New auto insurance law in Oklahoma set to impact the insurance industry

Auto Insurance NewsA new law regarding auto insurance is set to take effect November 1 in Oklahoma. Farmers Insurance, the state’s largest auto insurance company, has taken this opportunity to remind drivers of the law and how it will affect them. The law – Senate Bill 272 – will introduce new requirements for auto insurance and stricter penalties for drivers without insurance or those underinsured. Farmers notes that the law will likely benefit consumers as a whole, but may make changes to existing policies.

The law will reduce the amount of money an uninsured or underinsured driver can recovery in the event of an accident. Drivers complying with the new minimum insurance requirements will be able to recover money for medical care, property damage and lost income even if they are not at fault of the accident. Farmers executive director in Oklahoma, Jon Lucido, says that the law will stabilize insurance rates throughout the state and will encourage more drivers to purchase insurance.

State officials estimate that 25% of the state’s population currently does not meet the new insurance standards. Farmers Insurance has launched a new campaign to raise awareness of the new law and promote the insurance policies that are needed to comply with that law. Company officials note that some of the existing policies may have to be changed in order to meet the new standards imposed by the state. Such changes may result in higher premiums depending on the terms of the policy.

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