Waukegan Commercial Vehicle Insurance

Your Complete Guide to Waukegan, IL, Commercial Vehicle Insurance

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Illinois Commercial Vehicle Insurance

Waukegan, IL, has over 87,729 locals that utilize the roadways daily. With 5,694,000 commercial truck registries per year, proper coverage is necessary. When you operate a business in Waukegan, you may be required to have commercial vehicle insurance.

An independent insurance agent can help your business comply with state law at an affordable price. Since they work with multiple carriers, you'll have options. Get connected with an expert for tailored commercial auto quotes. 

Why Do Waukegan, IL, Businesses Need Commercial Vehicle Insurance?

When you own a business in Waukegan, IL, you'll need to carry commercial vehicle protection. The Illinois Department of Transportation has local statistics and data to inform residents. 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 drive commercial vehicles 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 Waukegan, IL?

Each state has a minimum requirement when it comes to commercial auto coverage. Waukegan, IL, mandates all drivers to carry limits according to your vehicle type. Check out Illinois's liability requirements below:

Illinois's 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's 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 Waukegan, IL, Commercial Vehicle Insurance Cover?

The number of commercial fleet accidents per year is at 20%. To have adequate protection, you'll want more than just liability only. A standard Waukegan commercial auto policy will need to be adjusted with more limits of coverage. 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.

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.

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

Your commercial auto insurance premiums will vary in Waukegan, IL. Some areas you will be able to improve for better pricing. Check out the risk factors that companies use to determine your costs below.

  • Year, make, and model of all vehicles
  • The radius in which you travel
  • The number of drivers and their motor vehicle 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 net commercial auto insurance premiums earned last year were at $12,764,999. Carriers look at a variety of exposures from personal data and more. Things like local weather patterns and criminal activity play a part in your costs. 

Why Work with an Independent Agent in Waukegan, IL?

When you're searching for the perfect commercial auto policy, a trusted adviser can help. Waukegan, IL, requires all business owners that utilize commercial vehicles to carry coverage. To avoid penalties or worse, consult with a professional. 

An independent insurance agent has access to multiple markets so that you can save. Since they work on your behalf at no cost to your business, it's a no-brainer. Connect with a local adviser on TrustedChoice.com in minutes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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