Found a company providing insurance for single track events

[Kareem of WheaTT]

looks like you can buy insurance for individual events now online through this company.

MotorsportReg.com : Event Insurance

[Patricko]

Seems a lot

Agreed Value Approximate Premium (with fees)
$10,000 $67
$20,000 $124
$30,000 $182
$40,000 $239
$60,000 $353
$80,000 $468

[cory1000]

not if you drive a $10,000 car....

[lotusfan2]

Yes, that is expensive. The 5% deductible is also above industry standards.

[Rei]

I agree it's alot of money but imagine how much less stress it will remove from you while driving. If you don't have to worry about crashing it and having nothing. It's like a condom yes doesn't feel great but oh your glad you used one.

[Noisycow]

Yes, and unlike the condom the road still feels the same.

$5,785.00 will insure a million dollar car. Then you can drive like an idiot and not care!!!!

[Patricko]

Originally Posted by Rei

I agree it's alot of money but imagine how much less stress it will remove from you while driving. If you don't have to worry about crashing it and having nothing. It's like a condom yes doesn't feel great but oh your glad you used one.

Disclaimer
I don't know anything about these people so this next comment is not meant to reflect on them.


What if they are not nice people and they try to get you on some technicality?

When I had to "use" my track insurance I had a few phone calls from a man that was not very nice and he was trying his best to find a way to not pay. They did pay...

This is just way too much money. You are better off spending money at Skip Barber.

If you just do one track day a year and are worried I guess this might make sense.

[Amarao]

A friend pointed out to me that this looks like they only cover certain track days. You can't just get up one day, call them up, insure yourself and head off to an open track day. At least that's how it's seems to my friend and I.

[turbophil]

If the event isn't on the calendar they won't cover it. Looks like it's only the big club events that are covered for the most part...

That said, it seems somewhat reasonable to purchase some insurance for folks on those long weekend events if even for a partial loss... 10,000 for 67 bucks seems reasonable. That would atleast be a nice chip-in in case of a milder shunt

Best,

Phil

[Kareem of WheaTT]

Yeah, I'm not saying this is or is not reasonable. It was just passed along to me, and I figured I'd pass it along to everyone else. I am no expert on these things, as I've only done 1 track event. If anyone else has a lead on something more reasonable or that can be used on a wider variety of events, please post up a link.

I am definitely no Kimi Raikkonen, so since I only plan to do a couple events a year, I'd like to have some insurance to cover my butt just in case......

[benjh1028]

Nice find Kareem.

Ben

[pukka]

Hey guys, Brian from MotorsportReg.com here. I saw your posts and thought I would provide a few details for people who might be interested.

The insurance program is based on a large amount of crash incident data that we collected from many organizations. Lockton Affinity has priced the insurance to be a sustainable program. I'm sure you've seen other programs come and go and we've been working on finding a partner for this for over a year to try and bring something that will work for HPDE drivers and will stick around.

As Patricko and Lotusfan mention, it's a lot of money if you are going to the track 10x per year. This policy is designed to help the first-time and occasional participants (like Kareem) overcome the hurdle of not having insurance coverage while on track. I'm not sure what "industry standard" the 5% deductible is higher than but most other motorsports programs I've seen usually have at least the same deductible and a $2500 minimum where this program has a $1000 minimum.

The policies are currently limited to what Lockton calls "structured HPDEs". Those are events with instructors for novices and intermediates, passing rules and a few other restrictions that help ensure a safe environment. Again, it's a conservative, data-based approach that the insurance underwriter felt comfortable covering. Out of the gate those are BMW CCA, PCA, Audi Club and TZC/THSCC events but we are rapidly approving additional clubs from across the country. We want to help bring new people into the hobby and for many people, not having insurance coverage is a deal breaker. We're hoping the HPDE Insurance Program will help make those people feel more comfortable!

Last thing I wanted to point out - this policy will cover you for a full weekend and covers not only you but a co-driver *and* your instructor while driving the car or while sitting in the paddock. It's a very tailored policy designed for HPDE and we're happy with how it turned out. We're hoping as this program succeeds for us to expand it into other segments like open track, autocross and so forth.

