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In Insurance: You Get What You Pay For
In Oklahoma you are required to carry a minimum amount of liability insurance (25/50/25) and also provide proof of insurance to register a vehicle or renew your license. In the case of an accident, the minimum liability insurance required by the state may not be enough coverage to pay for the damages that result after an accident. In this case, the driver responsible for the accident will have to pay additional expenses out of pocket. (ex. you rear end a vehicle and a passenger goes to the hospital to be checked out. You have state minimum of $25,000. The ambulance ride, emergency room costs and rehab cost an average of $73,000 in Oklahoma. The insurance company pays $25,000 and you will be sent the remaining bill of $47,000 that you are required to pay by law.)
To determine how much auto insurance you need, consider:
- The value of your assets (home, retirement, future earnings, etc.)
- How and when you drive
- What you drive
- Who is in the car with you
Insurance companies assess your risk by using a Risk Assessment Indicator, which is a numerical score based on credit report information. These Risk Assessment Indicators are highly predictive of future claim activities, helping insurance companies charge a rate that is appropriate for the risk of the insured individual.
While there are a number of factors that contribute to the cost of your premium, there are some things you can do to help reduce it. The car you drive will greatly affect your premium. To lower your auto insurance costs, you may consider switching automobiles and driving a safer, slightly older or less valuable vehicle. The more your vehicle is worth, the more it can cost to insure it. If you don’t want to change cars, you can modify your vehicle to make it safer or lower-risk by adding anti-theft devices or features like anti-lock brakes. In addition, selecting a higher deductible and ensuring that your coverage doesn’t lapse may help you keep your auto insurance costs down.
If you don’t want to change or modify your car, you can also consider changing your driving habits. Your driving record is one of the most important factors considered when determining your premium. You can also try cutting down on the miles you drive and getting other insurance policies with Farmers to save you money.
We offer a variety of discounts, including discounts for selected occupational groups (doctors, RNs, dentists, teachers, police, firefighters, engineers, etc.), homeowners, good students, teens with parents who have safe driving records, drivers who own cars with air bags, drivers who own two or more automobiles, and more.
There are also discount options for those with certain college degrees. This list is updated regularly, so contact our office to see if you qualify for a college degree discount.
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Josh was so much help to me!!!! I enjoyed talking with him about my Insurance need.
It’s not often that an insurance agent saves you hundreds of dollars by giving double and triple the coverage on your home and auto. However, that’s exactly what happened with Josh and his team. On top of that he responds quickly and succinctly to any needs we have experienced.
Great people. My consultant Brent took extra time to show me comparatives with different options. I walked away with better coverage at a better price. I couldn’t be more pleased with the customer service
