Bloomington Commercial Vehicle Insurance

Your Complete Guide to Bloomington, IL, Commercial Vehicle Insurance

When you want a trusted adviser in your corner

Illinois Commercial Vehicle Insurance

In Bloomington, 77,934 residents use the streets at any given time. Illinois has over 115 fatal commercial truck accidents annually. When you own a business here, you'll need commercial vehicle insurance.

An independent insurance agent can access several policy options to save you money. Since coverage is state regulated, your insurance needs to comply with local and federal laws. Connect with a trusted adviser for quotes. 

Why Do Bloomington, IL, Businesses Need Commercial Vehicle Insurance?

The average number of fatal light truck accidents per year is 20%. The Illinois Department of Transportation has compiled statistics to help inform the public on roadside safety. Take a look at the numbers below.

  • 32% of Illinois based car accidents are speed related
  • Roughly 772 car wrecks occur in Illinois each day
  • 84,172 people were injured in Illinois car accidents
  • 0.0009% of fatal accidents involve commercial trucks in Illinois

When your business hauls loads across state lines using heavy and tractor-trailer trucks, there are different requirements you'll need to meet.

  1. Your commercial vehicle policy will have to comply with both state and federal laws.
  2. If you haul materials, they will need to be documented with the Department of Transportation (DOT) and your insurance carrier for rating purposes.

How Much Does Commercial Vehicle Insurance Cost in Bloomington, IL?

When your premiums are calculated, carriers look at a variety of items. Personal data and outside exposures are considered. Check out the risk factors that companies use to determine your pricing below.

  • Year, make, and model of all vehicles
  • The radius in which you travel
  • The number of drivers and their motor vehicle records
  • What the vehicles are used for
  • The coverage you choose
  • Where you store the vehicles
  • What safety measures you have in place
  • The time of day or night these vehicles are driven

Insurers will account for weather patterns and the local crime rate in Bloomington, IL. When you're trying to get the best pricing, look into bundling your business insurances. If you put all your coverage with the same carrier, you'll save big. 

What Are the Commercial Vehicle Coverage Requirements in Bloomington, IL?

The average number of heavy and tractor-trailer trucks involved in fatal accidents per year is 173. Bloomington, IL, mandates that all commercial auto policies carry the minimum limits of liability insurance. Check out Illinois's liability requirements below.

Illinois's minimum liability requirements for commercial vehicles

  • Bodily injury liability requirements: $25,000 per person / $50,000 per accident
  • Property damage liability requirements: $20,000 per accident
  • Uninsured motorist coverage requirements: $25,000 per person / $50,000 per accident

Illinois's minimum liability requirements per seating capacity

  • 10-13 people seating capacity: bodily injury liability $1,000,000 / property damage liability $100,000
  • 14-20 people seating capacity: bodily injury liability $1,500,000 / property damage liability $100,000
  • 21-30 people seating capacity: bodily injury liability $2,000,000 / property damage liability $100,000
  • 31+ people seating capacity: bodily injury liability $3,000,000 / property damage liability $100,000

Other for-hire passenger vehicles, including medical transport: Bodily injury $250,000 / Property damage $50,000 or $300,000 Combined Single Limit (CSL)

Property carriers: $750,000 CSL

Tow truck operations: $500,000 CSL

Hazardous substance carriers: $1,000,000 to $5,000,000 CSL depending on specifics

What Else Does Bloomington, IL, Commercial Vehicle Insurance Cover?

In Bloomington, IL, commercial vehicle insurance is mandatory. A standard policy will come with liability only, and everything else has to be added for proper protection. Take a look at the optional coverage choices below:

Rental car insurance: This covers the cost of renting a commercial vehicle while your company-owned auto is being repaired.

Non-owned or hired auto liability insurance: If an employee or contractor uses a non-company-owned vehicle while doing business on your behalf, this will cover your exposure.

Collision insurance: This will replace or repair your commercial auto that is damaged due to an accident.

Uninsured motorist insurance:  If your commercial auto is involved in an accident with an uninsured driver, this provides coverage for property damage and medical costs.

Comprehensive insurance: This covers the cost to repair or replace your commercial vehicle if it is lost or damaged due to a non-collision accident.

Towing and roadside assistance: This will pay for a tow to pick up your disabled commercial auto. 

Why Work with an Independent Agent in Bloomington, IL?

Your commercial auto insurance in Bloomington, IL, needs to comply with state and federal laws. If you want to protect your assets and business from penalties or closure, adequate coverage is necessary. Fortunately, an independent insurance agent can help. 

They have access to several markets, giving options on policy and price. If you're trying to DIY insurance, get an agent to do the shopping at no cost. Connect with a local adviser on TrustedChoice.com for personalized quotes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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