Hot Shot Trucking Insurance In Florida: The Essential Guide To Hotshot Coverage
Last updated: 04 January, 2022
Hot Shot Trucking Insurance: The Essential Guide to Hotshot Coverage
In the news, you’ve probably heard that hotshot trucking is becoming more and more common in America – but what exactly does it entail? Hotshot trucking generally means driving a hotshot for long distances, usually over 500 miles. It’s essential to have hot shot coverage on your vehicle because you are driving at high speeds over long distances, which increases the risk of an accident. This article will clear all of your questions regarding hotshot trucker insurance, including what it is, what it requires, how much it costs, and who the top firms are in 2022!
What is Hotshot Insurance?
Hot Shot Trucking Insurance is a type of commercial trucking insurance that covers vehicles and drivers engaged in the transportation of goods for hire. The policy provides coverage for property damage, liability, and physical damage to the car. Most states demand a minimum of $750,000 in property damage coverage and $300,000 in bodily injury coverage.
Hotshot Trucking Insurance Requirements
All hotshot truck drivers are required to have a commercial truck insurance policy. The specific requirements will vary by state, but most states require at least the minimum amounts of coverage listed above. In addition, many states require that hotshots have an endorsement to their insurance policy that covers hotshots. This endorsement does not add any additional coverage, but it ensures the hotshot is covered by your policy. If you are not sure if you need an endorsement or what type of hotshot trucking insurance to purchase, contact us today!
What Is the Average Cost for Hot Shot Insurance?
Hotshot trucking insurance is generally very expensive due to the high speeds and increased risk of an accident while hotshot driving. On average, hotshot insurance costs around $5000 per year for one driver – but this cost can vary greatly depending on your location, how much you drive, and other factors like age or time spent hotshot driving. If you are searching for hot shot trucking insurance, be sure to compare rates from different companies to find the best deal.
Best Hot Shot Trucking Insurance Companies in 2022
As the trucking industry grows, hot shot truckers are becoming more and more common. This type of trucker specializes in delivering small loads to different locations, often making multiple stops along the way. Because hot shot trucking is a relatively new industry, there are still many uncertainties when it comes to insurance. What companies offer the best coverage for hotshot truckers? We’ve compiled a list of the top hotshot trucking insurance companies in 2022.
To start, hot shot truckers should look for an insurance company that has experience with the transportation industry. The insurer should also have a strong track record of paying claims quickly and fairly. Here are our top five picks for hot shot trucking insurance companies in 2022:
– The Hartford
– Allied Van Lines
– American International Group (AIG)
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Is there a demand for hot shot trucking?
In simple words, YES!
When done correctly, hot shot trucking may be a profitable company. You have the option of becoming an owner-operator, which means you own and manage a hotshot business under your own MC number or leasing with another firm.
How much insurance do you need for hotshot trucking?
As the foundation of your hot shot coverage, you’ll require primary liability insurance. According to the FMCSA, it mandates a minimum of $750,000 in liability coverage for physical and property damage, bodily injury, and restoration post-accident
How much does hotshot insurance cost?
Hotshot truckers’ insurance plans often run from $7,000 to $12,000 per year. Hotshot insurance costs an average of $10,284. This is based on a single vehicle and trailer, as well as the fact that you are new to the industry. The premium is determined by a variety of criteria, so the amount you pay will vary.