In order to make it easier for big-shot truckers to obtain the best insurance offer, we bring together three insurance companies to fight for your business. Finding the best deal on hot shot trucking coverage can save you hundreds of dollars. Our services are fast, cheap, and effective.
Why Should I Get Hot Shot Trucker’s Insurance?
By law, you are required to have adequate insurance coverage. Specialty trucking insurance is a must if you want to show load brokerage and transporters that you can satisfy their hotshot protection criteria because of unexpected dangers everywhere.
An insurance provider that provides adequate coverage at a reasonable price is preferable for hotshot truckers, as long as they can accommodate your business needs.
What Kind Of Insurance Coverage Do You Need For A Hot Shot Truck?
For physical injuries, property destruction, and environmental remediation following the accident, the FMCSA mandates $750,000 in responsibility insurance coverage. Many freight brokers as well as shippers, on the other hand, demand $1,000,000.
Cargo insurance must be purchased for a minimum of $5,000, but merchants routinely want $100,000. Even if your vehicle and trailer are paid in full, physical damage insurance is essential for your own financial security. Reduce your insurance costs by increasing your deductible.
Professional liability insurance coverage payments, environment coverage, and debris clearance are other coverages to examine. For hotshot weights over 10,000 pounds, a professional driver’s license must be obtained.
If you leave the state or if any truck has a gross vehicle weight rating (GVWR), you’ll need to have a DOT and MC number. Your truck might have to be registered under the International Register Plan (IRP) and your trailers may need PTI (Portable Trailer Identification). If necessary, ensure that your MCS-150, as well as BOC-3 files, are current.
What Is Hot Shot Truck Insurance?
The inherent dangers that smaller vehicles (class 3, 4, as well as 5) face when hauling expedited goods instead of board exam semi-trucks prompted the creation of hotshot coverage, often known as expediter’s health coverage. Your vehicle, trailer, and goods are all covered by insurance.
Coverage by Heavy-Duty Trucks – Heavy-Duty pickups trucks, usually dually, are the primary mode of transportation for hotshot transporters. One-ton pickup trucks like the Chevy Bighorn 3500, Toyota Super Duty, Rams, and GMC are common. Because these vehicles aren’t inexpensive and may take a hammering, having adequate insurance to cover actual injury is a necessity.
As a result, hotshot drivers use a variety of trailers to extend their carrying options and reach a wider audience. Due to the enormous expense of replacing the trailers, they must also be covered. A 20- to 40-foot wheelbase trailer is commonly used by hotshots. A much larger business hotshot shipment can be transported using discover and low dose trailers.
Heavy equipment, building supplies, and machinery are among the most commonly delivered items in hot shot shipments, which are almost always local (but some are national!). The market share of the hotshot car transporting is also increasing. When fuel prices and demands are high, hot shooting inside the oil reserves of Texas is a national hobby. The insurance firms will treat each commodity differently because of its unique risk profile.
Considerations For Hot Shot Cargo
You’ll require $100,000 in insurance to cover the majority of your options. It’s critical to keep in mind that your hot shot shipping must be covered by this policy.
You should look for an insurance policy that allows you to make temporary changes to your policy to match the cargo you are transporting. The correct cargo approvals and restrictions are critical if a tall shipment comes your way that companies aren’t ordinarily covered for.
In addition, if you’re hauling several LTL goods on a single trailer with several Bills of Lading (BOLs), each cargo ought to have $100,000 in insurance. Make sure that your insurance can manage multiple BOLs & multiple LTL shipments while transporting multiple BOLs & numerous LTL shipments simultaneously. It is possible to increase coverage on a per-trip basis with some policies.
In the end, you need to select an insurance broker that has a versatile hotshot insurance program to establish that it knows hotshot trucks.
Re-Read Your Hotshot Insurance Policy Estimate
Make absolutely sure your quote appropriately reflects your service area and the goods you will be transporting. The insurance provider may argue that you weren’t covered for your surgery in the first place if you suffer a loss. This safeguards you from getting your claim denied.
Double-check the premiums and limits to be sure you’re adequately protecting your business. Always, the problem is to discover the most comprehensive coverage at the greatest possible price.