Tinley Park Commercial Vehicle Insurance

Your Complete Guide to Tinley Park, IL Commercial Vehicle Insurance

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Illinois Commercial Vehicle Insurance

The net commercial auto insurance premiums earned last year were $12,764,999. Tinley Park, IL, has 56,668 residents, and many of them are using the roadways at any given time. If you're the owner of a local business, commercial vehicle insurance may be required.

An independent insurance agent can help your company find a policy that fits your budget. Since coverage is regulated, it's necessary to have insurance that complies with state law. Connect with an expert to get the best rates in town.

Why Do Tinley Park, IL Businesses Need Commercial Vehicle Insurance?

In Tinley Park, IL, there are different ways you can remain safe on the road. By having the state-mandated coverage, you've taken the first step. The Illinois Department of Transportation has statistics and fatality information available for the public. 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're hauling loads across state lines for business, 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 Tinley Park, IL?

Some commercial vehicle coverages are mandatory, depending on your state. Commercial auto coverage in Tinley Park, IL, is required at the minimum limits of liability. 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

What Else Does Tinley Park, IL Commercial Vehicle Insurance Cover?

When it comes to your commercial auto coverage in Tinley Park, you'll need to add any extras. Things like vehicle replacement and repair after an accident won't be included. To have more than liability only, review your policy. 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. 
  • 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.
  • 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.
  • 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 Tinley Park, IL?

Your commercial vehicle insurance premiums in Tinley Park, IL, will depend on a lot of items. Carriers use things like personal data and outside exposures to calculate rates. Check out the risk factors that companies use to determine your commercial vehicle insurance 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 commercial auto industry is a $46.6 billion market. Premiums are complicated and have a lot of moving parts. When you want the best price and coverage, work on the things you can improve. Your insurance score, loss history, and safety measures can be a place to start.

Why Work with an Independent Agent in Tinley Park, IL?

If you've been searching for commercial auto insurance in Tinley Park, IL, consider a licensed professional. When you need a policy that meets state and potentially federal guidelines, there is no room for error. Fortunately, an independent insurance agent can help. 

They have access to multiple markets, giving you options on policy and premiums. Since an independent agent does the shopping at no cost, you'll save big time. Connect with a local expert on TrustedChoice and start saving today.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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