Trucking comes with many risks; the road isn’t exactly a safe place to work, and plenty of mishaps can happen. For instance, over 22,000 truck accidents occurred in 2019 in Illinois. Only 22 people were killed in the total number of accidents. However, tractors were involved in 19 of these deaths. Statistics show that accidents in work zones are not only the most common but they’re also the deadliest.
All these tell you that you need to look for the best Illinois truck insurance available to protect you from those dangers. Sadly, the prospect of shopping for truck insurance may appear daunting; there are numerous state and federal regulations to adhere to, and then there are all coverage options to consider.
The good news is that you don’t have to go it alone. In this article, we’ll show you everything you need to know about buying truck insurance in Illinois, starting with the five best 6 companies.
- 6 best commercial truck insurance companies in Illinois
- What does commercial truck insurance cover in Illinois?
- Commercial truck insurance requirements in Illinois
- How much does commercial truck insurance cost in Illinois?
- What factors influence the commercial truck insurance cost in Illinois?
- How to get cheap commercial truck insurance in Illinois?
- Types of trucks covered by commercial truck insurance in Illinois
6 best commercial truck insurance companies in Illinois
- Progressive: Best overall
- biBERK: Best for low-cost coverage
- Pie: Best if you want to combine with low-cost truckers’ workers’ comp insurance
- Simply Business: Best for comparing several quotes
- THREE: Best for comprehensive, easy to understand, and affordable policies
- Smart Financial: Best for new and high-risk trucking companies
Progressive: Best overall
Progressive is one of the largest commercial truck insurers in the US. Progressive offers 24/7 online or phone support for their commercial truck policies. Progressive’s website can get a quote for you in under 10 minutes, depending on your truck type. Their quotes are comprehensive for commercial auto coverages and high limits. If you like the quote, you can buy the policy in minutes.
Finally, Progressive offers discounts to make their rates more affordable. Due to their high market share and efficient management of claims and repair costs, their rates are competitive.
- Flexible billing and payments options
- Lots of different coverages available
- Discounts up to 20% and more
- 24/7 customer support
- It May be too expensive for small businesses
biBERK: Best for low-cost commercial truck insurance
biBerk provides affordable insurance to small businesses to help them save money. biBERK offers an easy-to-use enrollment process, but its experts can help you figure out policies and coverage. biBERK offers competitive rates for its commercial truck insurance policies. In fact, they claim that they save trucking businesses at least 20% on truck insurance. They also offer other business policies.
biBERK is one of a few companies offer trucking insurance quotes online. Within less than 10 minutes, you can get a quote on their website and if you are happy with the quote, you can buy the policy online as well.
The following is a sample quote from biBerk for a box truck in Chicago.
- You can get quotes and buy insurance online
- You can file claims online
- Most of their policies are low-cost
- They have a strong financial backing. It is a subsidiary of Berkshire Hathaways, ie. the same owner of Geico.
- The policy’s coverage limits may be lower than usual, but they can adjust the coverage limits that work best for you.
Pie: Best if you want to bundle commercial truck insurance with truckers’ workers’ comp
Pie Insurance focuses on workers’ comp. The 2017-founded company sells low-cost workers’ comp insurance to small businesses in many industries and trucking is one of their focused industries.
Pie recently expanded to offer commercial auto and commercial truck insurance policies as well. It’s known for low-cost workers comp insurance and they want to offer the same low-cost benefits to its business customers. You should expect that their commercial truck policy is also priced competitively. If you want to buy both low-cost workers comp insurance and commercial truck insurance policies from the same provider, you may want to choose Pie.
- Quotes are offered in minutes
- Flexible payment options for your insurance
- Low-cost policies
- An insurance certificate can take 2 days
Simply Business: Best for comparing several quotes
Simply Business is an insurance broker specializing in small businesses. They has developed a state-of-the-art platform based on its algorithms to connect small businesses with commercial truck insurance at the best price. Their platform makes it easy to compare several quotes from reputable insurers on a single screen.
The firm’s experts have used their experience to ensure you only need to input the necessary information to generate quick and accurate quotes. The process should be quick, even for complex coverage like commercial truck insurance.
