Schaumburg Commercial Vehicle Insurance

Your Complete Guide to Schaumburg, IL Commercial Vehicle Insurance

When you're looking for a trusted agent

Illinois Commercial Vehicle Insurance

Illinois has about 5,694,000 commercial truck registries per year. Schaumburg has 74,184 residents, and many of them use the roadways on any given day. When you operate a business with company vehicles, commercial vehicle insurance is not only necessary, but also mandatory.

An independent insurance agent can help find a policy for an affordable price. Since you'll need coverage that meets state and federal guidelines, an adviser can be of use. Connect with a local expert to get started.

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

Net commercial auto insurance premiums last year were roughly $12,764,999 in the US. Insurers calculate your costs by using a variety of 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 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

Carriers will look at these factors as well as others outside your control. Things like local weather patterns and criminal activity will be considered. If you want to know your exact pricing, get multiple quotes from an adviser.

Why Do Schaumburg, IL Businesses Need Commercial Vehicle Insurance?

Schaumburg, IL, makes commercial vehicle insurance mandatory. The Illinois Department of Transportation has statistics on state accidents and information for drivers. 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.

When you're company vehicles cross state lines, you'll have two responsibilities:

  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 Are the Commercial Vehicle Coverage Requirements in Schaumburg, IL?

Schaumburg, IL, requires all drivers to carry the minimum limits of liability insurance. The type of commercial auto, truck, or vehicle your company uses will need to be taken into account when obtaining coverage. 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

What Else Does Schaumburg, IL Commercial Vehicle Insurance Cover?

If you're looking for a commercial auto policy that includes more than liability coverage, you'll need to create it. Most commercial vehicle insurance comes standard with the minimum limits of protection only. 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.
  • 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.
  • 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.

Why Work with an Independent Agent in Schaumburg, IL?

Commercial auto insurance in Schaumburg, IL, can be obtained in a variety of ways. A professional can help if you're looking for low prices and coverage that complies with state and federal law. When you're trying to DIY insurance coverage, you could be missing key items.

An independent insurance agent works with several markets, saving you time and premium dollars. You can connect with a local agent on TrustedChoice in minutes. They have a network of experts ready to assist for free.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

TrustedChoice.com Article | Reviewed by Jeffrey Green

©2021, Consumer Agent Portal, LLC. All rights reserved.

https://www.city-data.com/city/Schaumburg-Illinois.html

https://idot.illinois.gov/