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Track Insurance


jwhite1967

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i never thought of that... I just pray that nothing happens..

This is why I haven't tracked or drag raced my car yet. My insurance agent wife says I have NO coverage in the event of an accident on the track. I would also be interested in what coverage others have that that race their cars.

Dave

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Besides my Shelby, I own (and race) two INEX/Legends cars. I also have State Farm insurance.

 

As I accquired these cars, I talked with my insurance agent about coverage. State Farm will not underwrite a policy for any loses on the track. The cars are covered against fire, theft and collision while transporting them to the race, and while in storage, but once I pay my entry fee, all bets are off and I'm on my own.

 

Don't take this the wrong way, but IMHO, it just doesn't seem right to ask for full coverage insurance and then go racing. In the words of Robert Duvall in Days of Thunder, "racin' is rubbin', son", and you're are involved in a voluntary sport. If you can't afford the risk, don't take it?

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Besides my Shelby, I own (and race) two INEX/Legends cars. I also have State Farm insurance.

 

As I accquired these cars, I talked with my insurance agent about coverage. State Farm will not underwrite a policy for any loses on the track. The cars are covered against fire, theft and collision while transporting them to the race, and while in storage, but once I pay my entry fee, all bets are off and I'm on my own.

 

Don't take this the wrong way, but IMHO, it just doesn't seem right to ask for full coverage insurance and then go racing. In the words of Robert Duvall in Days of Thunder, "racin' is rubbin', son", and you're are involved in a voluntary sport. If you can't afford the risk, don't take it?

 

That pretty well sums it up. One thing to look into is liability coverage. You actually have a lot more exposure there. Most tracks carry it and it covers you up to the maximum if you damage other's property or injure another person. Some tracks I have been to carry $1m, others $5M. Also, if you are part of a club, the club's often carry insurance. I attend a lot of racing events with our local Corvette club and they carry a $1m liability policy that covers its members and their guests at club racing events. Another local club I am involved with carries $5M. I did look into separate individual liability coverage and it's expensive. $1m cost $2,155 annually and an additional $4M cost another $6,000.

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That pretty well sums it up. One thing to look into is liability coverage. You actually have a lot more exposure there. Most tracks carry it and it covers you up to the maximum if you damage other's property or injure another person. Some tracks I have been to carry $1m, others $5M. Also, if you are part of a club, the club's often carry insurance. I attend a lot of racing events with our local Corvette club and they carry a $1m liability policy that covers its members and their guests at club racing events. Another local club I am involved with carries $5M. I did look into separate individual liability coverage and it's expensive. $1m cost $2,155 annually and an additional $4M cost another $6,000.

This is true, you don't have any real insulation from liability. If something happens, you're involved, call a good lawyer. Around here, the tracks handle the liability and this helps when a wheel comes off and goes into the stands (Lord forbid). But, driver to driver, you stand alone. I've never heard of any driver-driver claims, but I am sure there have been some issues.

 

A few years back, I hosted a one-night show for charity, and the 1M liability policy from Lloyds of London cost me 1500 bucks. One night! Oh, and then they found out alcohol would be available to the fans, and added another 1K to the tab. In the end, it was worth it, the event was very sucessful, but the overhead is prohibitive.

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If you're a member of SCCA, they provide some sort of insurance at SCCA events, but other than that....

 

Even if you're only autocrossing, it is at your own risk.

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So some day soon I might want to take mine to the track - about 10 milliseconds after I get the Kenny Bell on it.

 

I'm completely willing to accept the consequences of my own actions. If I'm driving and something happens I accept the stupid factor and walk away.

 

However, I'm really curious what happens if someone comes flying over the barrier and lands on my car. Is there insurance for that, or should I got get some bacon and eggs to eat with the pancake?

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I can see the comp and collision going away, but I'd think the insurance is still on the hook for the liability.

 

The irony, of course, is that with insurance you would be covered for racing on the street, but not on the track, eh?

 

The problem with blanket policies and super high liability is something that went around aircraft circles years ago. In the event of an accident, you are sued for the amount of liability insurance plus whatever the pilot is worth. Pilots started getting more and more insurance, and the settlements got bigger and bigger, and private pilots finally figured out that it simply doesn't matter, you still end up getting sued for everything you are worth and pretty much went back to buying the minimum.

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Besides my Shelby, I own (and race) two INEX/Legends cars. I also have State Farm insurance.

 

As I accquired these cars, I talked with my insurance agent about coverage. State Farm will not underwrite a policy for any loses on the track. The cars are covered against fire, theft and collision while transporting them to the race, and while in storage, but once I pay my entry fee, all bets are off and I'm on my own.

 

 

So, if I wreck my Car comming out of Turn 3............I can just drag it to the In Field and Accidentally drop a lit Cig on the Ground by the Leaking Gas Tank and in a few seconds............................ Poof...........................I'm covered................................. :hysterical:

 

David.

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