How much does Hot Shot Trucking Insurance Cost? Compare Cheap Quotes and Save

October 30, 2022

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Are you looking for cheap and attractive insurance? get 3 quotes and save!

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Reading: How much is hotshot trucking insurance

Buying truck insurance when you’re in trouble can be difficult. Getting multiple quotes can ensure you get the cheapest insurance. We make shopping easy by bringing in 3 truck insurance agents to compete for your policy. simple!

how much does hot shot truck insurance cost?

Featured trucker insurance policies typically range from $7,000 – $12,000 per year. The average price for featured insurance is $10,284. This is based on 1 truck and trailer and is new to the business. There are many factors that drive the premium, so the amount you pay will be different. it’s worth shopping around, as quotes can vary by thousands.

The cost of hot shot truck insurance depends on several factors, including:

the value of your truck and trailer
your experience with cdl
what you are transporting
your deductible and limits
what coverages do you need
It also depends on your insurance agent and the companies you are designated with.

The best thing you can do to lower the cost of your truck insurance is to talk to several agents, then choose the one that offers the coverage you need to protect your livelihood at the best price.

5 Ways to Cut Your Insurance Costs Blockbuster

It’s imperative to find affordable insurance that covers your bases and allows you to get a lot. any expenses you can reduce will make it more profitable. By making a profitable business, you ensure the survival of the business.

Increase your deductible if you have enough cash reserves
make sure you have the proper limits in your policy. think of goldilocks. get a policy that is jussssst correct.
adequate operating radius. if you never leave the state or never travel more than 500 miles, make sure your policy reflects that.
Ask what trucker discounts are available and pay in full if you can.
buy several companies. The best way to save money is to find the best insurance company. then use the tips above to further reduce the price.

cost of the different urgent coverage required

The cost of your premium is made up of the cost of each of the coverages in your policy. hot shots have unique needs and it pays to understand the components of your policy.

Liability: The FMCSA requires truckers to have a minimum liability of $750,000. however, this is often not enough for hot shots. The reason is that freight forwarders and carriers mostly require $1,000,000 of liability before they release cargo.

Load: The load limits required by federal statute are $5,000. again, this will not help you. shippers want to see a $100,000 upload limit. Some cargo may require special endorsements, such as if you are transporting oil or other hazardous materials. if you have multiple loads on your trailer at once, each bowl will require $100,000 in coverage, so your policy should be able to handle that, in that situation.

Physical Damage Coverage: This insures your truck against damage done to it. Physical damage insurance is an umbrella term that includes collision insurance (which protects your truck from road collisions) and comprehensive insurance (which protects you from theft, fire, flood, and other non-collision damage). Most truckers can’t just buy a new double truck and gooseneck trailer if theirs is wrecked, so this coverage is a must.

many successful businesses also choose to obtain general liability insurance.

the best way to reduce insurance costs is to get 3 quotes

At the end of the day, you need a policy that fits your operation. Make sure your agent understands exactly the types of cargo you’ll be hauling and the distance you’ll be traveling. you need to find the policy that adequately covers you, but at the best price.

While Progressive Quick Impact Insurance is the largest company to write quick impact policies, it’s not the only one. it pays to shop around to find the company that is most competitive with your unique circumstances. Are you looking for hotshot insurance without cdl? Are you looking for auto transport insurance? different companies are competitive with different needs.

We can help you compare your options by offering you 3 truck insurance agents, representing different major insurance companies, to compete for your business. It’s fast, free and effective! Let’s get started!