Chicago Commercial Vehicle Insurance

Your Complete Guide to Chicago, IL, Commercial Vehicle Insurance

How to find a local expert in minutes

Illinois Commercial Vehicle Insurance

Chicago, IL, is a massive city with over 2,716,450 residents who could utilize the roadways. The average commercial vehicle sales in the US is 10,486,622 annually. When you own a Chicago business, you'll likely need commercial vehicle insurance.

An independent insurance agent can help with a commercial auto policy that doesn't impact the bottom line. When you live in Illinois, coverage is mandatory. Connect with a local expert to get quotes. 

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

Chicago, IL, has approximately 5,694,000 commercial truck registries per year. Your commercial vehicle insurance will be rated by a few different items. 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

Carriers look at both your personal data and outside exposures when calculating your premiums. Things like weather and crime rate will be taken into account. To get accurate pricing, obtain multiple quotes. 

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

If you want to avoid a huge out-of-pocket expense and possible financial ruin, adequate coverage is needed. A standard commercial auto policy doesn't come with insurance for your vehicles or assets themselves. Take a look at the optional coverage choices below.

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. 

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.

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

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

The Illinois Department of Transportation has statistics and accident prevention to help locals. Chicago, IL, requires all businesses with commercial autos to have coverage. 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 have heavy and tractor-trailers that cross state lines, there are different requirements you'll need to meet below.

  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.

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

Each state has coverage regulations that every commercial auto policy needs to obtain to comply with local law. Chicago, IL, is no different and has minimum limits of liability per vehicle type. Check out Illinois's liability guidelines 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 Work with an Independent Agent in Chicago, IL?

In Chicago, IL, commercial vehicle insurance can be tricky. If you're having trouble figuring out what's required, consult with a licensed professional. An independent insurance agent can help with coverage and premiums.

They work on your behalf at no cost, so you save time and money. When you need options, an independent agent quotes with multiple carriers at once. Connect with a local adviser on TrustedChoice.com to begin.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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