- Fast and easy quotes in about 10 to 15 minutes
- Good customer ratings
- Helps small businesses find cheap quotes and discounts
- Simply Business can only provide quotes from their partners
THREE: Best for comprehensive, easy-to-understand, and affordable policies
THREE believes trucking insurance should be simple to read and understand. Therefore, their policy document is always 3 pages long with all the information you may need. Even if you only apply for commercial truck insurance, their quotes will also include general liability and commercial property, the two most popular small business insurance coverages. Even with the three most popular coverages for small businesses, THREE policy document is always 3-page long without any insurance jargon or fine print.
THREE insurance is affordable even with a comprehensive policy because they sell directly to small businesses, bypassing agents and brokers. If you want a single, comprehensive policy to protect your small business, contact THREE.
- Policies are straightforward to understand
- You can obtain quotes in about 10 to 15 minutes
- One policy covers most small businesses with three important coverages: commercial auto/commercial truck, general liability, and commercial property
- They have exclusive policies that you may not find anywhere else.
- Excellent financial backing, ie. a subsidiary of Berkshire Hathaways, the owner of Geico
- Not available in all states.
Smart Financial: Best for new and high-risk trucking companies
Smart Financial specializes in helping customers find affordable trucking insurance. The company partners with expert carriers to provide customized coverage.
If you’re a new trucking company with fewer than 20 trucks, Smart Financial can help you find the best coverage at the most affordable prices. If your trucking business is high risk and has trouble getting truck insurance, they may also be able to help.
- Their agents are the most knowledgeable
- Regardless of how unique your business and industry are, their agent will help you find the best coverages at the most affordable price.
- Best if you prefer working with knowledgeable agents
- If you prefer getting quotes and buying policies completely online, you may consider other providers
What is commercial truck insurance?
Commercial truck insurance, like other types of auto insurance, protects others by providing liability coverage for bodily injury and property damage if a truck driver is found to be at fault in an accident.
What does commercial truck insurance cover in Illinois?
Illinois commercial truck coverage, like most commercial auto products, comes in various configurations. Each iteration is created to safeguard the policyholder against loss. Consider the following types:
Primary auto liability for trucks
It is necessary to have liability insurance. While most states require commercial vehicle owners to have liability insurance, Illinois’ minimum coverage is $25,000/$50,000. However, you should buy the most comprehensive liability insurance you can afford. This insurance protects you from financial loss if you or someone else driving your truck is found to be at fault in an accident. This policy typically covers third-party bodily injury, property damage caused by accident, and the costs of defending the claim in court.
Coverage for physical damage
In Illinois, the minimum level of trucking physical damage coverage is $20,000. The cost of repairing a car that has been in an accident can be high, but this coverage will cover the costs up to your policy limits. Learn more at the best trucking physical damage insurance companies
Comprehensive and collision coverage
Comprehensive coverage pays for non-collision damages, whereas collision coverage pays for damages caused by colliding with another vehicle or object. For example, a truck is damaged when the wind blows over it.
Coverage for uninsured and underinsured motorists.
Suppose you’re in an truck accident with another vehicle that doesn’t have enough insurance to pay for repairs or doesn’t have any insurance at all. In that case, this coverage replaces the other party’s coverage.
Coverage for cargo
This policy covers the theft or damage of the freight you transport. Learn more at the best truck cargo insurance companies
Bobtail coverage is sometimes confused with non trucking liability insurance. They are similar, but there are subtle differences. Bobtail insurance covers you when you drive your truck without a trailer attached to it and get involved in an accident. Non-trucking liability covers you when you drive your truck for personal purposes. Learn more about the differences of these two coverages. And learn more at the best bobtail insurance companies and the best non-trucking liability insurance companies.
What isn’t covered by commercial truck insurance in Illinois?
While you can get much coverage for your semi-truck business, it won’t cover everything. The following are the types of losses that semi-truck insurance does not cover:
- Damages that are done on purpose. Anything related to intentional acts is never covered by insurance.
- Some types of cargo (Hazmat insurance is available for things like explosives)
- Damages that exceed the policy’s coverage limits
Commercial truck insurance requirements in Illinois
Local truck drivers and new businesses in Illinois are required by state law to carry a minimum amount of liability insurance. The amount you’ll need is determined by the freight you’ll be hauling and where you’ll be hauling it. If you never leave the state, you must obtain an intrastate only USDOT number and be covered up to the following levels of insurance:
- Liability Insurance of $5,000,000 (Hazardous materials)
- Minimum Liability Insurance of $1,000,000 (Oil Transport trucks)
- Liability Insurance of $300,000 (Household Goods)
- Liability Insurance of $750,000 (General Freight)
- $10,000 per vehicle and $10,000 per disaster insurance for Cargo (All carriers)
The insurance requirements for truck drivers who cross state lines are a little more stringent. In addition, you must adhere to the FMCSA’s truck insurance requirements. Federal liability limits typically range from $750,000 to $1,000,000.
