On-track racing insurance
I was reg'ing for the Blackhawk school and race this month... and saw this advert on the motorsportsreg page..
Wow. Didnt know that existed. Anyone have any experience?
Not tied to this at all..just saw it... figured I'd open the discussion as I dont think I've seen it here before..
https://www.motorsportreg.com/index....36E83D498DD1A3
and
http://locktonmotorsports.com/produc...onaffinity.com
not sure you can see that, so screencap:
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Mike Green
Piper DF2 FF
Very interesting... be sure you recognize that this is HPDE insurance... for street cars - *NOT* "real racing" insurance. I do know that "real racing" insurance does exist, but don't really know what it costs. However, I have heard that it is in the neighborhood of 10% of the car value per event. Still may be worth considering .. especially if you are renting.
Steve, FV80
I saw it too. Didn't think it applied to the Reynard.... What about trailer, in transit & padlock / storage insurance including the Reynard ? Any recommendations ? Besides my piggy bank
"An analog man living in a digital world"
Same company, (see link in OP), offers off-track (paddock) insurance.
I didn't see anything that suggested purpose built racecars would not be covered at this particular HPDE event.
Personally, I think it's a waste of money. if you just paid yourself by starting an account with the deductible and added your calculated premium every event you did, when something does happen you are likely to be dollars ahead. If you weren't likely to be ahead the insurance company would be losing money.
Stated vs Agreed value ?
Sage Advice D ! Anyone know the ins & outs of stated v agreed value insurance ?
"An analog man living in a digital world"
The actuarials are seldom wrong. With my various pilot ratings, according to the tables, I died in 1981... Thank God I'm not a cat. They only have nine lives...
"An analog man living in a digital world"
Originally Posted by racerdad2
I saw it too. Didn't think it applied to the Reynard.... What about trailer, in transit & padlock / storage insurance including the Reynard ? Any recommendations ? Besides my piggy bank
I use Hagerity insurance it covers the car everywhere but on the track, it is very reasonable on price, you just need to agree on a value and send them a few pictures
Sam
Acer-MK2 FST #56
Acer-J FST #47
Hawke DL8 FSV
Thx Sam !!! I knew they did the collector, street rods.... I'll call them tomorrow !
"An analog man living in a digital world"
For what it is worth, I have full cover - including race cover - on my Formula Ford, $350 per year. Zero deductable for theft, $500 deductable for race damage. They also throw in one free windscreen per year.
Trailer and its contents however costs $550 per year.
I've been in the insurance business for the last 25 years, and I still cant work out how they work out premiums.
Who is this with? Is it for parts and labor (track damage?) This price is pretty remarkable.
The company on MotorsportsReg has a list of approved organizations and tracks. They do not just offer coverage for any time and place. I have their advertising blocked on our tracks event pages.
Australia, probably not as tort-friendly, therefore much lower premiums
Hagerty costs me about $250 a year for 15K agreed on value, anytime the car is not on the racing surface proper. Pit, paddock, false grid, towing, storage, etc etc,.
Cheap if you ask me.
I am sure that is true, but he says $350 to include Racing damage. Tort wouldn't have much to do with that. That price is hard to believe, unless the car is valued at $3000.
Its with Shannons in Australia. http://www.shannons.com.au/ and yes it's for parts and labour, and they do pay. They paid out in full when mine got stolen a few years ago, and two other guys had extensive damage repaired when they hit a few things.
I'm sure that they would be restricted to writing cover in the US. However, if someone can do it for this price here, surly someone can do it with a US carrier. It issue of difference in Tort Law is immaterial, as there is no liability cover, just auto 1st party damage.
Sum insured $25,000.
They also do my Lotus Europa for about $380 per year - Sum Insured $40,000, but no race cover.
Hawke, you said "full coverage", here in the states that includes personal liability and property damage to other peoples' stuff. Thus, my assumption that difference in tort law would have everything to do with it. Even so, sounds like a great deal.
The full coverage I was referring to is damage to the vehicle - fire, theft and own damage.
However, the cover for the Lotus - road registered - gives $20m third party property damage. Personal third party liability is covered on a seperate policy.
Siebert/Kirk sells race insurance. Talk to Parker. Seems to be right at 10% of value.Very interesting... be sure you recognize that this is HPDE insurance... for street cars - *NOT* "real racing" insurance. I do know that "real racing" insurance does exist, but don't really know what it costs. However, I have heard that it is in the neighborhood of 10% of the car value per event. Still may be worth considering .. especially if you are renting
Steve, FV80
On Track Coverage - DE and RACE
Hey everyone,
I have a program that provides coverage for vehicles while they are driving on racetracks. I can cover DE and Racers, ametur to pro level. The cost varies depending on a variety of things, but the 10% rule of thumb is not a bad guage. The only thing is that my program is on an annual basis for that type of cost, not per event/race.
My agency is SeibertKeck Insurance in Akron, OH.
Thanks for the props Turnbaugh.
If you have any questions, just ask.
P.S.
State Amount vs. Agreed Amount
Stated Amount pays the lesser of the amount listed on the policy or Actual Cash Value.
Agreed Amount pays the amount listed on the policy.
On-track racing insurance
Funny. I almost leased space for my office in the Seibert Keck building. I'm just up the road.
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