Introduction
Hotshot Trucking is the term that refers to a super heavyduty pickup trucks that haul freight. These types of operations allow cargo transport to be expedited. If you specialize in this type of cargo transport, it is important to understand the insurance requirements. You will need a specific type of insurance to fully protect your truck and business.
Overview of Hotshot Truck Insurance
Hotshot Truck Insurance is a commercial auto insurance policy that provides liability, physical damage, and cargo coverage.
When it comes to liability, it pays for the medical expenses of the third party. Physical damage pays for the damages to your vehicle. And cargo insurance provides reimbursement for the damaged goods.
What does Hotshot Truck Insurance Cover?
- Auto liability: Liability insurance is very important for hotshot truckers. It can help you if you’re at fault in an accident and it can cover your legal expenses if the injured driver sues.
- Cargo Coverage: It can help you if your load is damaged due to a covered loss. Things like fire, theft, and collision can be covered.
- Physical Damage: It consists of collision and comprehensive coverage. Collision coverage protects your truck and trailer if you’re in an accident or collide with something. Comprehensive can help you cover losses not caused by a collision, such as fire, vandalism, theft, and other damages.
- Downtime: This coverage can help pay for downtime in the event that your truck is damaged in an accident.
- Earned Freight: If you cannot deliver a load due to an accident or another covered incident, this coverage can help.
How much does Hotshot Truck Insurance cost?
On average, commercial auto insurance for hotshot truckers costs between $6000 to $14000 annually.
The Information You Need to Obtain a Quote
You need the following information to obtain a quote and these factors vary the cost of your insurance:
– Type of Truck
– CDL experience
– Personal credit
– Deductible and limits
– Add on Coverage (Such as Trailer Interchange)
The Information You Need to Obtain A Quote
In order to obtain a quote for your dump truck insurance, you need the following information:
1. Type of truck you own or drive
2. What type of material you haul
3. Your estimated budget for insurance
4. Working experience
5. Value of dump truck
6. Previous claims for insurance (max 3 years)
Commercial Truck Insurance Filings
Commercial Truck Filings are minimum liability insurance the state and federal government requires to operate interstate. Here are the requirements:
- $750,000 Liability Coverage
- MC number if you cross state lines
