Oklahoma Commercial Vehicle Insurance
Get a full analysis of Oklahoma commercial vehicle costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Commercial Vehicle Insurance Options in Oklahoma
Whether your business or commercial vehicle travels the roads of the Panhandle or the highways of Central Oklahoma, finding the right insurance coverage that meets your needs and budget can be time-consuming. However, it doesn't have to be when you know exactly what you are looking for.
Oklahoma business vehicle owners need commercial vehicle insurance, whether their vehicles are used for deliveries, transporting people, or performing construction work. It’s required by state law, and it’s necessary to protect your financial well-being if one of your vehicles is involved in a crash.
An independent insurance agent in Oklahoma can help you find competitively priced coverage that is compliant with all state and federal laws and affordable for your business.
Best Commercial Vehicle Insurance Companies in Oklahoma
There are a lot of options for commercial vehicle insurance in Oklahoma. How can you make the best choice?
The following are some of the best commercial vehicle insurance companies in Oklahoma. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio and offers commercial vehicle insurance across all 50 states. Oklahoma business owners can look to Progressive for most of their business insurance needs.
- Central Insurance Company: Central Insurance Company is a well-established carrier with more than a century’s worth of history in the insurance industry. It provides a wide range of coverage options, including commercial auto insurance, in 24 states.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multi-line range of coverages, including commercial vehicle insurance, designed to meet the needs of any business, regardless of size or industry.
- Travelers: Travelers offers highly rated commercial vehicle insurance in Oklahoma. The company provides a variety of other business insurance options, including inland marine, workers' compensation, and general liability.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
An independent insurance agent in your area can help you learn more about these and other Oklahoma commercial vehicle insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
Oklahoma Commercial Vehicle Insurance Requirements
Business vehicle owners in Oklahoma must purchase a car insurance policy that meets the state's minimum coverage requirements. In Oklahoma, you must have the following coverage, at a minimum, in order to comply with state law and avoid penalties:
- Bodily injury liability coverage: $25,000 per person and $50,000 per accident
- Property damage liability coverage: $25,000
Trucks over 10,000 pounds have additional state and federal regulations that they must comply with, including additional liability insurance requirements. The amount of liability insurance required for trucks depends on several factors, including:
- The truck’s weight
- Whether the truck is involved in interstate commerce
- Whether the truck is transporting people, household goods, hazardous materials, etc.
Your independent insurance agent can help you learn more about the requirements for commercial vehicle insurance in Oklahoma.
What Commercial Vehicle Insurance Covers in Oklahoma
You need commercial auto insurance in Oklahoma to cover your business cars, trucks, and any other vehicles used in business operations. Your commercial auto insurance policy can cover:
- Vehicles that your business owns
- Vehicles that your business owns, hires, and leases
- All vehicles that are used for business purposes, including those that the business does not own, hire, or lease (e.g., when your employees drive their own personal vehicles for business purposes)
All commercial vehicle insurance policies in Oklahoma will include at least the state-mandated coverage for each vehicle on the policy:
- Bodily injury liability coverage: Helps pay for other drivers’ and passengers’ injuries when the policyholder is at fault in an accident.
- Property damage liability coverage: Pays for damage to someone else’s property when you are at fault for that damage (i.e., another party’s vehicle, a fence, etc.).
In addition, an Oklahoma commercial auto policy may include the following types of optional coverage:
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Medical payments coverage: Helps pay for medical, dental, and funeral expenses for you or your passengers, regardless of who is at fault for an accident.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while it is out on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles being used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
Your local independent insurance agent can help you determine which coverage types may benefit your unique needs.
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Average Cost of Commercial Vehicle Insurance in Oklahoma
Because there is such a wide variety of commercial vehicles used for business purposes, it would be virtually impossible to provide a cost estimate without knowing the details of your vehicle fleet.
If you drive a four-door sedan for work purposes, your quotes may be much lower than the cost for the business owner who employs a fleet of hybrids. Other factors that will affect your commercial vehicle insurance premium include:
- The number of vehicles your business is insuring
- Each vehicle’s type, year, make, model, and safety features
- Each vehicle’s passenger capacity if used for transporting people
- Whether your vehicle(s) will be used to transport hazardous materials
- The estimated number of miles your vehicle(s) will be driven annually
- The driving histories of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
Because each insurance company has its own method for determining costs, it pays to compare rates before purchasing a policy. That way, you can be sure you are getting the coverage you want at a competitive price.
