While Chicago may have once been known as the nation’s railroad center, the majority of goods are transported by commercial vehicles these days. If you own any kind of business, there’s a good chance that a commercial vehicle is involved in your day to day operations. Illinois law requires that you at least have liability coverage on any commercial auto you use. In the event of a serious accident, liability won’t cover your damage, however, and the remaining bills might be enough to put you out of business.
Don’t let a fender bender ruin what you’ve built. Contact a local independent agent in the Trusted Choice® network to help you find the right Chicago, IL commercial vehicle insurance policy for your needs. Your agent can compare multiple policies from different companies and will only show you those insurers that come back with the best Chicago commercial vehicle insurance quotes. Contact an agent to get the best insurance for your dollar.
- Bodily injury liability: $20,000 minimum for an individual; $40,000 minimum for all parties involved
- Property damage liability: $15,000 minimum
- Medical payments
Commercial Auto Insurance Considerations
When you’re trying to decide what kind of coverage you need and how much you should purchase, consider the amount of risk you face by being on the road. Different types of commercial vehicles have different risks, and without evaluating what risks your vehicles have, you could end up underinsured. A limo that consistently has a high number of passengers may need more liability coverage and a higher level of medical payment insurance than a company car occasionally used for flower deliveries, for example.
It’s important to keep in mind that one catastrophic accident can put you thousands of dollars into debt. Consulting with an independent agent will help you determine the right amount of coverage for your business needs.
How Much Does Chicago Commercial Vehicle Insurance Cost?
It can be tricky to determine how much your commercial auto rates will be without jumping in the deep end of the insurance search. Because there are a variety of factors that influence premiums, especially where you live, commercial vehicle insurance costs can vary. It’s important to shop around to find the best price. For example, annual rates for commercial auto insurance on taxis can range anywhere from $800 to $2,200. Bus insurance can cost over $35,000 per year.
When you know what factors can influence your premium, you’ll understand how premiums can fluctuate. Common factors include:
- Structure of the policy: How much coverage you buy and which policies you choose will affect price.
- Driving distance: The more miles you travel, the greater your risk of being in an accident will be.
- Driving record: A bad driving record will leave you with higher premiums, while safe drivers are rewarded with more reasonable rates.
- Value of the commercial vehicle: An 18-wheel commercial truck needs more coverage than a ’89 pizza delivery car.
How Do I Save Money on Chicago Commercial Vehicle Insurance?
The best way to find the best Chicago commercial vehicle insurance quotes is to work with a local independent agent in the Trusted Choice network. Your agent will work to find policies that match your commercial auto requirements, staying within your budget. Your agent will answer all of your questions about commercial auto or truck insurance, and will use the information you provide to get you the best rates on the market today.
Don’t think that getting a low price automatically means you have to sacrifice quality. When you work with a Trusted Choice member agent, you may actually end up getting better coverage at a more affordable rate. Let a Trusted Choice independent agent find the right Chicago commercial vehicle insurance policy for you.