With a diverse variety of landscapes and both urban and rural areas, Oklahoma offers a lot to its residents. When it comes to insurance in Oklahoma, there is also a surprising amount of variety, from prices, coverage amounts, deductibles and more - if you know where to look. Whether you’re searching for homeowners insurance, car insurance or a different form of coverage, consider working with an independent agent in the Trusted Choice® network to gather Oklahoma insurance quotes in one convenient place.
It’s easy to find an independent agent right in your area, as Oklahoma has the 10th highest agent-to-population ratio in the nation. With 442 independent agents located in the state, you have access to a knowledgeable insurance resource right in your neighborhood. Independent agents have the ability to compare Oklahoma insurance policies and quotes from a variety of providers, ensuring you get access to policies that provide comprehensive coverage while still fitting within your budget. Use our independent agent matching system to find the best insurance plan in your area.
Why Work With An Independent Agent?
There are two types of insurance agents: independent agents and captive agents. Which one do you work with?
Captive agents normally work for large scale insurance companies who only offer certain products. While those products might meet your coverage needs, you could be getting cheaper policies that provide the same amount of protection elsewhere. The trick is to get access to these options.
Independent agents can save you money because they have the ability to compare Oklahoma insurance quotes from a variety of companies. Even if you purchase a homeowners insurance policy from one company and a car insurance policy from a different company, you only have to work with one agent.
Here are some other items you should consider when you choose an insurance agent:
- Are limited to company products and prices
- Cannot shop for policies outside the company name
- Work with many different insurance companies and policies
- Offer customized coverage
- Can provide additional discounts
- Are your main insurance contact
If you currently work with a captive agent, consider switching to an independent agent to gain insurance freedom. This will benefit your bottom line, and give you peace of mind that you're getting the best rates and the best service for your needs and budget.
Oklahoma Car Insurance Requirements
Oklahoma requires that you prove financial responsibility to operate a vehicle. There are various ways that you can do this:
- Purchase coverage under the Oklahoma Assigned Risk Auto Plan
- Place a $75,000 cash deposit with the Department of Public Safety
- Purchase a self-insurance policy, although you must own at least 25 vehicles to do so
- Purchase a bond from a surety company
- Purchase the legal minimum requirement for liability insurance
Many residents opt for car insurance because it covers you in a variety of circumstances and is the most affordable option. The legal requirements for liability insurance are:
- $25,000 bodily injury per person
- $50,000 bodily injury per accident
- $25,000 property damage
Keep in mind that these are just the minimum amounts issued by the state. It’s highly recommended that you purchase more liability insurance and other forms of coverage such as comprehensive insurance, collision insurance and uninsured/underinsured insurance.
If you aren’t sure what policies are suitable for you and your driving habits, speak to an independent agent. Sometimes, older vehicles don’t necessarily need comprehensive coverage, but if you live in a high risk area, you might want to be careful about setting the right coverage limits in case of theft of vandalism. To get help analyzing your risks and determining how much insurance can help you mitigate them, you can turn to an independent agent.
Purchasing Oklahoma Business Insurance
The majority of Oklahoma’s economy is driven by aviation, telecommunications, biotechnology and energy, but there are many different businesses that operate within communities of various sizes. Companies of any size can benefit from the risk-mitigating power of insurance. With the proper commercial coverage, your business can be protected, your employees can feel supported, and you can have more confidence that operations will continue in the face of a catastrophe.
Your Oklahoma business insurance plan will consist of multiple policies that help cover your business risks. If you own a bakery in Tulsa, you may want to consider want workers compensation and property insurance. If you're a freelance graphic designer living in Oklahoma City working from home, you may be best served by a commercial use rider on your homeowners policy.
It’s a good idea to start with a basic business insurance plan and then add on any remaining policies that address your specific risks. A basic policy for a brick-and-mortar retail store with employees might look something like this:
- Workers compensation: This provides coverage for your employees in case they’re injured while at work. It will help pay for medical bills and may provide lost wages. In exchange, employees waive their right to sue you as long as the cost of treatment for their injuries is below a certain limit.
- General liability: If a customer has an accident while in your business, you could be held responsible for their injuries. Liability will help pay for medical bills and might also protect you against costs from slander and libel claims.
- Property insurance: Setting the right coverage limit for your business will ensure that you have the funds to repair and rebuild after a large storm hits. It also provides protection against things like fires, theft, and vandalism.
To get the personalized assistance you need and build upon your basic business plan, contact an independent agent.
