The annual cost of specialty insurance typically ranges from $7,000 to $12,000. The average cost per year is $10,284 for businesses that are new and have a truck and trailer.
Please note that multiple factors can affect your insurance rates. that means the cost will vary from person to person depending on their unique situation. Additionally, the insurance company you go with can also affect your rates. therefore, it is best to search for multiple quotes.
In general, the following factors affect the cost of your hot shot insurance:
- the value of your trailers and trucks
- how long you have been in business
- what you transport
- your limits and deductibles
- the types of coverage you need
- your transport radius
- the experience and age of your drivers
- if you have enough cash reserves, increase your deductible
- choose a limit that is realistic and works for you
- adjust your policy to reflect your travel radius (the fewer miles you travel, the less risk you pose)
- pay your premium in full if possible
- check once a year
- ask for discounts
- invest in training and follow safety protocols
- hire experienced drivers
One of the best ways to lower the cost of your premium insurance is to seek help from a reputable insurance agency. With the help of an agent, they can shop around for you and find you the best deals.
In this article, we’ll look at the cost of hot shot insurance, ways to save, and the coverages you’ll need. let’s get started.
ways to reduce the cost of your hot shot insurance
The objective of every company is to reduce costs and increase profits. Fortunately for you, there are ways you can lower your quickshot truck insurance costs.
We understand how expensive truck insurance can be, so here are some tips to lower your rates:
the toppings you need for your hot shot
The cost of your premium is a combination of various coverages included in your policy. hot shots are unique, therefore they require specific coverage to protect against various risks. To better understand hot shot insurance, you’ll want to learn about the different coverages you’ll need.
some of the components include:
according to the fmcsa, all truckers must carry at least $750,000 in liability. however, this is usually not enough when it comes to hot shots. If you pick up loads from carriers, they will generally require you to have a minimum liability of $1,000,000. if you do not have the required insurance, the carrier will not release the cargo.
this is a must! With this coverage, you’ll be protected if your truck is damaged due to an accident, fire, theft, flood, or other non-collision incident.
The federal government requires a minimum load limit of $5,000. however, if you operate a hot shot truck, you will need more than that. most carriers require truckers to have a load limit of $100,000.
Also, there are some cargoes, such as hazardous materials or oil, for which you will need special endorsements. plus, if you’re hauling multiple loads at the same time, each requires a load limit of $100,000.
If you’re a top trucker, you need insurance! There are many things to consider and insurance can be quite expensive compared to other types of trucks. however, the information provided should give you a good idea of the cost of insuring your hot shot truck.