Oklahoma business owners are required to maintain the minimum liability insurance for their commercial vehicles. This includes all automobiles despite their size or how often they are used. All vehicles, whether in use or not, must be compliant with Oklahoma laws.
The Mandatory Insurance Requirements
Currently, all owners must maintain at least $25,000 worth of coverage for each individual who sustains injuries during an accident. The maximum for this coverage should equate to $50,000 for all victims. The policy must also provide $10,000 for property damage.
Restrictions for Coverage
Business Auto Insurance in Oklahoma City OK covers all drivers who operate commercial vehicles while performing job duties. There are restrictions applied to these policies that won’t provide coverage if an accident occurs during an employee’s personal time. For example, if the accident happens and the employee has clocked out for the day, the vehicle and their potential injuries aren’t covered.
What is Physical Damage Coverage?
These policies provide payment for repairs after an accident. However, it may also provide repairs for any collision in which the automobile is damaged. This could include damage sustained while the automobile is parked.
Penalties for Lack of Coverage
Business owners are required to maintain the mandated insurance coverage or incur penalties. The state of Oklahoma could impose a fine of at least $250 for each vehicle that isn’t covered under a commercial policy. Equally, the DMV could suspend the vehicle registration of the current proof of insurance on file is out of date or has been canceled.
The DMV notifies all vehicle owners if their insurance has lapsed. They are provided up to ten days following the issuance of the notification to present new proof. Any driver who is caught operating an uninsured commercial vehicle could sustain a license suspension.
Business Auto Insurance in Oklahoma City OK protects the company in the event that an accident occurs. The policies pay for medical treatment and property damage that happened during these events. The level of coverage acquired determines if additional services are provided to the business owner for these automobiles. Business owners who need a free quote should click here to find out more now.
