Welcome to the bustling world of trucking – a realm that promises the freedom of the open road and the satisfaction of being your own boss. Yet, this journey is not without its challenges, especially when you’re a new entrant. Feeling overwhelmed? You’re not alone. The road to success is paved with complexities, from understanding compliance to securing your first contract. Let’s navigate these winding roads together.
Typically, the annual cost for hot shot insurance ranges between $7,000 and $12,000. The average cost per year is $10,284 for the businesses that are new and have one truck and trailer.
Note that multiple factors can impact your hot shot insurance rates. That means the cost will vary from person to person depending on their unique situation. Also, the insurance company you go with can affect your rates as well. Therefore, it’s best to shop around 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’ve been in business
- What you haul
- Your limits and deductibles
- The types of coverage you need
- Your hauling radius
- The experience and age of your drivers
One of the best ways to reduce the cost of your hot shot 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 discuss the cost of hot shot insurance, ways to save, and what coverages you’ll need. Let’s begin.
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