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Illinois companies using vehicles to conduct business operations must adhere to state auto insurance laws. All vehicles registered in Illinois must have at least the minimum amount of liability coverage.  

Commercial auto insurance is highly customizable. Depending on your situation, you may also be subject to Federal Motor Carrier Safety Administration (FMCSA) regulations. Your agent can help determine which laws apply to your business and help you get coverage to meet your company’s needs.  

What Commercial Auto Insurance Is Required for Illinois Businesses? 

Illinois companies that use vehicles must purchase minimum amounts of liability coverage to help pay for the following: 

  • Property liability auto insurance may help cover your company’s legal liability for third-party accident-related property damage up to the policy’s limits.  

  • Bodily injury liability auto insurance may help cover your company’s legal liability for third-party accident-related injuries up to the policy’s limits. 

  • Uninsured motorist coverage may help cover bodily injury and death if you are involved in an accident and the at-fault driver does not have liability coverage.  

Your agent may recommend that you purchase more than the minimum required amount of coverage to help provide additional financial protection. Illinois may change its minimum liability requirements at any time, so it’s crucial to check in with your agent at least once yearly to ensure you have appropriate coverage.  a car parked in a parking lot

If your company leases or finances vehicles, your lienholder can also impose insurance requirements. Lenders typically require the following coverages: 

  • Comprehensive insurance may help pay to repair or replace the covered vehicle after a non-collision-related incident such as theft, vandalism, fire damage or storm damage.  

  • Collision insurance may help pay to repair or replace the covered vehicle after a collision with another vehicle or object.  

  • Guaranteed asset protection (Gap) insurance may help pay off the financed or leased vehicle if it’s a total loss after a covered accident or incident.  

What Optional Commercial Auto Insurance Is Available? 

In addition to liability coverage and insurance to help protect your company vehicles, your agent may recommend the following optional coverages and endorsements: 

  • Towing coverage 

  • Roadside assistance  

  • Auto glass coverage 

  • Personal injury protection (PIP) 

  • Medical payments (MedPay) 

  • Uninsured/underinsured motorists coverage 

  • Commercial umbrella insurance 

How to Get Illinois Commercial Auto Insurance 

Your agent can help evaluate commercial auto insurance options compatible with your company’s needs. Contact the agents at Oak Knoll in Wilmington, Illinois, today to get multiple quotes for commercial auto insurance.  

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 
Posted 1:16 PM

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