Wheaton Commercial Vehicle Insurance

Your Complete Guide to Wheaton, IL Commercial Vehicle Insurance

When you need a trusted adviser in town

Illinois Commercial Vehicle Insurance

Illinois has about 115 fatal vehicle accidents where commercial trucks are involved per year. Wheaton, IL, has over 53,373 residents that access the roadways regularly. When you own a business in Wheaton, you may be required to carry commercial vehicle insurance.

An independent insurance agent can help you find a policy at a low rate. Commercial auto insurance is state-mandated and local limits are necessary for compliance. Get connected with a trusted adviser in minutes.

Why Do Wheaton, IL Businesses Need Commercial Vehicle Insurance?

When you're a business owner who operates autos, commercial vehicle insurance is regulated. The Illinois Department of Transportation has information on state accident counts and how to prevent them. 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 your company uses vehicles to cross 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 Wheaton, IL?

There are specific liability insurance requirements when you own and operate commercial vehicles. Every state usually has a minimum necessary coverage amount, and Wheaton is no different. 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 Wheaton, IL Commercial Vehicle Insurance Cover?

If you're caught without adequate coverage, you could face penalties or worse. Your business needs protection from all that could go wrong. When an employee gets into an accident, your bottom line could be at stake. The majority of commercial auto policies only come with liability insurance. Everything else will need to be added. Take a look at the optional coverage choices below:

  • 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. 
  • 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.
  • 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 Wheaton, IL?

Wheaton, IL, commercial auto insurance rates are unique to every business. Premiums will depend on a variety of exposures and personal data. 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 the vehicles are driven

Insurance companies will use outside risk factors as well. Things like the local crime rates and weather patterns are taken into account. When you need exact pricing, consider getting multiple quotes for accuracy.  

Why Work with an Independent Agent in Wheaton, IL?

To protect your business from a major financial loss or even closure, you need the right policy. If you're trying to DIY insurance, you could be missing out on necessary coverages. Fortunately, an independent insurance agent can help. 

They have access to multiple carriers, giving you options on coverage and premiums. When you need an adviser in your corner, an independent agent works on your behalf at no cost. Get connected with a Wheaton expert on TrustedChoice for tailored quotes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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