THURSDAY, MAY 5, 2022
Commercial auto insurance is a must if you use vehicles for business purposes. Many factors affect how much and what types of insurance you may need.
The commercial auto insurance experts at Buschbach Insurance Agency in Oak Lawn, Illinois, are ready to help you evaluate your options.
Is Commercial Auto Insurance Required?
The state of Illinois requires all registered commercial motor vehicles to carry minimum liability coverage. This coverage helps pay for damages if you or one of your employees cause a car accident. 
The minimum limits are:
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$25,000 for each person’s injury or fatality.
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$50,000 for more than one person’s death or injury in the accident.
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$20,000 for another person’s property damage.
Certain types of vehicles may require higher minimum amounts of liability insurance coverage. Check with the U.S. Department of Transportation Illinois and the U.S. Department of Transportation’s Federal Motor Carrier Safety Administration’s insurance requirements to see if federal or state laws apply to your company’s commercial motor vehicle.
You must also carry uninsured motorist bodily injury. If you purchase more than the minimum required amount of uninsured motorist coverage, you may also need underinsured motorist coverage. These policies help pay for damages if you are in an accident with a driver that doesn’t have adequate insurance coverage.
To ensure you are adequately insured with the mandatory coverages contact your commercial auto insurance experts at Buschbach Insurance Agency. Your agent may recommend that you purchase more than the minimum liability coverage to better meet your company’s needs.
What Does Commercial Auto Insurance Cover?
Your commercial auto insurance policy helps protect your company from financial liability if you are in an accident while driving a commercial motor vehicle during day-to-day business. Depending on the coverage you choose, it may also pay for damage to your company’s vehicles.
Your insurance agent may recommend that you add the following insurance coverages to your liability and uninsured/underinsured motorist policy:
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Collision insurance. This coverage helps pay to repair or replace a covered vehicle after a collision with another vehicle or object.
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Comprehensive insurance. This coverage helps pay to repair or replace a covered vehicle after a non-collision accident or incident, such as vandalism, theft, hitting an animal on the road, or storm damage.
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Gap insurance. If your company vehicle is a total loss after an accident, your insurance company may not provide enough money to pay off your loan or lease. GAP insurance helps bridge the “gap” between the amount of money your company owes on a totaled vehicle and the amount you receive from the insurance company.
If your company vehicles are leased or you have auto loans, the lienholder may require that you purchase full coverage insurance. This will likely include comprehensive, collision and gap insurance to help protect their investment in the vehicle.
Get Commercial Auto Insurance for Your Company Today
The agents at Buschbach Insurance Agency are ready to help you tailor your commercial auto insurance policy to meet your company’s needs.
While it’s crucial to purchase the required minimum amount of liability insurance under Illinois law, your agent can help you decide what additional coverages you may need to better protect yourself and your business. Contact us today to get a quote.
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