An independent insurance agent can help you understand all the risks you face and get quotes for affordable commercial auto insurance in Oklahoma.
How to Find the Best Commercial Vehicle Insurance Quote in Oklahoma
Commercial vehicle insurance can cover everything from small cars to large buses, so Oklahoma businesses have varying coverage requirements and needs. Seeking the advice of a local independent insurance agent is the best way to get your questions answered and find affordable coverage.
An independent insurance agent in Oklahoma can help you obtain and compare a selection of customized quotes for your unique coverage needs.
Oklahoma Commercial Vehicle Insurance FAQs
Commercial vehicles are assumed to face greater risks than most personal vehicles. They are out on the road more and, for that reason alone, have a greater risk of being involved in a crash.
If your commercial vehicle is involved in an accident that results in serious injuries or fatalities, you can be faced with a very expensive lawsuit. And even minor fender-benders can result in property damage costs and loss of income for your business. Any business that owns vehicles needs commercial auto insurance to protect itself from the large financial losses that can result from a crash.
Commercial auto insurance coverage is determined by either state or federal law, depending on the type of vehicle, the vehicle’s weight, the number of passengers, what the vehicle carries (e.g., innocuous goods or hazardous materials), and whether it is engaged in interstate commerce.
Most small business owners don’t own vehicles that are subject to federal law, and they must purchase commercial auto insurance coverage that meets the same requirements as all personal auto insurance policies.
All commercial vehicle insurance policies in Oklahoma will include at least the state-mandated coverage for each vehicle on the policy:
- Bodily injury liability coverage: Helps pay for other drivers’ and passengers’ injuries when the policyholder is at fault in an accident.
- Property damage liability coverage: Pays for damage to someone else’s property when you are at fault for that damage (i.e., another party’s vehicle, a fence, etc.).
In addition, an Oklahoma commercial auto policy may include the following types of optional coverage:
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Medical payments coverage: Helps pay for medical, dental, and funeral expenses for you or your passengers, regardless of who is at fault for an accident.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles being used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
Business vehicle owners in Oklahoma must purchase a car insurance policy that meets the state's minimum coverage requirements. In Oklahoma, you must have the following coverage, at a minimum, in order to comply with state law and avoid penalties:
- Bodily injury liability coverage: $25,000 per person and $50,000 per accident
- Property damage liability coverage: $25,000
Trucks over 10,000 pounds have additional state and federal regulations that they must comply with, including additional liability insurance requirements.
Business owners in Oklahoma can deduct from their taxes the ordinary and necessary cost of any business insurance policy as a business expense. This includes any insurance policy that is common, helpful, and appropriate for your industry.
What’s more, most businesses are required to carry some types of business insurance — including commercial auto insurance — because of state laws, industry regulations, or contracts. Premiums for these policies are tax-deductible.
In addition, self-employed people who use their cars for business-related purposes can deduct many of the expenses associated with that vehicle, including car insurance premiums. If you use your car strictly for work-related purposes, you can write off all costs associated with operating and maintaining it. If your car use is mixed between business and personal reasons, you can only deduct costs that are related to the business usage of the vehicle.
Your insurance company will consider the number of vehicles and drivers, the makes and models of the vehicles, the amount of coverage that each vehicle needs, and more to determine the cost of your commercial auto insurance in Oklahoma. Remember that a company with a fleet of trucks will pay more than a small business with a few cars used for sales calls or deliveries.
You can minimize your risk of collisions and control costs by hiring experienced drivers with good driving records and by ensuring that your company’s vehicles are well-maintained. Limiting the number of hours your employees spend on the road each day is also a good idea to prevent problems with driver fatigue. These activities not only promote safety and help avoid accidents, but also many insurance companies offer discounts to policyholders who provide their drivers with safety education materials and training.
Liberty Mutual, Central Insurance Companies, Travelers, Progressive, and EMC are some of the best commercial vehicle insurance companies in Oklahoma. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
There is no such thing as a one-size-fits-all policy when it comes to commercial auto insurance. A business that relies on a few cars for making local deliveries will have vastly different needs than one that uses heavy trucks for interstate commerce.
A local independent insurance agent can help you find a competitively priced policy that meets your state’s coverage requirements. Contact an independent agent in Oklahoma to begin comparing customized commercial vehicle insurance quotes.
https://www.thezebra.com/auto-insurance/oklahoma-car-insurance/
https://www.iii.org/automobile-financial-responsibility-laws-by-state