Race Car insurance

M

mikemc

Well-known member
Do any of you carry race car insurance? If so, would you mind sharing a little about why, with who and what types of coverage?
I know there are some super expensive policies that cover on track damage, but i think they are typically unfeasible for club racing? I guess I am prepared for the on track risks, but i am not for the guy who steals my trailer or runs into me on I-5. A normal auto or home owner's policy would not properly value replacement cost. Any thoughts or recommendations? Thanks.
 
As it happens, I recently contacted Hagerty about this very thing. I haven't spoken to a warm body yet, but the personal e-mail response I got said that their racecar coverage covers the car everywhere but the racing surface, i.e., in your garage, on your trailer, and even in the paddock.

From what I've heard talking to other people about similar coverage with them, it's surprisingly affordable, but I haven't gotten into the nitty-gritty with my particular car just yet.
 
I have insured race cars for years with Heacock Classic. The policy is called "storage/transport/paddock" or something like that. Doesn't cover anything when you're driving the car. It's an agreed value policy, with a low deductible. I have my current race car insured at $30K agreed value for $250/yr with a $500 deductible. I had my Viper at an agreed value of $80K and the premium was $400/yr., $500 ded. Pretty reasonable really. I wanted it in case of theft, or maybe if I had a brake fire in the trailer and it burned up, or something like that.

Heacock Classic 800-274-1804
 
Sounds like Steve is on to a good one.

You should also talk to your Homeowners Policy holder about a 'rider' to cover trailer, race car and equipment when stored on the property. They might also cover it while towing.

•Off track and storage (competition vehicles, trailers and racing equipment)

https://wfis.wellsfargo.com/WFSR/ProductsServices/motorsports/

•Autos we insure are not covered while on a racetrack

http://www.heacockclassic.com/site/eligibility/

Mel Eaves, owner of Gulfway Insurers in Bayonet Point, Florida, that covers racing operations.

http://www.northernthunder.com/insurance.html

WELL, Randy beat me but Heacock web site is listed above. Sounds like a good price from them.
 
...and then be sure and read the Declarations and Exclusions very carefully. But, you know that. You'd be surprised about what's marketed, and what actually is....
 
Holly, are you actually implying that these insurance companies may be less than truthful? Wow, I'm shocked.
With the prices Randy quoted most all of us could afford to cover the car anytime it's off the racing surface, which is a great idea after all the thefts we've had the last few years.
We had a race car 'under construction' project going on back in the early 90's which ceased abruptly after a very severe windstorm that not only chopped my house to the tune of 90 grand, but center punched the project car and made it into little metal match sticks in like 5 seconds! Homeowners said, "sorry, if it isn't in the garage it isn't covered." We only lost 3 grand on that, but it's a lesson I'll never forget.
 
I've gone around and around with my agent regarding the homeowner's policy I carry with Safeco and how it relates to the racecar in the event of theft/fire/tree, etc.

Auto insurance applies to anything that is attached to the tow rig - including the camper and the trailer...however, it gets VERY vague about the contents of said trailer, especially with the car.

On a similar note, homeowners policy covers some things, but not the assembled car. Here's the funny thing: if my shop burned down with the racecar inside, all the parts and tools etc would be covered; but not the racecar! So I asked the agent, "I could have an entire e30 disassembled in the shop and the parts would be covered, but if it's assembled, I'm out of luck?" Yep.

Insurance companies...go figure!

Good thread; let's take it one step further -

Liability is a big deal these days. How are we covered (at all?) while at an event? What happens if someone is injured and points the finger to one of us car owners? I'm thinking more about spectators here or people in the paddock. Are we covered by the club hosting the event? On our own?

I carry an umbrella policy and that seems to include such things, but one never knows until one is 'served'! There is the waiver, but does it really protect us as participants?

I'd like to know more.
 
Well how many pieces have to be off before its disassembled enough to be parts covered by insurance?:D
 
Race car insurance

I have spoken with the outfit Randy referenced (Heacock) and it appears the insurance rate per year is approximately 1% of the agreed upon value ( at a $1000 deductible). The agent explained that there is coverage for most everything that can happen to the car except for when it is running. There is coverage for loading and unloading however. I will move forward on this to read the terms, conditions, and exclusions. If anyone wishes, I will post some thoughts on the documents after i review them (No, you will not be billed for the time......:)
 
mikemc said:
I will move forward on this to read the terms, conditions, and exclusions. If anyone wishes, I will post some thoughts on the documents after i review them (No, you will not be billed for the time......:)
Click to expand...

Yes, please do. (IANAL, but Mike is! :D)
 
Steve Adams said:
Yes, please do. (IANAL, but Mike is! :D)
Click to expand...

Please forgive my ignorance on the latest web/forum speak, but what is "IANAL"? Some new computer guy term? Is there a glossory that defines these terms like LOL, WTF, PITA, IMHO etc. Sometimes it can take me days, if ever, to figure it out.
 
Steve

Glad you cleared that up for all us Luddites!

Anything that has the character "I" and "ANAL" together definitely bears explanation and should probably be avoided in public venues... LOL

That's "Laugh Out Loud" for all us Luddites...
 
Guys

I have an agent that specializes in insurancing classics, vintage and race cars. You may know him Stark Shelby 206-230-0203

He has several sources. I insurance my Alfa spider 3K street miles per year, My Alfa race car all but on track and PRO3 car all but on track for $578 a year with a $500 deductable.

He knows this market quite well. Give him a call.
 
westipton said:
Holly, are you actually implying that these insurance companies may be less than truthful? Wow, I'm shocked.
With the prices Randy quoted most all of us could afford to cover the car anytime it's off the racing surface, which is a great idea after all the thefts we've had the last few years.
We had a race car 'under construction' project going on back in the early 90's which ceased abruptly after a very severe windstorm that not only chopped my house to the tune of 90 grand, but center punched the project car and made it into little metal match sticks in like 5 seconds! Homeowners said, "sorry, if it isn't in the garage it isn't covered." We only lost 3 grand on that, but it's a lesson I'll never forget.
Click to expand...


Wes, I work for Kemper, unlike Allstate, Progressive and the like, we dont lie, we dont have to because NO ONE ever reads the policy they are buying. 99% dont even know what limits are on their Declarations page you get every six months. I'll prove it, Wes, how much coverage do you have should you injure someone else in an accident?
 
On a similar note, homeowners policy covers some things, but not the assembled car. Here's the funny thing: if my shop burned down with the racecar inside, all the parts and tools etc would be covered; but not the racecar! So I asked the agent, "I could have an entire e30 disassembled in the shop and the parts would be covered, but if it's assembled, I'm out of luck?" Yep.
Click to expand...

That's one (of several) reasons that my car is never together!

Kind of like those Briddish 'kit cars' where you get 2 boxes- one with the car,
the other with its engine.

Liability is a big deal these days. How are we covered (at all?) while at an event?
Click to expand...

This is where the waiver comes into play, and why we all should make sure EVERYONE
who enters the track has signed it... and why there ARE no spectators, only participants.

t
 
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