Peoria Commercial Vehicle Insurance

Your Complete Guide to Peoria, IL Commercial Vehicle Insurance

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Illinois Commercial Vehicle Insurance

Peoria, IL, has 112,883 residents that call it home. The commercial insurance industry is a $46.6 billion dollar market. If you own a business in Peoria, commercial vehicle insurance necessary.

An independent insurance agent can help find coverage that meets state and federal guidelines. They have options on carriers and premiums so that you have a choice. Connect with a local adviser in minutes.

Why Do Peoria, IL Businesses Need Commercial Vehicle Insurance?

With over 10,486,622 commercial vehicle sales per year, proper protection is necessary. The Illinois Department of Transportation has compiled local information on accidents and prevention. 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 heavy trucks and tractor-trailer trucks across state lines, 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.

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

The average number of fatal light truck accidents per year are 20,145. Not only is liability coverage mandatory in Peoria, IL, but it's also necessary. Check out the Illinois liability 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

What Else Does Peoria, IL Commercial Vehicle Insurance Cover?

Your Peoria, IL, commercial auto insurance will come standard with limits of liability. Any other coverages needed for vehicle repair or replacement has to be added. 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. 
  • Collision insurance: This will replace or repair your commercial auto that is damaged due to an accident.
  • 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.
  • 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.

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

Insurance carriers look at a variety of items when calculating your costs. Local crime and personal data will play a role in your premiums. 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

Insurers will account for the weather patterns in Peoria, IL, for your commercial auto policy. Insurance scores and claims histories will be considered, as well. To get your exact pricing, you'll have to run quotes with a licensed professional.

Why Work with an Independent Agent in Peoria, IL?

Commercial vehicle insurance in Peoria, IL, can be confusing if you're not a licensed adviser. Meeting state and federal regulations for commercial auto coverage can be challenging to navigate alone. When you work with an independent insurance agent, they do the shopping for you.

With access to several carriers, you'll have options on policy and price. When you're tired of going at it alone, consider using a professional. Connect with a local expert on TrustedChoice for quotes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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