Moon-Baker Agency

130 E Main St
Ada, OK 74820

Get Directions
Moon-Baker Agency Blog

What kind of coverage should I purchase in Ada, Oklahoma, If I operate a dump truck on a construction site?

If you operate a dump truck on a construction site in Ada, Oklahoma, you will need to obtain the proper form of insurance for your dump truck. Because you are technically using the truck for commercial activity, you will need proper commercial insurance to protect you from liability and any damages your truck may incur on the construction site.

About Commercial Auto Insurance

In most cases, commercial auto insurance will meet your insurance needs when you operate a dump truck during construction. Commercial auto insurance provides coverage for your truck in the case that it is damaged. When you’re using a dump truck on site, it is highly likely that your truck is going to take on quite a bit of wear, so it’s a good idea to have this form of coverage.

Commercial insurance is important because it also provides coverage against the injury of an employee operating your dump truck. If there is an accident, the bodily injury coverage comes in to cover the medical bills of the injured party. Without this crucial protection, you may find yourself legally liable if there is an injury on site.

How an Independent Insurance Agent Can Help

When you purchase insurance for your dump truck, it is important to ensure that you obtain adequate levels of coverage. An independent agent is knowledgeable about various commercial needs and can help you determine what levels of coverage will protect your business. We can also help you determine whether you need additional riders to cover any special liabilities that may be present in your business.

Further, an independent agent carries policies from multiple insurance providers and can help you compare policies and obtain the best deals on commercial insurance. Contact us today to speak with an independent agent who can help you obtain proper coverage for your construction site.

Can one transfer its whole life insurance to another provider?

When you have purchased a whole life insurance policy, you may discover that the details of the plan and the services that you receive are not what you wanted or expected at the time you initially purchased the policy. If you are not satisfied with the services that you are receiving for your policy in Ada, OK, it may be possible to transfer life insurance policy details to another provider.

Replacing with an Equivalent Policy

A key factor to consider before you obtain a new plan is the value of the policy. If you plan to transfer your policy without changing the value of your coverage, then you may qualify for the tax-free 1035 exchange.

When you file a 1035 exchange, you are obtaining an equivalent policy rather than purchasing a policy that is more comprehensive or that offers a greater amount of coverage.

Concerns to Consider

In many cases, it is important to recognize the fees and costs associated with transferring your policy. Although the details regarding fees and added expenses can vary between insurance providers, it is likely that you will end up paying additional costs when you transfer your policy.

It may or may not be appropriate to transfer your policy when you consider the additional costs associated with the change. In some cases, you may want to replace the policy by canceling your current plan and then purchasing a new policy with a provider, but this method can also be costly.

The decision to transfer your coverage for a whole-life policy is a personal choice, but you should be aware that there are fees and added costs associated with the change to your policy. Contact us to speak to an agent to learn more about transferring your life insurance policy.