Insurance for your race car

[W2Racing09]

With all the news about race cars and transporters being stolen lately, it has made me wonder... Does anyone have insurance on this stuff? I know there are some companies out there that will insure your race car while it isn't on the track. Are the costs too prohibitive?

For something as easy for someone to steal as a race car this seems like it should be a no brainer.

Thanks,
Jeff.

[powerslide]

Haulers yes. Contents in the haulers are questionable.

[Welder89]

I just recently finished building a new race shop. All steel construction with no heat/wood stove. I'm having trouble finding insurance just covering the building because I don't have homeowners insurance(I rent). None of the insurance companies want to Insure my shop, which is just more less a hang out/race shop and not a business of any sort. I have tons of tools and equipment, welders, tubing bender, saws, drill presses, etc. A few companies said they might would insure the building and contents. But as soon as I mentioned a race/car parts possibly being stored in there from time to time, EVERYONE of them said WE WONT cover your car/parts under contents. That's a bunch of bul!

[W2Racing09]

There are companies that insure the car also (such as http://www.naughtoninsurance.com/serv_motorsport.html or http://www.conklininsurance.com/prod...arprogram.html). I read an article that the quotes tend to be less than a set of tires per year. I would consider that a pretty good deal, with stuff getting stolen, or in accidents to and from the track. There are some companies out there that specialize in this stuff -- even including spare parts coverage and tools.

Thanks,
Jeff.

[W2Racing09]

I just recently finished building a new race shop. All steel construction with no heat/wood stove. I'm having trouble finding insurance just covering the building because I don't have homeowners insurance(I rent). None of the insurance companies want to Insure my shop, which is just more less a hang out/race shop and not a business of any sort. I have tons of tools and equipment, welders, tubing bender, saws, drill presses, etc. A few companies said they might would insure the building and contents. But as soon as I mentioned a race/car parts possibly being stored in there from time to time, EVERYONE of them said WE WONT cover your car/parts under contents. That's a bunch of bul!

Hmm. Where are you located? I think more often than not you have to have a separate policy for the race car.

Thanks,
Jeff.

[Welder89]

I'm in central ky. I just figured since a late model isn't street legal, or has an actual vin number and can't be licensed that it would be hard to get auto insurance on it. The only company I talked to that I would probably trust was Haggerty. They told me they would insure my car at the shop and during transportation for $300 a year. I didn't think that was bad.

[W2Racing09]

I'm in central ky. I just figured since a late model isn't street legal, or has an actual vin number and can't be licensed that it would be hard to get auto insurance on it. The only company I talked to that I would probably trust was Haggerty. They told me they would insure my car at the shop and during transportation for $300 a year. I didn't think that was bad.

That is very reasonable, considering the risks involved. Some others offer spare part and tool coverage as well. I assume the cost would go up if you use an open trailer instead of enclosed.

Thanks,
Jeff.

[W2Racing09]

That is very reasonable, considering the risks involved. Some others offer spare part and tool coverage as well. I assume the cost would go up if you use an open trailer instead of enclosed.

Thanks,
Jeff.

They also make GPS trackers that you could install, probably for much less than an insurance policy. To me that would be the best way. You could just show up with the police at the persons shop and see their face as they wonder how they got caught.

Thanks,
Jeff.

[Welder89]

Yea that's what they were telling them that the insurance would cover my open trailer, car, and up to $5000 in tools/spare parts. All in all not a bad deal really, if there isn't any fine print ya know. I'm mainly concerned about theft and fire damage. $300 is cheap for such a big investment.

[fuzzyracing]

I agree with Welder89, Hagerty Insurance.

[Welder89]

Is that what you have fuzzy? I'm thinking very serious about getting a policy with them.

[fuzzyracing]

Not for the race car it is in pieces! but for the shop and contents. Got some friends that turned me onto them, they have a lot of Hot rods and home built stuff. About the only insurance around us that will touch that type of stuff for a reasonable price.

[Matt49]

My insurance company told me that the race car was insured just like any other off road vehicle (lawn tractor, 4-wheeler, etc.). If it is damaged while in use, it's on me. If it is damaged while not in use (fire, roof caves in, etc.) they cover it.

Regardless of what you have or how it is insured, you need to take pictures or video of everything you own. Insurance companies find it hard to believe that us idiot racers have tens of thousands of dollars of tools and equipment just laying around for a non-business activity. Especially if you don't have a personal relationship with your agent, do yourself a favor and photo-document everything you own, catalog it, and state its value when new. Let them figure out depreciation.

[powerslide]

It will be different than a tractor or 4-wheeler. Insurance covers stupidity. Joe blow rides his 4wheeler off a cliff and he has collision coverage it will be repaired/replaced as long as he was not in a "racing contest", i'm a claims adjuster and we see these idiots drive the UTV/ATV's through water and crap daily and our company pays for a new motor. I do agree it is a very good idea to photo/video everything you own. Thats even a good idea to do on occasion with the house.

[wsmith]

I live in Central Kentucky also and everything I have is insured. Trailers, trucks, cars and contents. Obviously race cars not covered while racing, but for theft, damage while towing and if destroyed in garage. Went to an Independent agent that helped me a ton. He found me a couple of companies that would insure and I got to choose. The company I have is not one mentioned but I am sure those are good also. I also have a separate liability rider to cover incidents that might occur while towing.

[swartzman]

I am sure there are racers who have had to deal with the fire deal before.. I know bub mccol's dad had.this happen to them years back but for the sake of me I can not remember if the logging companies insurance covered the race car stuff or not.. But I do know it burned cars,spare engines and all.. Maybe Bub's sister will run through this topic and give a clue as what they covered..

[W2Racing09]

I may be wrong but I don't think they have ever asked if I am a race car driver. They ask about skydiving, that stuff but not racing. I'll have a look over the fine print but I'm pretty sure that if they don't state it in the fine print then you would be covered by regular life insurance. Maybe the insurance adjuster who posted earlier can chime in again.

As long as you don't voluntarily give up that information I think you are fine. It's when you list it as an occupation that you will have trouble.

This is a really good topic on Insurance. Has anybody tried to get Life Insurance as a Race Car Driver. We tried every where and we mention the word race that was it...No is the answers we got..thanks

[race21j]

I purchased Life insurance right after the season ended and when the agent asked if I did anything dangerous ( as in sky diving) ,racing), I asked right now.? No, they never asked if I intended to do anything in the future.

[jog49]

Semantics race21j. If it ever got in court, I believe you would lose. However, since it's life insurance, you wouldn't be there anyway!

[j1s]

Sometime ago I read about a memorial race for a driver that had a heart attack while racing and he died. The promoters were raising money for the guy because life insurance did not pay out because he was racing when the heart attack occurred.