Do I Need Oklahoma Life Insurance?
The main purpose of Oklahoma life insurance is to provide a financial benefit to your named beneficiaries at the time of your death. Those benefits can be used to help pay for funeral expenses, unpaid debts, or be put to a future college fund for your children, just to name a few things.
There are two forms of Oklahoma life insurance:
- Permanent life insurance: This policy is more expensive, but offers an investment component that allows for tax-preferred growth on a cash account. There are two forms of permanent life insurance policies:
- Whole life insurance
- Universal life insurance
- Term life insurance: This policy is only active for a certain amount of time. If you die while your policy is active, your death benefits will be distributed. You have the ability to renew your policy. This is considered most affordable.
Choosing the right policy can be difficult, but with the help of an independent agent, you’re sure to find one that meets your needs.
Comparing Oklahoma Health Insurance Plans
With the implementation of the Affordable Care Act, many changes are happening in the health insurance industry. If you feel more lost than ever, don’t worry. You’re not alone. An independent agent in the Trusted Choice network can help you pick the right plan and ensure you’re also meeting legal requirements. Even if you already have health insurance through an employer, it’s worth it to get a few quotes from a Trusted Choice member agent.
Sometimes, you’ll find that the prices quoted by independent agents are more affordable than your employer plan. But, no matter where you’re getting health insurance, it’s very important to understand which plan is right for you. There are a few basic plans that are offered by both group and individual insurers:
Speak to an independent agent about your current situation and you’ll be presented with various insurance plans that meet your personalized criteria.
Finding the Right Oklahoma Homeowners Insurance
If you took out a loan to purchase your home, you were likely required to also purchase Oklahoma homeowners insurance. While this does provide protection for the main structure of your home, it also does much more. Oklahoma is subject to severe weather, and certain towns have high rates of crime. These factors will all come into play when you're putting together the right package of coverage for your needs and risks. You don’t want to overpay for coverage, but being underinsured is dangerous.
A standard Oklahoma insurance policy may look like this:
- Coverage A, Dwelling: This protects the structure of your home. You'll have the option to insure your home at replacement cost value or actual cash value (ACV), which will affect how you're compensated when you file a claim for damages or loss. Make sure you understand the best option for you. Floods are not covered in a standard Oklahoma homeowners insurance policy.
- Coverage B, Other Structures: A percentage of your home value is assigned to other structures like a pool or garage, but you can purchase additional coverage if necessary.
- Coverage C, Contents/Personal Property: This covers possessions and can also cover theft while you’re traveling.
- Coverage D, Loss of Use: If your home is uninhabitable due to a covered loss, this provides coverage for additional living expenses.
- Coverage E, Liability: If you cause an accident, you could be ordered to provide compensation or you could be sued. This helps cover those costs. If you need more liability insurance than the average Oklahoma homeowners insurance offers, talk to your insurance agent about an umbrella policy.
- Coverage F, Medical Payments: If a guest gets hurt on your property, this helps pay medical bills.
Oklahoma Tornado Insurance
Since 1950, Oklahoma has experienced over 3,000 tornados that caused approximately 462 fatalities. Due to its flat land mass, Oklahoma has frequent tornado activity, so protecting your home from storm damage is of the utmost importance. The chances of having it flattened by an E-4 tornado are much higher here than in other states. Luckily, tornado damage is typically covered by your homeowner’s insurance, but it’s essential to set the right coverage limits.
You may want to strongly consider insuring your home at replacement value. This allows you to rebuild your home to its current state, while taking market fluctuation into account. It's a good idea to review coverage for your detached structures to make sure they are properly insured, and pay close attention to Coverage D. You may need to rely on it more than homeowners in other states. You may also want to strongly consider a flood insurance policy, which must be purchased separately from your homeowners insurance.
The beauty of working with a local independent agent in Oklahoma is that your risks are already understood. Your independent agent can take all your risks into account while working with you to create a customized plan.
Creating Comprehensive Coverage with an Independent Agent
Independent agents sign a Pledge of Performance, committing to top quality customer service and dedication. Since independent agents aren’t relegated to one insurance company’s product, they have the ability to source multiple companies to find a plan that works for you.
Whether you need personal or professional insurance, an independent agent works to find policies that are both affordable and still provide the right amount of protection. It doesn’t matter where you are in the process of purchasing insurance. Anytime is a good time to contact a local independent agent in the Trusted Choice network. Don’t hesitate. Contact your independent agent today to get started.