More than 14,000 trucking business are located in Oklahoma. They provide more than 100,000 jobs to the state workforce. Most trucking businesses are small or medium-sized. Commercial truck insurance is legally required in the state of Oklahoma. Trucking businesses must have commercial truck insurance.
Truck insurance is expensive. In this articles, we recommend the 6 best commercial truck insurance companies in Oklahoma and everything you need to know to buy the right coverages for your trucking business in Oklahoma.
- 6 best commercial truck insurance companies in Oklahoma
- Commercial truck insurance requirements in Oklahoma
- What does commercial truck insurance cover in Oklahoma?
- Commercial truck insurance costs in Oklahoma
- Average commercial truck insurance cost per month in Oklahoma
- What factors affect commercial truck insurance cost in Oklahoma?
- How can I find cheap commercial truck insurance in Oklahoma?
6 best commercial truck insurance companies in Oklahoma
Hundreds of insurance companies offer truck insurance in Oklahoma. It can be a bit confusing to find the best insurance for your trucking business. We have done the research and here are our recommendations of the best 6 providers in Oklahoma.
- Progressive: Best Overall and a fast online quote
- THREE: Best for uncomplicated insurance and few exclusions
- InsurePro: Best for flexible, pay-per-day trucking coverage
- The Hartford: Best for fleets
- Simply Business: Best for comparing several quotes in one place
- Commercialinsurance.net: Best for experienced agents
Progressive: Best Overall and a fast online quote
Progressive is the number one insurer of commercial trucks, and with good reason. They have a wide number and variety of discounts, including paying by EFT, bundling, auto-pay, and SNAP shot, which is either a mobile app or a plug-in device that rewards drivers for safe driving.
Progressive has an A+ rating from AM Best, which means they have the financial resources to pay claims. It’s also easy to get a commercial truck insurance quote from them and it takes less than ten minutes. In fact, they are one of the three companies offering commercial truck insurance online for Oklahoma businesses. The other 2 are THREE and InsurePro that we review below as well.
This is a quote for a single owner-operator in Norman, OK.
THREE: Best for uncomplicated insurance and few exclusions
THREE is a Berkshire Hathaway Company. It was named THREE because Warren Buffet thought small business insurance was unnecessarily complicated, so he wanted every policy to be three pages long. This means that they don’t have the space to list a lot of exclusions, like many other companies.
You can get a commercial trucking quote from THREE, but you have to enter a lot of details about your business and the whole process takes about fifteen minutes. To get you the most accurate quote, they request to run a credit check.
As you notice, THREE quote for the same truck owner operator in Normal OK is almost double the quote we got from Progressive above. However, this doesn’t mean that Progressive is always cheaper than THREE. Insurance companies assess risks of different businesses differently. It is possible to you will get a much cheaper quote from THREE than Progressive for your trucking business. So make sure you get quotes from both of them to compare.
InsurePro: Best for flexible, pay-per-day trucking coverage
InsurePro is an online insurance broker that offers quotes from insurance companies they are partnered with, so it’s like one-stop-shopping for insurance. They pair with a lot of insurance companies, including:
And more. Policies are very flexible: if you only work one season, or just weekends, InsurePro will design your policy with that in mind. You can pay for only the days you are out on the road. This would save you a lot of money if you don’t drive your truck full time.
The Hartford: Best for fleets
The Hartford prefers to work with fleets, and they’re pretty upfront about it. They’ve been in business for over 200 years, which is far longer than almost any other insurance company.
With their vast experience of working with many trucking businesses of different sizes, they can customize their commercial truck coverages to work best with your business, however unique your trucking business may be.
They do not offer online quotes for commercial trucking companies, and you’ll have to call to purchase insurance.
Simply Business: Best for comparing several quotes in one place
Simply Business is a subsidiary of Travelers. They’re an insurance broker, so they can present you with a few quotes from their partners, and then you compare and choose the best one for your business. You can then buy the policy online and manage the policy completely online.
If you are interested in comparing several quotes to find the cheapest one for your business and want to do it in one place without having to go to different insurance companies, you may want to start with Simply Business.
Simply Business also earns a customer satisfaction rating of 4.1 out of 5 on Trustpilot, a consumer rating and review platform.
Commercialinsurance.net: Best for experienced agents
Commercialinsurance.net is based in Norman, OK, so for you Oklahoma-based truckers out there, they’re local. When you enter your information to get a quote, they will take your information and then say to expect a call from the 405 area code.
They’re an insurance broker, so they don’t underwrite any policies. They work with a network of agents who represent more than fifty insurance companies. They are very knowledgeable and have a lot of experience in trucking insurance, so they will be able to help you get the best price.
Commercial truck insurance requirements in Oklahoma
Like every other state, Oklahoma is experiencing a trucker shortage, so if you’re willing to work hard there are multiple opportunities for you. Oklahoma is the friendliest state to run a small trucking business. Low gas prices (relatively, anyway) wide open spaces and a reasonable number of regulations make Oklahoma a great state to run a trucking company. There’s also hardly any traffic, which means truckers use less gas and can operate more efficiently.
