Use of someones DOT and MC#?
Discussion in 'Experienced Truckers' Advice' started by thereverend, Nov 8, 2013.
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Check around with the insuance. $8,000 doesn't sound that high for someone just starting out, especially hauling cars. Most charge a premium for cars due to the high rate of damage. You might check on getting insurance for towing. I know a guy who bought a dually to haul cars. He found an insurance agent who wrote his insurance like a towing company. That saved him a lot of money. If you are looking to lease onto a company to haul cars, you may check with Bennett, Tracer or Hot Shot Express. The last two are part of Jones Motor Freight. To tell you the truth, it will be difficult to make money if you can only haul a couple of cars. You really need to be able to haul 3 or 4 cars to make it worthwhile.
It isn't cheap to get into this business. You should find an insurance company that will allow you to pay a down payment of about 20-25% and then make monthly payments. -
He was talking about just the liability insurance, I don't think his quote included any cargo insurance but I agree, $8,000 is not that much for liability insurance on a new driver.
thereverend, almost any shipper will also require you have cargo insurance on top of the liability insurance. Most trucks carry $100,000 in cargo insurance but hauling cars often requires more. With only hauling 2 cars you might get by with only $100,000 in cargo insurance.
Nothing cheep about this business. -
Uh, the minimum cargo insurance is $750,000. Most people carry $1,000,000.
When we had our hotshot (dually with 40' flat gooseneck with ramps) we hauled cars & everything else that we could fit on there. Our insurance was right at $10,000 per year for the first year, then we found a local company who would take us for about $8000. That was collision on the truck & $1,000,000 liability/cargo on the truck & trailer.
We could pay for either 2 or 3 months (I cant remember) up front then pay the other 9 or 10 months in monthly payments. It was right at $800 per month. -
Back when I hauled cars I carried $250,000 cargo insurance. I have a friend who pulls a wedge 4 car trailer and he carries $150,000. Some brokers, dealers and auctions have minimum amounts of coverage you need to carry. If you get into the high end of car hauling you may need to carry $1 million in cargo. You won't need to worry about that with a hotshot. Just so you know, your deductible on cars is usually on each individual vehicle. So, if you damage 2 vehicles, you will have 2 deductibles.
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