Champaign Commercial Vehicle Insurance

Your Complete Guide to Champaign, IL, Commercial Vehicle Insurance

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Illinois Commercial Vehicle Insurance

Champaign, IL, has roughly 87,432 residents, making it a large town. With 115 commercial trucks involved in fatal accidents per year in Illinois, proper protection is necessary. If you own a business in Champaign, you could need commercial vehicle insurance. 

An independent insurance agent can help with coverage at a low price. Since insurance is mandatory, the right limits are required to comply with local law. Get connected with a trusted adviser to obtain quotes. 

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

Your business insurance costs will vary depending on numerous items. Carriers will figure your premiums by personal data and outside exposures. 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

Items like weather patterns and local crime will also be considered. Your business's loss history and insurance score are areas you'll have control over and impact your rates. To get accurate pricing, quote with multiple carriers. 

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

In Champaign, IL, you are state mandated to carry the minimum limits of liability. The vehicles your business operates will determine how much coverage is needed. Check out the state's 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

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

In Champaign, IL, commercial vehicle insurance is regulated and mandatory. The Illinois Department of Transportation has statistics on accident counts and ways to stay informed. 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

If you use your Champaign commercial autos across state lines, you'll need to meet the below items.

  1. Your commercial vehicle policy will have to meet 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.

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

Standard commercial vehicle insurance comes with liability coverage, and that's about it. Everything else your Champaign autos need insurance for will have to be added. Take a look at the optional coverage choices below.

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

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

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

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

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.

Why Work with an Independent Agent in Champaign, IL?

Your business insurance can be tricky if you don't know where to start. There are many coverage options on the market, and it's challenging to know what to choose. Fortunately, an independent insurance agent can help. 

They have access to multiple carriers so that you have options. An independent agent works on your behalf at no cost to your business. Get connected with a local expert on TrustedChoice.com and start saving today.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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