When it comes to owning or leasing an Oklahoma show steer, there are certain insurance considerations that must be taken into account. If you are the owner of the steer, you must obtain liability insurance. This is to ensure that you are covered in the event of any accidents or damages that may occur. On the other hand, if you are leasing a steer, you will likely need a full-coverage insurance policy.
This is because you must meet your state's minimum car insurance standards, as well as any other requirements your leasing company has, such as comprehensive coverage and collision coverage. It is important to remember that the cost of insurance for a show steer can vary depending on the type of animal and its location. For instance, if you own a native Oklahoma steer, the rate per acre for liability insurance may be different than if you own a Bermuda rangeland steer in Oklahoma. Figures 2a and 2b illustrate the distribution of reported rates per acre for native Oklahoma pastures and Bermuda rangelands in Oklahoma, respectively.
When it comes to owning or leasing an Oklahoma show steer, it is essential to consider the cost of insurance. Liability insurance is necessary for owners, while those leasing a steer must meet their state's minimum car insurance standards and any additional requirements from their leasing company. The cost of insurance can vary depending on the type of steer and its location. It is important to research the rates for different types of steers in your area before making a decision.