Good source for off-track insurance for race car

[Jorma]

Any suggestions for a good source for off-track insurance for race cars?
Mike M.

[DanW]

I have a Hagerty motorsports policy. It covers the car, the trailer and the spares in the trailer. Very reasonable cost.

[chrisw52]

your home owners or renters insurance should cover the car and gear while in storage between races.

[Lotus7]

your home owners or renters insurance should cover the car and gear while in storage between races.

well, mine sure doesn't, who are you with please?

[BeerBudgetRacing]

your home owners or renters insurance should cover the car and gear while in storage between races.

But you might want to declare it to the insurance company. And there may be an additional cost.

[BorkRacing]

Vehicles are typically not covered under home owners as they typically have their own coverage. I have trailer coverage as a part of my trucks insurance while I tow and Hagerty for the trailer and race car while in storage or in the paddock. FWIW

[BeerBudgetRacing]

IIRC Vehicles are road licensed. A race car could be considered a collectible. Just because it has wheels your lawnmower isn't excluded...

My experience was with a total loss situation in 1990. House, cars, contents. We ran into a problem with contents coverage (which is what dirt bikes, bicycles, etc. would fall under). That is limited to a percentage of the stated home value (that's the structure not the land).

I think at the time, the contents coverage was 20% of the stated value. Stated value of our home was some $450k. So out contents were limited to $112 ish. Believe me, we blew threw $200k in no time. Our issue was we had an extensive amount of china and crystal, etc. Everything was new - we had been married 2 years.

In the end they wrote us a check for $160k and walked away. They initially wanted to exclude the china and crystal as we were collectors, but we proved we had received these items as gifts. They (Allstate) went above and beyond the policy and paid us more than they really had to.

So, check your policy. A race car would help you hit the limit quickly. If you have 2 or more you might be a collector.
(but I suspect we could get a psychologist to declare it an addiction out of our control)....

[chrisw52]

But you might want to declare it to the insurance company. And there may be an additional cost.

yes, you have to declare it, along with your trailer and all the other stuff that goes with your race car. This will obviously raise your premiums, but your home insurance should cover the racing gear while it's in "proper" storage (your yard, or some storage facility).

Once you hook up the trailer all loaded up with race car, the coverage transfers to your auto insurance.

[grapefarmeral]

I have Hagerty and they are great. Someone drove down the side of my trailer and I had a check from Hagerty before the other insurance company even called me. Hagerty insures for declared value (assuming they agree) and covers my race car till I get within 100 feet of the track. So if your parked in your paddock and a tow rig runs into or over your race car, it's covered..

[DanW]

If you have an enclosed trailer or a good open trailer, get a GPS tracker/alarm. Most insurers give a discount if you install one. I have a GeoSky Alert and it works well. You get a text and or email within a minute if the door opens or the trailer moves 300ft.

One of our long time local racers had his rig, trailer and race car stolen from their shop parking. They found the torn up empty trailer in a ditch and the stripped out shell of the car on property of some meth addicts. Loss was more than $30K in car, trailer, tools and spares.

[Steve Demeter]

Hagerty

[mikey]

I have Heacock STP Insurance, declared value. Very reasonable price. My homeowners is also home plus contents coverage. Contents Max is up to 50% of the value of the home. It covers literally anything but cars and such first must be claimed through automotive insurance. Any delta in the claim can be paid by the homeowners insurance. Fortunately I have never gone through a claim. Bottom line, you can insure anything but don't try to hide what you have and then claim it later. Your policy is based upon exactly what your insurance company understands about your insured property, and associated risks.

[BeerBudgetRacing]

Bottom line, you can insure anything but don't try to hide what you have and then claim it later. Your policy is based upon exactly what your insurance company understands about your insured property, and associated risks.

Good advice. One more. If you have guaranteed replacement coverage for your home (we did), the contents coverage is based on the stated value in the policy, not the cost to rebuild. Another gotcha.

[Bob L.]

Got latest PRI magazine. Had article on insurance issues and racing, both for racers and businesses. Had several folks from insurance side quoted, had a list of companies/website at end. Mostly about off track issues, coverage away from primary location, HPDE events, limited medical coverage on /at track, etc...

Recalled this was issue on Apex in past. So looked, found this thread to tack note to. Believe there was another discussion about business insurance/issue on another thread (didn't see that one). If in business, probably worth reading the PRI article.

Got mine via hardcopy magazine, might be on web, but don't know how that is viewed...Goggle PRI?

Passing note along, if interested.

Bob L.

[R. Pare]

You can also call Joe Repass at K&K Insurance. I have no idea what their policy prices are, but he's been with them since the early 80's and knows all of the ins and outs of the business.

Another person to contact is Dick Preston ( richardcpreston@earthlink.net). I'm not sure what company he is currently working with, but he was with K&K for a decade or so before getting married ( I was best man at his wedding) and moving to Phoenix to work with another insurance company.

In either case, tell them that I sent you.

[EricP]

Hagerty. Happy with them.