Uninsured Motorist (UM) Coverage
Oklahoma has one of the highest rates of uninsured drivers in the United States. It’s estimated that 1 out of every 4 Oklahoma drivers lack car insurance. This means there’s a good chance of a traffic accident involving a driver who can’t pay for the damages they cause.
If you are hurt and the other driver does not have insurance, your options can be very limited. Even if you sue the other driver, they probably do not have enough assets to pay for your damages. In this case, a judgment is useless. This is where uninsured motorist (UM) coverage comes in.
When the other driver does not have liability insurance, UM coverage allows you to make a claim against your own auto insurance policy to recover medical expenses, lost wages, pain and suffering, reduced earning capacity, and more.
Personal Injury Protection (PIP)
PIP is an optional form of coverage in Oklahoma that covers medical expenses and sometimes other damages like lost wages. Personal injury protection pays regardless of legal liability in your accident. This form of coverage can be valuable protection, even if you already have health insurance, because you don’t need to worry about deductibles and limits. It can also help you if you are injured in an accident as a pedestrian or if you are hurt in a crash while riding public transportation.
What happens if your car is totaled in an accident while you are still paying off your loan? You may assume that the settlement will cover it, but you will only receive the car’s cash value. Most likely, you will owe more on your loan than the vehicle is worth. GAP insurance protects you by paying for the difference between the balance and the car’s value to ensure your car loan is paid off in full after an accident.
These forms of coverage offer great protection in an accident, but you will still want to seek fair compensation from an at-fault driver after a crash. If you have been injured in an accident and you believe the other driver was at fault, a personal injury attorney can help you explore your legal options and build a claim. Contact Shallcross & Associates today to schedule a free consultation to review your case.