Hot Shot Truck Insurance: What is it & do I need it?
“Hot shot insurance” and “expediter’s insurance” are used interchangeably.
Hot shot truck insurance is a type of commercial auto insurance that covers trucks used for expedited cargo transport. Typically, Hot shot trucking involves delivering goods in a short time frame.
Hot shot truck insurance is for freelance owner-operators who own their vehicles and find their hot shot loads on load boards.
If you’re starting a new business in hot shot trucking, this insurance protects you from third-party liability claims involving:
- Bodily injury to others.
- Physical damage to other’s property that you cause.
- Physical damage to your vehicle.
- Injury to your person.
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Frequently Asked Questions
How much does Hot Shot Truck Insurance cost?
The following factors will affect how much you will have to pay for Hot Shot Truck insurance: your deductibles, coverage, limits, truck type, and more.
What documents are required to get Hot Shot Truck Insurance?
Below are the most common documents you'll need before you can take out Hot Shot Truck Insurance:
1. Motor Carrier (MC) Number If you cross state lines, you'll need a Motor Carrier (MC) number and the limits of coverage required for us to file your MCS 90 (varies by state). To find out how to get your MC and DOT Numbers, check out the Trucking Authority 101 Guide.
2. MCS-150 and BOC-3 Filings MCS-150 and BOC-3 Filings are required especially if you have just started your operations. After December 12, 2015, MCS-150 forms can only be used to update a USDOT number; they cannot be used to register for an FMCSA account for the first time. New applicants are required to use the Unified Registration System (URS).
3. Commercial Drivers License Some states will require a Commercial Drivers License, which can also lead to lower insurance rates. This CDL & Weight Class Guide will point you in the right direction to get your Commercial Drivers License.
4. IRP Registration IRP (International Registration Plan) registration is needed to register your truck and get a PTI (Permanent Trailer Identification) for your trailer. You can apply for your IRP at your local state Federal Motor Carrier authority: Florida, Texas, Georgia, New Jersey, Marland, and Other States.
A CoverWallet agent will help you get the documents you need and will explain to you how to complete them. All free advice, with no obligation. Call (646) 844-9933.
What is the International Registration Plan (IRP)?
The International Registration Plan (IRP) is an agreement among jurisdictions that allows for the proportional registration of commercial motor vehicles. Owners of these vehicles must report mileage driven in each state (jurisdiction) annually. Fortunately, you only have to report this information to your base jurisdiction, and they take care of the rest. Source.
Where can I register for the International Registration Plan?
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