Springfield Commercial Vehicle Insurance

Your Complete Guide to Springfield, IL Commercial Vehicle Insurance

How to find the best agent in town

Illinois Commercial Vehicle Insurance

Springfield, IL, is a city of about 35,065 residents, and many of them utilize the roadways. In the state, there are 5,695,000 commercial truck registries per year. If you operate a business that uses autos in Springfield, you'll be required to carry commercial vehicle insurance.

An independent insurance agent can help obtain coverage for an affordable price. Since insurance is mandatory, it will need to meet local guidelines. Connect with an expert to get started.

Why Do Springfield, IL Businesses Need Commercial Vehicle Insurance?

In Springfield, IL, commercial vehicle insurance is regulated by the government. The Illinois Department of Transportation has information on the frequency of accidents and what to do about it. 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 own a business that hauls across 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 Springfield, IL?

Every state requires a certain amount of liability insurance when you own and operate commercial autos. Springfield, IL, has its own set of regulations that need to be followed. Check out the Illinois liability guidelines 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

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

Your Springfield, IL, commercial vehicle insurance will be rated according to a variety of risk exposures. Carriers will use personal and outside data to generate a premium. 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 look at loss history and your insurance score to personalize your costs. Some outside factors that you won't have control over, but they impact your rates, are weather and criminal activity. To get your unique pricing, obtain multiple quotes. 

What Else Does Springfield, IL Commercial Vehicle Insurance Cover?

If you want to avoid penalties, minimum liability insurance is required. However, for proper protection of your vehicles and more, you'll need to add other coverages to your commercial auto policy. Take a look at the optional coverage choices below:

  • 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.
  • 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.

Why Work with an Independent Agent in Springfield, IL?

Your business insurance is essential to protecting your livelihood and assets. When you try to find coverage on your own, you could be missing key items. Since commercial auto insurance is mandatory in Springfield, IL, a trusted adviser can help.

An independent insurance agent has access to several markets, saving you time and premium. They work on your behalf at no cost to your business. Connect with a local expert on TrustedChoice to get customized quotes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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