Cheap Liability Car Insurance in Tulsa
State minimum liability car insurance is the cheapest insurance policy available in Tulsa. This kind of insurance protects you from the damage you do to another person’s vehicle or bodily injury. It is important to note that this coverage does not cover damage done to your vehicle.
You would purchase full coverage insurance if you want your automobile covered in an accident.
Liability insurance is cheaper than full coverage insurance, but it does prevent less financial risk on your end when you choose full coverage. For example, if you choose liability only and your vehicle is stolen the insurance company will not pay anything out on this situation. It is wise to consider the cost of repair for your vehicle before you decide on the coverage amounts you choose. Defining the value of your car and your tolerance for financial risk is a good guide to help you make the right decision.
With Tulsa being a larger city and having lots of traffic it causes auto insurance in general to be higher, especially when it comes to full coverage. Tulsa is the 2nd largest city in Oklahoma and has lots of traffic accidents and uninsured motorist claims. These two factors affect how much auto insurance companies in Tulsa charge for their rates.
Top insurance companies for the cheapest liability insurance in Tulsa
There are many insurance companies that offer affordable liability insurance. Since majority of auto insurance companies go after liability only business very aggressively, they fight fiercely to get those customers. The more these insurance companies compete and lower their rates the more money the insured will save. The reason why insurance companies want this liability business is because they don’t have to pay out claims on the physical damage on the insured’s vehicle, just the damage to a 3rd party that vehicle does.
When natural disasters hit like flood and hail, insurance companies do not pay out on these claims when their customers have liability only. But when a customer has full coverage; insurance carriers are susceptible to pay out millions of dollars in claims.
It is not possible to say one company is the cheapest for liability only insurance every time. Each auto insurance company has a segment of business that they are best at. Some companies are best in certain ages or zip codes and so many other scenarios. Here are a few of the top companies in Tulsa that offer the cheapest liability insurance policies:
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Key
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Traders
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Geico
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Save Money Car Insurance
When is it wise switch to Liability only insurance?
Full coverage insurance is required in most situations when your car is new or financed. Majority of Lienholders require you to purchase full coverage insurance when you finance a car. It can be beneficial to move to liability only as your car gets older. This is due to an auto insurance claim being paid based on the actual cash value of the car. If your vehicle is 30 years old for example, and is totaled in the event of a covered accident. the insurance company would not pay a smaller amount on the claim because the age has made the value of the car drop. All the money you would have paid for full coverage would have then been wasted.
If you are involved in a total loss, the insurance company writes a check for the car’s value as of that date. Auto insurance carriers total your car when the cost to repair is more than the vehicle value. When your vehicle is new it is going to cost more to repair than older cars would cost. Auto insurance companies will be out a lot more money when repair newer vehicles.
Majority of auto insurance carriers do not use the value of the car as a rating for liability only insurance. This is because insurance companies only have to pay out on 3rd party claim and not the liability vehicle on the policy. So full coverage may not be a good idea if you have an older car. When your vehicle gets old enough it may not be worth carrying full coverage at all.
What is liability only auto insurance?
Liability only insurance is the state required bodily injury and property damage limits. This coverage gives protection for drivers and other vehicles from damages another vehicle does on the road. Each state requires a certain amount of liability limits on your insurance policy to be legal to drive. Tulsa requires their drivers to carry limits of 25,000/50,000/25,000. The liability coverage covers the damage you do to another person or vehicle up to the limits of the policy. Here are some additional optional coverages that you can add to your insurance policy to get broader coverages:
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Collision
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Rental car reimbursement
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Roadside assistance
How much cheaper is liability only insurance coverage?
Liability insurance coverage in Tulsa is much cheaper than full coverage insurance. Full coverage is higher in Tulsa because of all the storms that come thru and high traffic counts. Auto insurance rates could drop in half by cutting out extra coverages. It is important to remember that when you remove coverage you will save money but you will lose coverages. Removing full coverage puts you at more risk financially when you are involved in an accident. It is important to always check with your insurance agent or company before removing any coverages.
If you do choose to purchase state minimum liability coverage that Tulsa requires that type of policy would not pay for any damages done to your vehicle. In addition to this it will also not cover the following:
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If you are a victim of a hit and run (if you are not required to have uninsured motorist coverage in the particular state you live in)
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Your car is damaged by weather
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If you were to hit a deer
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If your car is vandalized or stolen.
How to find the cheapest liability auto insurance in Tulsa
When shopping for the cheapest liability insurance in Tulsa it is important to get as many quotes as you have time for. It is important to note that just because an auto insurance carrier in Tulsa gives you the best rate for full coverage does not necessarily mean they will be the cheapest for liability only. Each insurance company in Tulsa has a specific market they specialize in. Some insurance companies are great with full coverage and others are great with just liability only. No matter which company you choose most all of them have the basic same discounts. Here are a few discounts we recommend always asking your insurance company if you qualify for:
When Tulsa drivers drop full coverage insurance
You may want to consider to drop full coverage insurance when the combined yearly premium amount plus your deductible amount is equal or great than the actual cash value of the vehicle.
When determining whether to remove full coverage or not, a good question to ask is can you afford to replace the vehicle in the event you total your car in an accident? Or could you arrange a temporary means of transportation while you are waiting on the claim to be paid. We recommended not dropping full coverage if you do not have the finances to cover your expense during your down time.
Here are some additional situations that Tulsa drivers may want to consider doing liability only insurance:
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You do not drive the car often or have alternate transportation options.
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You are not at risk for being involved in an accident (an example would be someone who works at home and just doesn’t get out on the road much)
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You are not at risk for your car to be stolen (an example of this would be your car is kept in a garage)
If your car is financed then in most all cases you will be required to carry full coverage regardless of the vehicle value. Finance companies will require their customers to carry full coverage so they protect their financial interest in the car in the event of an accident.
When you do decide to remove coverages to the cheapest liability policy, we recommend keeping an emergency fund to use in case your car is needing repairs. There are a few auto insurance companies will allow you to carry state minimum liability limits and comprehensive coverage. This will allow you to have coverage for theft, hail, and hitting a deer for a fairly cheap price.
What does bodily injury cover on my auto insurance policy?
The bodily injury liability section of an insurance policy covers claims related to injuries involved in an accident when you were deemed at fault in the incident. It covers damages from the bodily injury that occurred, which is normally medical bills, damaged property, or loss of wages. Making sure you have sufficient amounts of bodily injury protection is very important. If you have an accident and do more damage than your policy limits will cover then the other party you injure can sue you for damages. It is wise to consult your insurance agent or company about how much bodily injury coverage it is necessary for you.
Cheap Liability Auto Insurance FAQs
Should I get liability only insurance?
For drivers with older less expensive cars it may not be worth paying for full coverage insurance. If your vehicle is expensive however then it is a good idea to carry full coverage. If your car is financed, you may be required to carry full coverage insurance by your lienholder. You will save quite a bit of money though by carrying liability only insurance, which is always nice!
What is supplemental liability car insurance when I rent a car?
In most cases if your auto insurance policy is active the liability coverage should transfer when you rent a car. The physical damage though, will not transfer to the rental car. It is wise to purchase comprehensive and collision insurance from the rental car company to make sure you are protected.
What happens if my car is totaled and I have liability only car insurance?
When your car is totaled and you have liability insurance you are then responsible for all damages that are done to your car. Liability insurance only pays for 3rd party damages.
What does liability insurance cover on my car insurance policy?
Liability insurance covers the bodily injury and property damage you cause to a 3rd party in the event of a covered accident. The bodily injury and property damage limits on your policy are the maximum amount the insurance company will pay in the event of a covered accident.