Other options to prove financial responsibility in Oklahoma
Buying car insurance is the easiest and most affordable way for drivers to meet Oklahoma’s financial responsibility requirements
, but it’s not the only way. Make a $75,000 cash deposit with the Oklahoma Department of Public Safety (DPS)
Provide the DPS with proof of a valid certificate of deposit (CD) issued by an Oklahoma bank or other financial institution
Use self-insurance for fleets of 25 or more vehicles registered to you
Unless you have $75k disposable dollars, purchasing car insurance is the simplest way to comply with OK’s financial responsibility statutes.
Is minimum liability coverage the most cost-effective option?
No. Oklahoma’s coverage requirements are fairly average when compared with other states—but those averages aren’t always enough to protect you if you cause an accident.
1. Minimum liability coverage is barely enough to cover damages and medical bills following the average accident.
According to data published by the Insurance Information Institute (III), the average bodily injury liability claim in 2021 was $22,734, while the average property damage claim was $5,314.1 If you cause a severe motor vehicle accident, these claim payouts will be much higher—and if your limits aren’t high enough to foot the bill for all the other driver’s medical expenses and property repairs, you’ll be in danger of a lawsuit. 2. Liability coverage does not pay for your own vehicle repairs or medical expenses.
According to the III, the average collision coverage claim in 2021 was $5,010. This will be an out-of-pocket expense if you don’t have a full-coverage policy.
3. Liability coverage will not pay for damage caused by weather, theft, or vandalism.