Track junkies, check your insurance policies.

[speedracer]

Back on subject. Thanks for the heads up on insurance. I need to review my policy again. I have no doubt that insurance companies would begin to exclude all track events if they saw losses from HPDE. It would be great if they would offer insurance riders for these events. If anyone hears of these let us know.

[McManus]

I just called my insurance agent at AllState and sure enough they don't cover me in any track event, timed/competitive or not. D'oh!

Plus I asked for a discount (currently paying ~$90/mo. for up to $250,000/$500,000 coverage on my S) and they said no, even though I have nothing on my record and my roommate who recently nearly totalled his car is paying about half of what I'm paying, even after his accident (albeit on his cheaper-but-not-necessarily-safer '06 loaded Miata).

I just got a quote from Ameriprise for around ~$80ish a month for pretty much the same coverage, and I need to find out if they cover track events or not. Either way it looks like I may be switching, if not for the track coverage then for the savings.

[Chris S]

My take: don't ask your agent, read your policy since it's the sole contract between you and your ins. company. Maybe not necessary if your agent says you aren't covered, but I wouldn't take his/her word that you are.

[Coop]

This had all the makings of being an interetsing and informative thread. Chris - thanks for posting. But alas it turned into a political debate

agreed, anymore of the other stuff get post here, it will be removed.

keep it on track

[Chris S]

Well, Progressive isn't as bad as Geico:

http://forums.nasioc.com/forums/show....php?t=1422826

[Coop]

agreed, anymore of the other stuff get post here, it will be removed.

keep it on track

Once again, this thread is about TRACK INSURANCE

[s2kx2]

And the rest....is silence

[Slambo]

Ya know the whole premise that progressive has for this is utter crap or any insurance for that matter. What is insurance for, ask yourself that question? Am I to understand that these people writing these policy's honestly think your in more danger on a track then you are on a public road, from a druck driver, or 2 kids drag racing or any idiot using there rear view mirror to fix there face, give me a break.

Who are these idiots that come up with the dumb logic?

Insurance is and always will be a racket forced upon us but filled with fine print that just about voids out any thing in favor of the owner.

Definition

A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.

[Chris S]

Ya know the whole premise that progressive has for this is utter crap or any insurance for that matter. What is insurance for, ask yourself that question? Am I to understand that these people writing these policy's honestly think your in more danger on a track then you are on a public road, from a druck driver, or 2 kids drag racing or any idiot using there rear view mirror to fix there face, give me a break.

Who are these idiots that come up with the dumb logic?

Insurance is and always will be a racket forced upon us but filled with fine print that just about voids out any thing in favor of the owner.

I think you've answered your own question: "Definition

A promise of compensation for specific potential future losses "

I have no doubt that losses per mile driven are MUCH, MUCH higher on the track than on public roads. The comparison to 2 kids drag racing on public roads is invalid, b/c that's usually an insurance exclusion as well.

I don't like it at all, but being a finance dude, I totally understand. As an underwriter, you want to put a box around your risk exposure, and price it accordingly.

[bjurasz]

I have no doubt that losses per mile driven are MUCH, MUCH higher on the track than on public roads.

Precisely. People, there's a reason why they are stopping the insuring of automobiles on race tracks. Everybody is trying to lower rates more and more. The only way to do so is for the insurance company to consequently lower their risk exposure. This is one of those risks that MOST of their customers do not need insuring against. Whether people choose to believe it or not is one thing, but driving hard on a race track is more dangerous, mile per mile, than driving on a public road.

If insuring against damage on a track was not so risky then it would be relatively easy to buy such insurance. As we've seen, its hard to find an under-writer willing to back such policies. THAT SHOULD TELL YOU SOMETHING. These under-writers are willing to write policies for all sorts of odd stuff if the risk-to-reward is right. This should give some explanation as to why its disappearing from your garden variety car insurance.

[weneversleep]

Precisely. People, there's a reason why they are stopping the insuring of automobiles on race tracks. Everybody is trying to lower rates more and more. The only way to do so is for the insurance company to consequently lower their risk exposure. This is one of those risks that MOST of their customers do not need insuring against. Whether people choose to believe it or not is one thing, but driving hard on a race track is more dangerous, mile per mile, than driving on a public road.

If insuring against damage on a track was not so risky then it would be relatively easy to buy such insurance. As we've seen, its hard to find an under-writer willing to back such policies. THAT SHOULD TELL YOU SOMETHING. These under-writers are willing to write policies for all sorts of odd stuff if the risk-to-reward is right. This should give some explanation as to why its disappearing from your garden variety car insurance.

+1000. Well said.

[Jasonoff]

Another thing to note. If you claim insurance against a wreck at the track you bet you rear end they won't renew your policy. Then good luck finding another agent who will.

I know someone who can speak from experience in this department.

[Anna McM]

I don't want to barge in on your thread or violate any of the terms of this forum.

I can offer an on-track physical damage policy for sanctioned DE events. There is no limit to the number of events in which one could participate.

It is a reputable "A" rated carrier, and our focus is on customer service.

If you would like more info, please let me know.

Anna McManus
Liability Underwriters Inc.
P.O. Box 527
Cumming, GA 30028
678-513-4799

Or you can email me at:
[email protected]

I will respond with info about the insurance and a quick quotation.

Thanks,
Anna

[Coop]

I am going to leave Anna post up and contact her about what track insurance she can offer.

[ajay]

I am going to leave Anna post up and contact her about what track insurance she can offer.

Coop - I think that this is great. Thank you for always being the one that pulls things together. I presume that you are looking at this from a group discount point of view. Thanks again.

[Coop]

Got a reply back, they can cover people in Texas. here is the basic, if you want more information, PM me an email address and I will forward the stuff I got.

Annual Policy - No limit on events
Premium is 100% earned (not sure what this means)
Vandalism is excluded
10% deductible for values up to 100k (minimum 1000 deductible)
Pricing is 3% of stated value, +100 fee+4% surplus lines tax
Same day service

[Geo02s2k]

PM sent.

I think I'm covered this time. (At least, I couldn't find any restrictions when I read my policy. But, then again, I couldn't find where it said that they would only provide a refurbished wheel instead of a new replacement either.)

[Ulrich]

Annual Policy - No limit on events
Premium is 100% earned (not sure what this means)
Vandalism is excluded
10% deductible for values up to 100k (minimum 1000 deductible)
Pricing is 3% of stated value, +100 fee+4% surplus lines tax
Same day service

So if you want to insure your car for $30,000 (to get a new one in case you have a total loss) it basically costs you (3% * $30,000 + $100 ) * 104% = $1,040 per year, with a $1,000 deductible?

Holy smokes, that's almost double my "normal" policy...