I can empathize that it may not be cost-effective for trackjunkies (myself included) but I think the more you do this the more you either become comfortable with the risk involved or you start driving something you can afford/tolerate writing off in the event of a crash. And slide down the slippery slope of a truck, trailer, dedicated race car, impending financial doom, divorce, etc...


[edited out the information about insuring only part of the value of your car; the policy requires you to insure at least 90% of the value of the car but at this time there is no co-insurance clause. This was my mistake - sorry about that! It's still stated policy so you decide how much your car + any mods are worth with some grounding in reality against KBB or documentation/proof to the contrary (a good example would be like an E30 M3 which sells for about 3x what KBB lists since they don't know any better)]

[LarryB]

Brian,

Thanks for the feedback. For someone like me who does 5-6 track day a year it's good peace of mind. For the NorCal tracks, might skip it for Thunderhill and add it for Sears Point and maybe Laguna Seca. Going for the $10k or $20k coverage and parting out the remains, takes the edge out of the fiscal risk we run.

[Jamolah]

Originally Posted by pukka

Hey guys, Brian from MotorsportReg.com here. I saw your posts and thought I would provide a few details for people who might be interested.
.....
I can empathize that it may not be cost-effective for trackjunkies (myself included) but I think the more you do this the more you either become comfortable with the risk involved or you start driving something you can afford/tolerate writing off in the event of a crash. And slide down the slippery slope of a truck, trailer, dedicated race car, impending financial doom, divorce, etc...

Hi Brian, thanks for the informative post.

Does this policy cover us Canadians / Canadian cars? I noticed you have a few event's in Mont-Tremblant, Calabogie and Mosport.

Can this Track insurance be used by anybody with any car?

I just took a look at your website and you guys have a lot of events, that you cover. I was surprised!

[lotusfan2]

Brian,

Thanks for the info, appreciate it! Others (WSIB and Chris Maume) offer track insurance, but their miminum is 10 events. For that, the premium is about 3% of the declared value of the car, and the deductible 4%. Hence my comment "higher than industry standard". Extrapolating your costs to 10 events, yours is significantly more expensive. Of course you offer more flexibility in the sense that I can buy coverage for a single event.

Don't get me wrong, I think it is great you're offering this. It is good option to have, and I might actually use it myself soon.

The idea of covering not the full replace value of your car is a good one.

Can you please put NASA events on the list that are covered? Thanks!

[Bavarian Motorist]

I can't believe people are saying that's a lot. That is gonna seem like peanuts if you crash your car and have to deal with the insurance company not insuring you....

[Icedog_16]

Originally Posted by pukka

Hey guys, Brian from MotorsportReg.com here. I saw your posts and thought I would provide a few details for people who might be interested.

The insurance program is based on a large amount of crash incident data that we collected from many organizations. Lockton Affinity has priced the insurance to be a sustainable program. I'm sure you've seen other programs come and go and we've been working on finding a partner for this for over a year to try and bring something that will work for HPDE drivers and will stick around.

As Patricko and Lotusfan mention, it's a lot of money if you are going to the track 10x per year. This policy is designed to help the first-time and occasional participants (like Kareem) overcome the hurdle of not having insurance coverage while on track. It's also worth noting you don't have to insure the full value of your car since it's stated policy so if you want to get $15k of insurance on your $30k car (which is probably more than enough to cover all but the most serious shunt at a track event) then you're welcome to do so. I'm not sure what "industry standard" the 5% deductible is higher than but most other motorsports programs I've seen usually have at least the same deductible and a $2500 minimum where this program has a $1000 minimum.

The policies are currently limited to what Lockton calls "structured HPDEs". Those are events with instructors for novices and intermediates, passing rules and a few other restrictions that help ensure a safe environment. Again, it's a conservative, data-based approach that the insurance underwriter felt comfortable covering. Out of the gate those are BMW CCA, PCA, Audi Club and TZC/THSCC events but we are rapidly approving additional clubs from across the country. We want to help bring new people into the hobby and for many people, not having insurance coverage is a deal breaker. We're hoping the HPDE Insurance Program will help make those people feel more comfortable!

