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In Oklahoma, everyone is required to have, at a minimum, a 25/50 liability insurance policy on their vehicle. What does 25/50 mean? It means that there is $25,000 of liability insurance available to each person injured. However, there is only $50,000 available total. For example, if Johnny causes a crash with Sally and her daughter, and both Sally and her daughter are killed, there would be $25,000 available for Sally’s estate and $25,000 available for her daughter’s estate. However, if Sally’s son was also in the vehicle and was killed, there would only be a total of $50,000 available for all three and none can receive more than $25,000. Thus, if Sally’s estate received $25,000 and her daughter’s estate received $25,000, there would be no insurance available for Sally’s son’s estate.
The above concept applies regardless of the insurance policy limits. If, for example, the policy was a 100/300 insurance policy. There would be a maximum of $300,000 available to the three estates, Sally’s, her daughter’s and her son’s. However, each has a maximum of $100,000 each. Sally could not get $200,000 and her children each receive $50,000 because Sally’s share is over $100,000 despite the fact that the total is $300,000.
Thus, if Johnny hit a school bus containing 25 children, the maximum total that the children would receive would be $300,000 despite the fact that the total of all 25 children’s damages is far above $300,000. Plus, if three of the children receive $100,000 each, there would be nothing left for the other 22 children.
That is why it is important that you contact a personal injury attorney as soon as possible after the crash. If you or a loved one has been injured, don’t call the wrongdoer’s insurance company, call the Scott Ray Law Firm at 580-248-5557. Get the compensation you deserve for the injuries that were so needlessly caused.