DURANT INSURANCE
(580) 924-0540
(580) 924-0540
A standard credit score and a credit-based insurance score are different. A standard credit score evaluates an individual's credit history to assess their financial responsibility. In contrast, an insurance company generates a credit-based insurance score from a person's credit history to predict insurance risk and set policy rates. Insurers do this because research shows a strong link between financial management and insurance claims. The insurance score incorporates payment history, debts, credit history length, new credit, and credit types. While not the only factor (others may include age, residence, vehicle information, and home age), the insurance score helps insurers differentiate risks and determine premiums. Essentially, data indicates people with lower scores often file more claims. You can ask your agent if your insurance company uses a credit-based score to assess your policy.
An independent agent is self-employed and represents several insurance companies. They have the flexibility to shop insurance for you through the multiple companies they are contracted with. On the other hand, a captive agent is contracted to work for one insurance company and can only sell that company's policies.
A declaration page is the part of your insurance policy that states the policyholders name and address and the property being insured. It details the location and description of the insured property, the policy period, premiums and any supplemental information, such as exclusions. You may see this referred to as the 'dec page.'
Liability insurance can pay for bodily injury to another person or damage to their property if the injury/damage are caused by you. It protects you from lawsuits in a situation where you are at fault. It's good to remember that liability insurance does not cover your injuries or property damage. It only applies to situations where you are legally responsible for someone else's damages.
A deductible is the amount of loss paid by you, the policyholder. It is the amount of money that the insured person must pay before the insurance company begins paying for covered expenses. The deductible is subtracted from what your insurance pays toward a claim. In general, the higher the deductible, the lower the premium charged for the same coverage. One way to save money on a home or auto policy is to increase your deductible. Keep in mind however, that you will be responsible for the stated deductible amount in the event of loss, so make sure that you choose a deductible that you're comfortable with.
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Automobile liability coverage is required by Oklahoma state law. The minimum legal auto insurance coverage limits are: Bodily injury liability coverage: $25,000 per person and $50,000 per accident. Property damage liability coverage: $25,000. You may see this referred to as 25/50/25 coverage limits.
Both comprehensive and collision coverage provide advantages in ensuring that you are protected in case your car sustains damage. Comprehensive insurance helps in covering the expenses associated with repairing or replacing your vehicle if it incurs damage or is stolen in a non-collision incident or any circumstance beyond your control. On the other hand, collision coverage specifically addresses the costs resulting from damaging your vehicle by colliding with another car or object.
When shopping for car insurance, it’s important to know what is covered by the policy and what isn't. The term 'Full Coverage' is actually very misleading term giving many people the impression that they are covered for anything that happens. 'Full Coverage' policies will have exclusions, just as every policy does. A 'Full Coverage' auto insurance policy usually includes liability, comprehensive, collision, and uninsured/underinsured motorist coverages.
Uninsured motorist coverage protects you if you're hit by a driver who has no auto insurance. Underinsured motorist coverage protects you if you're hit by a driver who doesn't have enough coverage to pay for injuries or damages they've caused. You may also see these coverages referred to as UM/UIM coverage. While these are not mandatory in Oklahoma, we highly advise adding these optional coverages to your auto policy.
If your policy includes rental reimbursement coverage, it will pay for a rental car if your car is stolen or if your car is being repaired due to an accident covered by your policy. Rental reimbursement is an optional add-on coverage that supplements comprehensive and collision coverages.
No, your auto insurance policy will not pay for possessions stolen from your vehicle. Personal property is, however, covered under your homeowner or renter policy.
In Oklahoma, an insurer can declare a vehicle a total loss if the cost of repairs exceeds 60% of the vehicle's actual cash value. This total-loss threshold allows insurance companies to total a vehicle when the repair costs would be more than 60% of what the undamaged vehicle was worth.
The make and model of your car affect your car insurance rates, as do the repair and replacement costs; more expensive vehicles typically cost more to insure.
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Actual Cash Value (ACV) and Replacement Cost are two methods used to determine the value of insured property in homeowners insurance policies. The primary difference lies in how they assess the value of the property and how that impacts insurance premiums.
Actual Cash Value (ACV):
Replacement Cost:
Impact on Insurance Premiums:
Actual Cash Value (ACV) offers cost-effective coverage by considering the current market value of property minus depreciation, resulting in lower premiums. This approach provides a balance between protection and affordability. The alternative, Replacement Cost coverage, while more comprehensive, often comes with higher premiums.
Ultimately, the choice between ACV and replacement cost depends on your budget, the value of your possessions, and your willingness to bear some of the replacement costs out of pocket in the event of a covered loss. It's advisable to carefully review and understand the terms of your homeowners insurance policy before making a decision.
Dwelling coverage may pay for damage to your house and permenantly attached structures. Derached structures (such as a detached garage, gazebo, or fence) are covered under the 'Other Structures' portion of your homeowner policy.
