To help you find the right coverage, we've reviewed the top commercial truck insurance carriers and narrowed down our list to three recommendations based on coverage options, customer satisfaction, pricing, and financial strength.
Our guide below covers everything you need to know about insurance for your hot shot business including what policies are required, how much it costs, and more.
For those just looking for a few recommendations, here are our top choices.
Hot shot truck insurance is a collection of commercial insurance policies, such as commercial auto and general liability, that protects hot shot trucking businesses.
Common coverage includes:
Hot shotting is a specific type of trucking that focuses on smaller loads delivered in the fastest time frame possible.
Hot shot truckers typically use medium-duty pickup trucks with trailers to transport heavy equipment, cars, livestock, RVs, and oil pipeline equipment in states like Texas, Oklahoma, and California.
Hot shot trucking can be lucrative work due to shipper urgency and the higher fees they are willing to pay.
Motor carriers and owner operators both need to carry commercial hot shot insurance if they operate vehicles with a Gross Vehicle Weight Rating (GVWR) of 10k lbs or more.
Common setups include:
The MCS-90 is an endorsement that is attached to a motor carrier’s insurance policy to prove that they have the minimum required protection for public liability in an at-fault accident.
Any trucking company that operates either intrastate or interstate is required to carry the MCS-90 endorsement for each vehicle.
BMC-91 is a filing the FMCSA requires to guarantee the motor carrier has enough liability insurance to cover the risk of transporting cargo across state lines. The BMC-91 is also required when hauling hazardous materials.
Coverage must include bodily injury, property damage, and environmental restoration.
Often confused, the MCS-90 is an endorsement that motor carriers need to carry on their insurance policy. The BMC-91 is paperwork that the insurance company must file with the FMCSA to verify that the MCS090 endorsement has been issued.
While not all hot shot truckers need to have their CDL, insurance requirements are still the same.
While a CDL driver will typically have lower premiums than a non-CDL driver for the same vehicle, non-CDL insurance is sometimes less expensive because the vehicle and trailer have lower weight limits.
Hot shot insurance for motor carriers typically costs $10,000-$30,000 a year per vehicle. Owner operators that are leased onto a motor carrier can expect to pay $3,000-$5,000 each year per vehicle.
Insurance premiums can vary widely depending on a number of factors. These include:
Non-CDL hot shot trucking companies shouldn't expect to save too much on their insurance premiums and companies should expect to pay $10,000-$30,000 per year.
While smaller than semi-trucks, the vehicles used in hot shot trucking can still do a considerable amount of damage in an accident and the equipment itself is also expensive to repair and replace. Some hot shot companies also transport expensive or dangerous cargo which can result in higher premiums.
The cheapest insurance isn’t always the best choice but unreasonable premiums can be the difference between a profitable company and an unprofitable one.
To find an affordable policy, companies should use the following tactics:
Choosing the right insurance coverage is an important decision with a lot of variables to consider so it is a good idea to get several quotes and carefully compare coverage and pricing before making a decision.
While a dually does not necessarily require commercial truck insurance, it is somewhat uncommon to use a dually exclusively for personal use so most vehicles will require a commercial policy.
Yes, hot shot trucking requires commercial insurance. Interstate motor carriers and those transporting hazardous materials are required by he FMCSA to carry primary liability insurance at a minimum but shippers will also require cargo converge. Carriers not regulated by the FMCSA have different insurance requirements depending on their state of operation.
Most companies will also need additional insurance coverage, like physical damage insurance.
Hot shot truckers don’t need a CDL if they operate vehicles with a GVWR under 26K lbs and don’t haul hazardous cargo.
Interstate trucking companies or those hauling hazardous cargo are required to have a USDOT number. Intrastate companies hauling non-hazardous cargo do not need a USDOT number but they may need a DOT number at the state level.
Hot shot truckers operating vehicles with a GVWR over 10k lbs are required to obtain a DOT medical card.
The FMCSA registry can help you find an approved medical examiner in your area.