Although carrying liability insurance on your vehicle is mandatory in Oklahoma, Oklahoma’s percentage of uninsured motorists is among the highest in the nation. Don’t risk your financial future because someone else isn’t properly insured. You can protect your property from uninsured motorists by purchasing Collision and Homeowners insurance policies. But those policies do not protect you from bodily injury, lost wages, pain, and suffering.
Uninsured or Under-Insured Motorists (UM/UIM) coverage is a great addition to your auto policy to protect yourself, your family and your passengers. While this coverage is not mandatory, insurance companies must offer Uninsured Motorist coverage when you buy auto insurance. You can decline the coverage or select the coverage you wish to purchase. If you don’t wish to purchase this coverage, you must sign a form declining the UM/UIM portion of the policy. You will be charged for the minimum amount required by law for UM/UIM until those forms are signed and sent back to the agent or insurance company.
Uninsured Motorist Coverage
Uninsured motorist coverage, referred to as UM or UIM, is a type of auto insurance to protect you when the driver who caused the accident didn’t have enough insurance. Uninsured motorist coverage also pays if you’re in a hit-and-run accident and the other driver can’t be found to pay for damages. You can buy the minimum limits of 25,000/50,000 or up to the limits of your policy or any value in between as set forth by the insurance company. Ask your agent what coverage amount would work best for you.
Uninsured/underinsured motorist coverage does not repair or replace your vehicle due to damages suffered in a collision with a vehicle driven by someone without sufficient insurance. Instead, uninsured/underinsured motorist coverage pays for medical care – or provides compensation for the loss of life – suffered by you or by passengers in your vehicle as the result of a collision involving a driver who has not fulfilled his obligation to buy insurance or whose minimal liability limits have been exhausted before your losses have been made whole. While the state does allow carriers to offer UM/PD (Uninsured Motorists Property Damage), it is not widely available at this time, so we recommend placing collision and comprehensive insurance on your vehicles.