Personal property coverage helps pay to repair or replace items like furniture, electronics, and clothing if they are damaged, lost, or stolen. Homeowner and renter insurance policies typically include personal property coverage. Having this protection means you won't have to bear the full cost of replacing your possessions after a covered loss.
If your home is damaged by a covered loss and becomes uninhabitable during repairs or rebuilding, loss of use coverage will pay for any additional living expenses beyond your normal costs, up to the limits specified in your policy.
A floater is coverage that can be attached to a homeowner's policy to insure movable property wherever losses may occur. Floaters often cover expensive items like jewelry, musical instruments, and furs, providing more extensive coverage for these valuables than a regular homeowner's policy.
While your homeowner policy usually covers water damage, it will not pay for expenses related to a flood. What’s the difference between water damage and flooding? Flood damage occurs when a home is directly damaged by a flooding event, which involves heavy rainfall that causes flooding or flash flooding. In contrast, water damage is usually caused by water originating from household plumbing, such as overflow from a toilet, air conditioner, or washing machine. A flood policy can be purchased separately.
Your homeowners policy typically does not cover damage if a tree falls on your car. However, you may be able to file an auto insurance claim if you have comprehensive coverage on your car insurance policy, as comprehensive coverage typically helps pay to repair damage to your car caused by falling objects.
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The only type of business insurance required by Oklahoma state law is workers' compensation. Most businesses with one or more employees must obtain workers' compensation coverage. However, some businesses may be exempt from that requirement, such as independent contractors and certain agricultural and horticultural operations. Family businesses employing five or fewer relatives may also qualify for exemption.
General Liability is the most common business insurance coverage, and nearly all businesses in Oklahoma should have it. General liability insurance protects businesses against claims of bodily injury, property damage, personal injury, and advertising injury. It covers legal costs if the business is sued, as well as any settlements or court-awarded damages. General liability insurance also provides coverage if a customer is injured while doing business with the company. It protects against financial losses from various liabilities, including copyright infringement, false advertising, libel, and slander.
Commercial auto coverage protects you, your employees, and your business if there is an accident while driving a commercial vehicle for work. It protects your business vehicles and trailers from damage and covers injuries or property damage caused by your vehicles. This type of insurance is necessary if you use vehicles to transport supplies or travel between job sites.
Businesses in Oklahoma are required by law to have worker's compensation insurance. This insurance provides employees who are injured or become ill on the job with wage replacement and medical benefits. In exchange for these benefits, employees give up their right to sue the employer. As a business owner, carrying worker's compensation insurance is crucial to protect your company legally if an employee is hurt or becomes sick from their work.
A Business Owner's Policy (BOP) consolidates multiple insurance coverages into one convenient policy, often including business interruption, property, vehicle, liability, and crime coverage. Small to medium-sized businesses that rent or own commercial property like storefronts, warehouses, or office buildings can customize their BOP to meet their specific needs, making it an attractive option.
Professional liability insurance, also known as errors and omissions (E&O) insurance, protects businesses from claims of professional negligence, whether proven or simply alleged. This type of insurance helps cover legal defense costs and compensates clients if a business fails to deliver expected or promised results, causes financial loss, or results in personal injury. It also provides coverage if a business fails to provide services at all. Malpractice insurance is a common form of professional liability coverage. Businesses in Oklahoma that offer professional services should consider obtaining this type of insurance to protect against liability claims.
Businesses that store or manage sensitive customer data, such as credit card information, need cyber insurance to protect against data breaches, cyber attacks, and other security incidents. Cyber insurance provides both first-party and third-party coverage, including services like forensic investigation, data recovery, legal costs, and liability protection in the event of a breach involving customers' private information.
If your businesses makes, distributes, or sells goods then you should consider product liability insurance, as you can be held legally responsible for the safety of those products. Product liability insurance shields against financial losses stemming from faulty products that cause harm or injury. The amount of product liability coverage a company should obtain depends on the items it manufactures or markets.
Commercial Property insurance provides comprehensive coverage for loss of or damage to company property resulting from various perils such as fire, smoke, wind, hail, civil unrest, and vandalism. The definition of "property" is expansive, encompassing lost income, business interruption, buildings, computers, company records, and money.
Business insurance premiums are tax deductible if the coverage serves a business purpose. For example, premiums for general liability insurance and professional liability insurance are deductible. However, premiums are not deductible if the insurance is for a self-insurance reserve fund or loss of earnings policy. Consult a tax professional for advice on deducting business insurance premiums.
Commercial insurance policies do not typically cover business crimes. Companies must purchase separate business crime policies to protect them against losses due to fraud, embezzlement, theft, forgery, or other business crime. Check with your insurance agent to ensure you’re covered for this type of loss.
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