Commercial Auto Insurance for Credit Unions in Illinois

Learn more about our commercial auto insurance coverages for credit unions and get a quote from one of our knowledgeable independent agents. Providing coverage to credit unions across Illinois, Indiana, and other states.

What is commercial auto insurance? 

Personal auto insurance policies typically don’t provide adequate coverage for vehicles owned by businesses. For Illinois credit unions that have their own vehicles, this means commercial auto insurance is normally needed.

Commercial auto insurance is specifically designed to cover vehicles owned by businesses, including credit unions. Policies have coverages and terms that are adapted for commercial vehicles.

Which Illinois credit unions need business auto insurance? 

In Illinois, any credit union that owns and operates vehicles is generally required by law to have business auto insurance. Not insuring usually isn’t an option.

In addition to state laws, many lenders have their own coverage requirements for leased or financed vehicles. If a credit union leases vehicles through another lender, then collision, comprehensive and gap coverage are probably needed.

While it’s important to adhere to any state or lender coverage requirements, many business auto protections are highly recommended regardless of any requirement.

What business auto insurance coverages do credit unions need for their vehicles?

Commercial auto policies offer a range of coverages for business-owned vehicles. Some that may be important to credit unions are:

• Bodily Injury Coverage: Often covers injuries sustained by individuals not inside the business’s insured vehicles. For example, might cover pedestrians, other drivers drivers, and passengers in other vehicles.
• Personal Injury Coverage: Often covers injuries sustained by passengers inside the business’s insured vehicles, including both drivers and passengers.
• Property Damage Liability Coverage: Often covers damage to property owned by others. For example, might cover other vehicles, buildings and any other property.
• Collision Coverage: Might cover damage to the business’s insured vehicles resulting from collisions with other vehicles.
• Comprehensive Coverage: Often covers damage to the business’s insured vehicles from non-collision events. May cover animals, falling objects, fires, theft or similar risks.
• Uninsured and Underinsured Motorist Coverage: Often covers collisions with drivers who lack adequate insurance. Also might cover hit-and-runs.

How many vehicles can be insured under one commercial auto policy?

Whether a credit union has a few vehicles or a sizeable fleet, there are commercial auto policies available. Insurance companies offer policies for anywhere from one to many vehicles.

Do credit unions need hired and non-owned auto coverage? 

Hired and non-owned auto coverage normally gives liability coverage when vehicles that a business doesn’t own are used. The coverage is probably necessary if a credit union’s employees ever drive their own vehicles between branches. It’s normally not required when managers and directors have company cars that they drive.

If hired and non-owned is needed, an insurance agent who knows business auto insurance can help find this coverage.

How much do credit unions pay to insure their vehicles?

The premiums that insurance companies charge for business auto policies vary. A credit union’s number of vehicles, type of vehicles, vehicle locations and other related details affect premiums. So too do the chosen coverages, and any recent insurance claims.

To find out how much insurance will cost, credit unions can compare quotes with the aid of an independent insurance agent. Independent insurance agents aren’t linked with any specific company, so they can show the best quotes from several companies.

How can Illinois credit unions find commercial auto insurance? 

If you want assistance in finding the right commercial auto insurance for an Illinois credit union, contact the independent agents at L.A. Blanchette Insurance. Our agents specialize in helping credit unions secure the coverages they need, and we’re certainly able to assist with commercial auto. Together, we can make sure your credit union’s vehicles are well-insured.