Despite employment losses over the past decade and a labor market filled with overqualified and inexperienced workers, the trucking industry still confronts a driver shortage. Despite the persistent economic recession, the demand for truck drivers is rising. Trends in the trucking business indicate that, in addition to a shortage of qualified drivers, the demand for drivers is growing, hence aggravating the issue. It is puzzling why so many valuable jobs are empty during these difficult times.
Even though over-the-road trucking has a reputation for being solitary, there are numerous benefits. Additionally, many companies are putting drivers in teams to combat the 2010 hours on the road limits. Regardless of the fact that many employers are concerned about what the trucking industry statistics reveal about our current situation, there is the potential for more individuals to pursue trucking careers if they are made aware of the vast array of benefits associated with employment in the transport sector.
Local truck drivers and new businesses are required by Illinois law to maintain a certain amount of liability insurance. The amount required varies on the type and location of the freight being carried. If you never leave the state, you must obtain an intrastate-only USDOT Number and maintain the following levels of insurance coverage:
|$1,000,000||Liability Insurance (Oil Transport)|
|$5,000,000||Liability Insurance (Hazmat)|
|$300,000||Liability Insurance (Household Goods)|
|$750,000||Liability Insurance (General Freight)|
|$10,000 per vehicle$10,000 per catastrophe||Cargo Insurance (All carriers)|
The insurance requirements for interstate truck drivers are more restrictive. In addition to the mentioned, you must adhere to all FMCSA semi-truck insurance regulations. Federal liability limits often range from $750,000 to $1,000,000.
Your insurance agent must submit specific filings to both Illinois and the FMCSA. Your insurance agent or provider will produce these forms for you. These forms let the government know that you have met all DOT truck insurance requirements. They must be submitted before getting authorization. Examples include:
In Illinois, the average cost of commercial truck insurance is $13,140 per year.
The average range of premiums is $9,243 to $14,905.
These rates are based on truckers with a single truck who require liability, cargo, and physical damage insurance. There are a number of factors that affect the rate, including what you are transporting, your driving record, and how long you have been in business.
Illinois has streamlined its commercial vehicle registration process to help individual contractors, owner-operators, and trucking companies save time and resources. These are the documents that you need to prepare so you can register your vehicle in the state:
You must also prepare the payment for all applicable fees and taxes. This includes the registration fee, title fee, sales tax, and, if applicable, the license plate transfer fee.
Once you have everything ready, you can visit a nearby Illinois SOS office to submit the required documents and payment. Then, you’ll get your license plates and temporary vehicle title and registration. Your actual vehicle title and registration will be sent via U.S. mail.
Your responsibilities don’t stop at ensuring your commercial vehicle has officially been registered with the state of Illinois. Commercial motor vehicle drivers must also observe state and federal safety regulations to help keep interstates and highways safe.
The Illinois Department of Transportation issues commercial vehicle registration and oversize/overweight permits to accommodate commercial operations that run across and through the state. They also help preserve highway infrastructure and ensure the safety of truckers.
Illinois sits at the heart of the nation’s interstate highway system. The system includes interstates I-80 and I-90, which run from coast to coast, and interstate I-70, which connects the east coast to the state of Utah. The state highways and bridges in Illinois make the interstate route easily accessible from anywhere within the state.
Here are some quick numbers that are relevant to the commercial trucking industry in Illinois:
Some of the most commonly asked questions about Illinois commercial trucking insurance are:
Illinois state laws require liability insurance for all local truck drivers. This type of insurance coverage will help you cover the cost of bodily injury and property damage that your commercial truck causes while it’s on the road. Liability, cargo, and auto insurance are also requirements.
Interstate truck drivers have similar requirements, but the semi-truck insurance regulations are more stringent and restrictive. Discuss your options with an experienced agent.
One of the best ways to save on insurance costs is to combine your commercial truck insurance with other policies that are necessary to protect your business. That being said, it’s important to assess your coverage and determine what you can cut down on and what you should increase.
Another way to get the best commercial truck insurance rates is to maintain a good credit score. This typically results in lower rates that you have to pay.
If you get commercial general liability for your trucking company in Illinois, you get basic protection against common business risks like personal injury and property damage. Your premiums can financially protect your business against claims and lawsuits.
You have the option of getting insurance coverage for personal items inside commercial vehicles through physical damage coverage. Discuss your options with an experienced insurance agent.
You may be a local, intermediate, or long-distance carrier, an owner-operator, or a fleet manager, and you may transport hazardous materials or pine straw. Because no two trucking operations are identical, your insurance plans must be personalized.
Since different truck insurance companies favor different types of risks, it is in your best interest to shop about and find a provider that is competitive in writing insurance for your particular type of operation. In conclusion, you want affordable truck insurance without losing coverage.