Last thing I wanted to point out - this policy will cover you for a full weekend and covers not only you but a co-driver *and* your instructor while driving the car or while sitting in the paddock. It's a very tailored policy designed for HPDE and we're happy with how it turned out. We're hoping as this program succeeds for us to expand it into other segments like open track, autocross and so forth.

I can empathize that it may not be cost-effective for trackjunkies (myself included) but I think the more you do this the more you either become comfortable with the risk involved or you start driving something you can afford/tolerate writing off in the event of a crash. And slide down the slippery slope of a truck, trailer, dedicated race car, impending financial doom, divorce, etc...

Brian, I'm sure the community appreciates your program. But, one question: Is there a coinsurance clause?

Also, would you be so kind as to post a specimen copy of the policy? (OK, two questions. ) If you do this, I can probably answer my own question.

[Bavarian Motorist]

Originally Posted by pukka

Hey guys, Brian from MotorsportReg.com here. I saw your posts and thought I would provide a few details for people ..

I don't think it's overpriced at all and I fully intend to take advantage of it, being a track virgin.

[pukka]

Originally Posted by Jamolah

Does this policy cover us Canadians / Canadian cars? I noticed you have a few event's in Mont-Tremblant, Calabogie and Mosport.

Can this Track insurance be used by anybody with any car?

At the moment my understanding is that it can cover Americans at Canadian tracks but not Canadians (at either Canadian or American tracks). I think this is due to how insurance companies are licensed and where they are "able to do business".

The only limitations on cars is there is a $100,000 maximum policy limit so the guys with Ferraris won't be able to insure the full vehicle cost. Of course, if you have a Ferrari, you can probably afford to get it fixed.

For both you and Nick above, contact Ryan Staub at rstaub@locktonaffinity.com for details or to put in a request for future coverage. He's the program administrator (and also a KC BMW CCA instructor and SCCA racer!) who can give you the details.


Brian

[pukka]

Originally Posted by lotusfan2

Thanks for the info, appreciate it! Others (WSIB and Chris Maume) offer track insurance, but their miminum is 10 events. For that, the premium is about 3% of the declared value of the car, and the deductible 4%. Hence my comment "higher than industry standard".

Can you please put NASA events on the list that are covered? Thanks!

We actually tried talking with Chris at one point early in our (MotorsportReg.com's) journey down the path but the program changed names so many times we couldn't keep track of it or get any feedback. I wasn't sure if it was still available? If it does, it sounds great for track junkies - it costs more but you get essentially unlimited coverage. As a driver, I love the idea. As a business person, I wonder how you insure essentially unlimited exposure at a flat rate? I guess it's averaged so the people who do few events cover the people who are doing a lot of events.

Our business is in helping organizations manage their events and take online registration but we also look for ways to increase the number of participants they receive. While we cover everything from racing organizations like the SCCA through fun runs and rallys for social groups, this program is really designed to get first-time or occasional participants who aren't comfortable without insurance on or back on the track. I think the rest of us who do it on a regular basis are OK with the risks, whether or not that really makes sense for us!!

I believe NASA is getting involved so I would expect to see their events start popping up. Likewise, other groups like Chin, Trackmasters, etc. Basically any "structured HPDE" program can be added and we (MSR and Lockton) are rounding them all up and getting them approved and in the program. Thanks for the suggestions!

Brian, I'm sure the community appreciates your program. But, one question: Is there a coinsurance clause?

Also, would you be so kind as to post a specimen copy of the policy? (OK, two questions. ) If you do this, I can probably answer my own question.

If by coinsurance you are asking if Lockton will try to subrogate or go after your primary street insurance, the answer is no! It does not subrogate nor does it report to any reporting agencies so a wreck on this insurance should not impact your regular insurance.

For a copy of the policy, contact the program administrator Ryan Staub at rstaub@locktonaffinity.com. He can give you the technical details. I'm a member, driver, instructor and racer but not an insurance agent so while I have fairly intimate knowledge of this policy, Ryan is the ultimate authority (and I think I just mentioned, a BMW CCA instructor and SCCA racer so he's one of us).

Cheers!