand dollars ($25,000) because of injury to or destruction of property of others in an accident
Under Oklahoma law, you must provide documentary proof of Financial Responsibility in the following circumstances:
- At the request of a law enforcement officer at the time of an accident or traffic stop
- When registering a vehicle or renewing registration
- When obtaining a driver's license
To ensure drivers continue to meet the Financial Responsibility requirements, Oklahoma requires insurance companies to notify the Department of Public Safety if the person's insurance is canceled within 180 days from the beginning date of a new policy. The Department of Public Safety will then contact the person or the owner of the canceled policy for proof of insurance at your address on file giving thirty (30) days to contact the Department of Public Safety and verify that you have valid insurance coverage.
By December 31, 2008, all insurers writing automobile liability coverage in Oklahoma will be required to report to the Department of Public Safety whether a vehicle is in compliance with Oklahoma's compulsory liability insurance law via an online insurance verification system.
Penalty for failure to comply with Oklahoma's Financial Responsibility requirements:
Failure to maintain proper insurance could lead to the suspension of your license and vehicle registration. You may face a fine of up to $350, thirty (30) days in jail, or both.
Other helpful things to know about Oklahoma's Financial Responsibility laws:
You may file an Affidavit of Non-Use, available from the Oklahoma Tax Commission, for a vehicle that will not be used on public roads for a period of time, in lieu of maintaining insurance on the vehicle.