What is the Difference Between Full and Minimum Auto Coverage?
Full coverage offers more protection since it combines the required minimum liability (or more if you wish to increase it) and comprehensive insurance plus collision coverage. This type of policy provides financial help for repairs (or replacement costs) if your vehicle is damaged in a wreck (regardless of who is at fault), stolen, vandalized or otherwise harmed such as by a hail storm or fire.
This type of policy is more expensive than just purchasing the required minimum, however, it offers a lot more in the way of protection. If your vehicle is financed or leased, you may be required to carry full.
The state minimum for Oklahoma is basic bodily injury and property damage liability. It is designed to help pay for the injuries and damages of others when you cause an accident. Your liability won’t pay anything for your damages or injuries and, if you don’t have enough, you will be responsible for paying the remainder out of pocket.
For example, Oklahoma’s property damage minimum is $25,000. Let’s say you hydroplane during a rain storm and total someone’s brand new car. Most new cars are worth $30,000 and up so after your insurance kicks in (minus your deductible), you’ll have to come up with the rest – plus paying for your own damages.
So, even though liability is the cheapest car insurance in Lawton, many people choose to insure for more for better peace of mind.