In Oklahoma are insurance companies for motor vehicles required to give a grace period on paying premiums and if so, how long is the grace period?

In Oklahoma auto insurance companies are not required to give a grace period on paying premiums.  The Oklahoma Insurance Department specifically notes on their site that there is no grace period if your premium payment is late to your car insurance company.

There may be times when an auto insurance company will reinstate a policy once the overdue payment has been made, but if you have had a loss during that period, there most likely will be no coverage. 

Oklahoma state law requires minimum Bodily Injury Liability coverage of $10,000 per injured person up to a total of $20,000 per accident, and Property Damage Liability coverage with a minimum limit of $10,000. This basic coverage is often referred to as 10/20/10 coverage and is required to be in place.

Oklahoma Motor Vehicle section 7-606 is the state law for failure to maintain security on a motor vehicle. Here it states that an owner or operator who fails to comply with the Compulsory Insurance Law of OK shall be guilty of a misdemeanor and upon conviction shall be subject to a fine of not more than Two Hundred Fifty Dollars ($250.00), or imprisonment for not more than thirty (30) days, or by both such fine and imprisonment, and in addition thereto, shall be subject to suspension of license and registration.

When an insurance company sends out a renewal notice it can also count as notice of cancellation since it has listed on it the date and time your policy will cancel if you do not pay.  Oklahoma Insurance Law (O.R. 365: 15-1-14) deals with cancellation notices and non-renewal notices. Here it states:

Unless otherwise provided, insurers shall give at least ten (10) days notice prior to the date of cancellation and twenty (20) days notice prior to the date of non-renewal of the insurance policy. If notice is given by mail, said notice shall be deemed to have been given on the day said notice is mailed. Proof of mailing of the notice of cancellation or non-renewal to the named insured at the address shown in the policy, shall be sufficient proof of notice.

As we mentioned a cancellation notice of this type may be done by insurance companies mailing bills to policyholders, at least 10 days before the due date, advising that the policy will cancel on a specific date and time (usually 12:01 AM) unless the premium is paid. These companies may then cancel the policy of those who fail to send payments on time.

Without a grace period if you do not pay before your car insurance payment's due date your policy will be cancelled and there will be no coverage.  You may be able to get your policy reinstated if you contact your insurer and make your payment however that would be up to their guidelines. 

If you have had a lapse of coverage and are looking for auto insurance in Oklahoma CarInsurance.com can help you get the coverage you need.  Get instant car insurance quotes and buy your policy online.