About Oregon Insurance Laws, Auto Insurance, Home Insurance and Health Insurance Reform…
The Oregon insurance industry is governed by a strict regime of regulations that are designed to protect consumers and ensure that insurance companies can operate competitively within the state’s various insurance markets. Insurance companies that operate in the state are required to comply with these regulations or risk losing their license to do business in the state or be confronted with large financial penalties.
As in other states, Oregon boasts of regulations that govern the auto insurance industry. These regulations are meant to ensure that drivers do not present an unjustified financial risk to the state itself or those that may be the victims of accidents. Drivers are required to carry an absolute minimum level of coverage. Minimum liability coverage in the state accounts for $25,000 for injury/death of one person in a single accident, $50,000 per crash for bodily injury to others in a single accident, and $20,000 per accident resulting in damage to property.
Oregon personal injury protection (PIP) insurance is required in the state.
PIP coverage is an extension of auto insurance that provides benefits for medical expenses and, in certain cases, lost wages that are associated with injuries caused by a car accident. This type of coverage is often referred to as “no-fault,” as victims of accidents will receive financial compensation for medical care even if they are at fault for causing the accident. In Oregon, the minimum level of coverage PIP policies must offer includes $15,000 per person and $25,000 per uninsured motorist.
Minimum Liability Limits for Oregon Auto Insurance: $25,000/$50,000 Bodily Injury and $20,000 Property Damage
The state is one of the only that currently has an established an Oregon health insurance exchange program, called Cover Oregon. The exchange acts as a virtual marketplace, providing consumers with access to affordable insurance policies. State residents are not required to purchase or maintain health insurance coverage by state law, but will be required to do so by federal law in 2014. Cover Oregon is expected to assist consumers obtain the coverage they need by this time.
As in other states, Oregon does not require property owners to purchase property insurance polices. The state advises that homeowners and businesses protect their properties with insurance coverage, however, because of the threat of natural disasters and other incidents. As a northwestern state, Oregon receives an ample amount of rainfall, which can often cause flooding in some parts of the state. Typical Oregon homeowners insurance policies do not offer protection against floods and consumers must receive coverage through the federal National Flood Insurance Program.
Oregon Insurance Resources:
Oregon Department of Insurance Website: http://www.cbs.state.or.us/ins/index.html
Oregon Insurance Commissioner: Lou Savage
File a complaint: http://www.cbs.state.or.us/ins/consumer/tomake.html
Oregon Insurance Agent Resources: http://www.cbs.state.or.us/ins/producer/agent.html