I had a great discussion with a Liberty Mutual Insurance agent regarding the importance of exceeding the minimum coverage requirements for automobile insurance. It's really amazing at how many people drive without insurance, despite explicit state laws requiring insurance.
At least one study from the Insurance Research Council, estimated that 13 percent of drivers are uninsured. The IRC ranked Oklahoma as one of the 5 highest (24 percent) states with uninsured drivers. Additionally, in 2009, the IRC found that 9% of households in the United States cancelled, or did not renew, their automobile insurance because of the economy.
This means you have to be even more vigilant about your protection, because obviously, other people don't care about you.
I've addressed the issue of automobile insurance coverage in some previous posts, here and here. I continue to stand by my prior recommendations, if not more fully advocate your need for medical payments coverage and UM. Remember too, underinsured/uninsured coverage is vitally important, because it protects you if the other party doesn't have insurance, or worse, where your medical bills exceed the other party's liability limits.
While it's important to protect your automobile, you must not to forget your home. Earlier on in this blog, I discussed the importance of carrying renter's insurance for the unexpected events that occur in your home. Banks and mortgage companies will require homeowner's insurance to cover your purchased property, but frankly, nobody cares about your rental. If you're not carrying rental insurance, you're stuck paying for replacement of your stuff.
What I also learned by talking with my insurance colleague, is that you can, and will, be denied insurance coverage for particular breeds of "vicious" dogs. Many, if not all, insurance companies are developing "restricted dogs lists," which, as the name implies, restricts the breeds of dogs insurance companies will not cover. This makes sense to me. I've dealt with far too many dog bite cases where the victim got attacked by a "gentle" dog. I'm sure the emergency physicians at Oklahoma's hospitals can agree.
Unfortunately though, by not covering these dog owners, insurance companies leave it up to the victim to bear the expenses. In many cases too, the owner of the attacking dog has few, if any, resources that could compensate the victim.
Finally, if you're a business owner, you need to seriously consider business disaster insurance. There's a great article on the National Association of Insurance Commissioners' website discussing disaster planning for businesses. I think some business owners neglect this area, and decide to skimp on coverage because of cost. This is a disaster! Like rental insurance, business insurance protects you from having to spend a lot of money to recover from a disaster. The insurance also protects your employees, and customers, from negligence or injuries while they're on your property or dealing with you in the field.
If you'd like to talk about the various types of insurance, please contact me at (405) 748-0318, or by email at . I'll be more than happy to explain the importance of the insurance, and recommend an agent who can help address your insurance needs. You may also wish to check out this publication produced by the Oklahoma Insurance Department, which discusses the various types of insurance possibilities, and some of the general rules governing insurance carriers in Oklahoma.