Joliet Commercial Vehicle Insurance

Your Complete Guide to Joliet, IL Commercial Vehicle Insurance

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Illinois Commercial Vehicle Insurance

In Joliet, IL, there are over 148,162 residents, and many of them access the roadways at any given time. Illinois has roughly 5,694,000 commercial truck registries annually. If you run an operation in Joliet, you may be required to carry commercial vehicle insurance.

Fortunately, an independent insurance agent can help get a policy at an affordable price. With coverage being mandatory in Illinois, adequate limits are needed. Get connected with a local expert for tailored commercial auto quotes.

Why Do Joliet, IL Businesses Need Commercial Vehicle Insurance?

The Illinois Department of Transportation has statistics on accidents and vehicle safety. Apart from your business being required to have commercial auto coverage, it's also necessary to protect your assets. 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 your company travels across state lines with commercial vehicles or heavy tractor-trailer trucks, you'll need to meet the below requirements:

  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 Joliet, IL Commercial Vehicle Insurance Cover?

Your Joliet, IL, commercial vehicle insurance will come with the minimum limits of liability. If you need coverage for vehicles and other items, it will have to be added manually. 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.
  • Collision insurance: This will replace or repair your commercial auto that is damaged due to an accident.
  • Towing and roadside assistance: This 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.
  • 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.

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

Personal data and other exposures will help the carriers set your commercial auto premiums. While every business will have a unique rating, a few things could make it better. 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 driving 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

The items you have control over will be the things you'll want to focus on improving, such as insurance scores and loss histories. Outside factors like weather and crime rates will have an impact on your costs. To get the best premiums, consult with a trusted adviser.

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

In most states, you are required by law to carry commercial vehicle insurance. Joliet, IL, mandates that every business that uses company vehicles must have minimum liability limits. Check out the state's requirements below:

Illinois 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 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 Joliet, IL?

When you're searching for the perfect commercial vehicle policy that meets state and federal guidelines, an expert can help. If you're trying to get insurance on your own, you could be missing key coverages. To avoid penalties and financial devastation, work with a knowledgeable resource.

An independent insurance agent can help find a policy that complies with state law and protects your bottom line. Since they do the shopping at no cost to your business, it's a no-brainer. Connect with an adviser on TrustedChoice to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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