Oregon Auto Insurance

For residents of Oregon, auto insurance is a necessity, not a luxury. Drivers in Oregon need to have enough auto insurance in place so they are not stuck having to pay for medical expenses or damage to property as the result of an accident where they are the at-fault driver. To have proper car insurance coverage in OR, drivers need to have multiple types of coverage in place.

Oregon Auto Insurance: Required Coverage

Under Oregon state law, drivers must carry at least the following minimum levels of insurance coverage:

• Liability Coverage of 25/50/10 - This means that your insurance company will pay up to $25,000 in damages for a single person injured in an accident where you are at fault and up to $50,000 for all injuries stemming from a single accident. Coverage for damage to the other person’s vehicle or property is capped at $10,000. Any amount that is owed above your policy limits will need to be paid by you personally, so it’s best that you look at these minimum amounts as a guideline only. It may be that you need to arrange for a higher level of coverage than the minimum amount prescribed by law to adequately protect your assets.
• Personal Injury Protection (PIP) - Along with liability coverage, you will also need to buy Personal Injury Protection (PIP). Up to $10,000 in coverage is available to protect yourself and any passengers in your vehicle who are injured in an accident. This type of insurance pays some benefits for medical expenses, lost wages, and funeral expenses. Individual drivers reduce the monthly premium on their PIP coverage by choosing a higher deductible.
• Uninsured Motorist Bodily Injury Coverage - The final type of insurance that Oregon residents are required to carry pays benefits to yourself and/or your passengers if you are injured by a driver who does not have liability insurance. The minimum amount of coverage you can purchase for this purpose is 25/50. This means the insurance company will pay up to $25,000 in benefits to each injured person, with a total cap of $50,000 for all damages. The money received from the insurance will be used to pay for the cost of medical expenses.

Oregon Car Insurance: Optional Insurance Coverage

In addition to the coverage listed above, you also have the option of buying the following optional insurance:

• Collision - Your collision coverage will pay for damage to your vehicle after you have been involved in an accident where you have been found “at fault.” Your policy will likely pay for any necessary repairs, up to the fair market value of your car. If you have financed your car, you may need to buy additional coverage to fill in the gap between what is considered the fair market value of your car and the amount you still owe. Many lenders and car dealers require that you buy collision coverage, even if it is not required by law.
• Comprehensive - Comprehensive insurance will pay for damage to your vehicle caused by fire, flood, or a hurricane. It will also pay out when your car is damaged by an act of vandalism or stolen. The type and amount of coverage will vary, depending on the policy. (Be sure to review the provisions of the policy you are thinking of buying in advance so you understand exactly what you are getting.) This type of coverage will pay out up to the fair market value of your vehicle, so may need to add some additional coverage if you are still making loan payments on the vehicle.
• Endorsements - Auto insurance endorsements are the kinds of extras that are nice to have, but not legally required. You will need to determine for yourself whether the following are worth paying the extra premiums to obtain:

- Auto Towing Coverage means that you will not pay out of pocket if your car needs to be towed to a garage for service.

- Auto Glass Insurance protects you if you need to have your windshield or any window in the vehicle repaired or replaced.

- Rental Insurance means that the cost of a rental car is covered when you are unable to drive your own vehicle because it is being repaired.

Oregon Auto Insurance: How Rates Are Set

In Oregon, insurance companies need to consider the total cost of providing coverage for residents when setting rates. This will include the amount the company has paid out in claims over the past year, as well as legal fees incurred in defending law suits.

For individuals who are applying for Oregon auto insurance, rates will also depend on the following factors:

• Your Age
• Whether You Have a Clean Driving Record
• The Make and Model of Your Vehicle
• What Part of the State You Live In

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