Trucking companies must prove to the state and federal governments that they have enough insurance on their trucks to cover both the truck’s value and the cargo’s value, as well as protect against any liability claims, such as a trucker-caused accident.
The “two-year rule,” an unofficial policy many commercial trucking insurers have against insuring drivers with less than two years of commercial driving experience, makes this a bit difficult, especially for new drivers.
However, a few insurance companies will still cover a new driver.
To prove you have the proper coverage in Illinois, you must complete the following forms:
- Form E
- Form H
How much does commercial truck insurance cost in Illinois?
Commercial truck insurance, like consumer auto insurance, does not have a set price. Each policy’s cost is determined by individual risk factors such as traffic tickets, DUI convictions, prior accidents, operating radius, and the type of cargo you typically transport.
In Illinois, commercial truck insurance costs an average of $13,140 a year. The majority of premiums are between $9,243 and $14,905.
These costs are based on truckers with single truck. In reality, your commercial auto quote may differ from the values you see here.
Average commercial truck insurance cost per month in Illinois
The average cost of commercial truck insurance in Illinois is $1,095 per month. The policy includes trucking primary liability, trucking physical damage, truck cargo, and bobtail insurance and is for a 40-year old driver with 5+ years of experience. Below are the average cost breakdown for different coverages:
|Commercial truck insurance coverages||Average costs in Illinois|
|Primary trucking liability||$485 per month|
|Trucking physical damage||$320 per month|
|Motor truck cargo insurance||$220 per month|
|Bobtail||$70 per month|
Keep in mind that these are just the averages. Your rates will be different. Be sure to shop around with a few companies to compare several quotes before making your final decision. Getting quotes online from Progressive, biBERK, THREE, and Pie is a good start to find the cheapest commercial truck insurance policy for you.
What factors influence the commercial truck insurance cost in Illinois?
Your commercial truck insurance rate could be higher or lower depending on a variety of factors, including:
- What you’re transporting
- What is the weight of your truck? (insurance rates are based on weight, not type of truck)
- History of the driver
- How far do you travel? (when getting a quote, the cheapest rates are for drivers who drive less than 50 miles)
- Whether or not you cross state lines
- Coverage is required.
- Experience in the Industry
How to get cheap commercial truck insurance in Illinois?
Here are a few ideas to help you save money on commercial truck insurance:
Look for bargains
Many companies provide discounts for things like safe driving, paying in full, purchasing multiple policies, and being a long-term customer, among other things. However, it’s not always obvious what discounts a company offers, so call and ask a customer service representative.
Commit to safety
you should hire drivers with a clean driving record. Even one speeding ticket will significantly increase your insurance rates. Consider giving bonuses or extra pay to people who drive well.
Maintain your trucks
Not only do your drivers need to be safe, but so do your trucks. Maintain routine maintenance and conduct a visual inspection whenever a truck is driven.
Increase the deductibles
To save money on your insurance, you could raise your deductible, but make sure you have the funds to cover the deductible in the event of an accident.
Compare several quotes
Getting quotes from several companies is the simplest and most efficient way to save money on commercial truck insurance. Make sure you compare insurers by comparing the same coverage amounts and customer service ratings.
Types of trucks covered by commercial truck insurance in Illinois
Most insurers provide insurance to all types of trucks. However, some insurers may avoid certain types of trucks if they feel the liability may be too much for them. Generally speaking, you should find insurance if you have any of these trucks in Illinois:
- Tractor-trailers – Learn more at the best tractor-trailer insurance companies
- Dump trucks – Learn more at dump truck insurance cost and the best dump truck insurance companies
- Cement mixers
- Box trucks – Learn more at box truck insurance cost and the best box truck insurance companies
- Tow trucks – Learn more at tow truck insurance cost and the best tow truck insurance companies
- Semis – Learn more at semi truck insurance cost and the best semi truck insurance companies
- Pickup trucks – Learn more at pickup truck insurance cost
- Log truck – Learn more at the best log truck insurance companies