Law enforcement doesn’t give truckers any extra hassle in Oklahoma, unlike California, which is the least friendly state for truckers.
Oklahoma state law requires all commercial auto policies to have a 25/50/25 policy, or $25,000 per person, $50,000 per accident and $25,000 for property damage. But if you own a trucking business, you’ll want more insurance than these state minimums.
If you are an owner-operator of your own truck, you’ll need primary liability insurance for a tractor-trailer. If you lease, you’ll need physical damage truck insurance, bobtail coverage and trucking liability insurance.
Here is a table of Oklahoma’s Truck insurance regulations.
|Type of cargo||Insurance requirements|
These are the regulations set by FMCSA which are required for any truck that crosses state lines.
What does commercial truck insurance cover in Oklahoma?
Truck coverage falls into two categories. Essential coverages are those that are necessary to get. Optional coverages are those that truckers typically benefit from having.
Essential insurance coverages for truck drivers
Pays for damage you do to other people’s property when you’re found to be at fault in an accident. This coverage is required by law in Virginia. If you drive a truck in Virginia, you must have this coverage. Virginia limits are covered in the previous section.
This coverage pays for damage or harm done to your truck. This coverage is not required in Virginia. However, most truckers have it to protect their most essential asset to make a living, which is their truck. Learn more at the best trucking physical damage insurance companies.
This coverage comes in two parts:
This covers damage that happens due to an accident.
Covers harm caused outside of collisions. This includes theft, vandalism, and harm caused by animals or the weather.
Bobtail (non-trucking liability) insurance
A type of liability insurance that covers your tractor when it’s disconnected from a trailer. This is another coverage that’s not required, but most truckers purchase it. There is some subtle differences between bobtail insurance and non-trucking liability insurance. Learn more at the best bobtail insurance companies and the best non-trucking liability insurance companies.
Cargo insurance covers the things you haul in your trailer. It’s not a coverage required by the Federal Motor Carrier Safety Administration, but most for-hire interstate owner-operators will make you purchase it. If you don’t have it, they won’t hire you, so this probably isn’t a way to reduce your costs. The standard limit for cargo insurance is $100,000, but you may need a higher one if you haul particularly valuable cargo. Learn more at the best motor truck cargo insurance companies.
Commercial truck insurance costs in Oklahoma
The average cost for commercial truck insurance in Oklahoma is $12,249 per year. This is based on trucking operations with one truck.
A typical trucking business in Oklahoma pays in the range of $9,780 to $15,520 per year for one truck.
The rate above includes the following coverages: trucking liability insurance, physical damage coverage, bobtail, and cargo truck insurance.
Average commercial truck insurance cost per month in Oklahoma
The average cost of commercial truck insurance in Oklahoma is $1,020 per month. This cost is for an owner operator with one truck and covers liability, bobtail, physical damage, and cargo insurance. Below is the average cost breakdown of the coverages:
|Commercial truck insurance coverages||Average costs|
|Trucking primary liability coverage||$560 per month|
|Bobtail insurance||$40 per month|
|Trucking physical damage coverage||$290 per month|
|Truck cargo insurance||$130 per month|
These are just the averages. Your rates will be different. Be sure to shop around with a few carriers or work with a top broker like Simply Business or Commercialinsurance.net to get and compare several quotes in one place before making your final decision.
Getting quotes online whenever possible is another way to get several quotes easily. Progressive, THREE, and InsurePro are the three providers offering truck insurance quotes online in Oklahoma.
What factors affect commercial truck insurance cost in Oklahoma?
Your commercial truck insurance rate may be higher or lower, depending things like:
- What you haul
- How much your truck weighs (insurance rates are based on weight, not type of truck)
- Driver history
- How far you drive (when getting a quote, the cheapest rates are for drivers who drive less than 50 miles)
- Whether you cross state lines or not
- Coverage needs
- Experience in the industry
If you are an owner-operator of your own truck, you’ll need primary liability insurance
How can I find cheap commercial truck insurance in Oklahoma?
Below are a few tips that help you reduce your commercial truck insurance cost:
Many companies offer discounts for things like safe driving, paying in full, buying more than one policy, being a long-time customer, and others. However, it may not be immediately clear what discounts a company offers, so call and talk to a customer service rep and ask.
Commit to safety
Hire drivers with clean driving records. Even one speeding ticket will raise your rates significantly. Consider rewarding good driving with bonuses or extra pay.
Not only your drivers, but your trucks need to be safe as well. Keep up with routine maintenance, and give a visual inspection every time a truck goes out on the road.
You could raise your deductible to save money on your insurance, but make sure you have the funds to cover the deductible in case of an accident.
Get several quotes
The easiest and most efficient way to save money on commercial truck insurance is to get quotes from several companies. Be sure to compare the same coverage amounts, so you’re comparing apples to apples, and compare customer service ratings.
Oklahoma is a great state to operate a commercial truck business. Just make sure you get the appropriate insurance and you’ll be on your way!