Insurance coverage laws and standards will change depending on a mixture of factors. Business Auto Insurance in Oklahoma City OK, could save a small business from a business-breaking lawsuit. They need to carry a certain minimum insurance that is usually higher than personal auto coverage. Below are a few questions commonly asked when looking at the options and what coverage needs to be carried.
What is the minimum coverage needed?
When financing a vehicle, comprehensive must be carried. The same rule applies to Business Auto Insurance in Oklahoma City OK. This will include the full package of liability, personal injury, or PIP, as well as collision. These are all state-mandated standards. Even if the vehicle is not financed but it is being used for business, it needs comprehensive. Some states do not enforce this policy. Feel free to click here to get more info pertaining to Oklahoma standards.
Whose name should appear on the policy paperwork?
If the vehicle is being used for business, the insurance should carry the name of the business. Policyholders will input the business name when asked who is the principal insured. It is perfectly fine to file a personal name upfront and get it changed later. It is also acceptable to file the principal under the business and add a personal name under secondary drivers. For example, Joe’s seafood delivery company will use “Seafood Express LLC” as the principal and Joe Lastname as the secondary driver.
What about business as well as pleasure?
Many drivers use their vehicle for both reasons, and that can complicate matters. It is perfectly acceptable to file the policy under a business name even if the vehicle is used for pleasure. Generally, it depends on how often it is being used. The majority use is how it should be applied. If the vehicle is being used for business for at least half of its miles, it can be a business purchase.
An insurance representative will ask only a handful of questions for that initial quote. Do not hesitate to provide more information in an effort to minimize the risks and make the quote as accurate as possible.
