Track Insurance

[X25]

If you (can) use your regular insurance, your profile will be flagged with a total loss and I am not sure but they might even put a note there stating it happened during an 'event'. If it will make you suffer for years to come in terms of insurance premiums, it might not be worth it. I do own 5 vehicles. If my premiums double (or increase substantially) due to such a claim, it won't double for just one vehicle, but for all 5 vehicles...

I am not so keen on track insurance, either: Like any other type of insurance, if you can afford it when 'it happens', you're better off not paying for the insurance. Insurance company is not in it to lose money after all, and I believe the risk v.s. payment ratio is close to 1 total loss for every 100 events. If you do 20+ events a year like I do, including deductible, you'll be paying them for the brand new car in less than 5 years.

[CrystalRedTintcoat]

Originally Posted by X25

If you (can) use your regular insurance, your profile will be flagged with a total loss and I am not sure but they might even put a note there stating it happened during an 'event'. If it will make you suffer for years to come in terms of insurance premiums, it might not be worth it. I do own 5 vehicles. If my premiums double (or increase substantially) due to such a claim, it won't double for just one vehicle, but for all 5 vehicles...

I am not so keen on track insurance, either: Like any other type of insurance, if you can afford it when 'it happens', you're better off not paying for the insurance. Insurance company is not in it to lose money after all, and I believe the risk v.s. payment ratio is close to 1 total loss for every 100 events. If you do 20+ events a year like I do, including deductible, you'll be paying them for the brand new car in less than 5 years.

Very rational thinking. And interesting paradox. Damned if you do. Damned if you don't.

If you can afford to pay the repairs yourself then you should not disclose to your insurance company what happened.

Of course all this is predicated on the notion at 100 sessions x $200 your car isn't worth more than $20k.

[toehead93]

15 events is 2800 for $40k so with deductible after 5 years you are paying half the cost of the car and actually each year your rate would drop as your car depreciates. So you are probably closer to 15k in premiums which is nowhere close to a new car but still very steep. I only track a few times a year so it is worth for me.

[X25]

Originally Posted by toehead93

15 events is 2800 for $40k so with deductible after 5 years you are paying half the cost of the car and actually each year your rate would drop as your car depreciates. So you are probably closer to 15k in premiums which is nowhere close to a new car but still very steep. I only track a few times a year so it is worth for me.

That's a very good point. Ironically, it's worth much more for those who rarely go to the track. As you attend more and more events, the value proporsition becomes harder to defend.

[markgws6]

I "Almost" went off the track at the last event at Laguna Seca coming out of turn 4 on the first lap (damn Goodyears!). An NSX in front of me at that same time "did" go off the track at turn 9 but he got lucky and did not hit the wall. I had purchased the insurance for that day and glad I 'm glad I did for the peace of mind.

[MTCobra]

If you buy a multi event policy does it have to be used during a calendar year, rolling 12 months, or does it not expire until you've used all your events?

[CrystalRedTintcoat]

Originally Posted by MTCobra

If you buy a multi event policy does it have to be used during a calendar year, rolling 12 months, or does it not expire until you've used all your events?

Lockton says to use it w/in the calendar year. Don't know about other firms.

[MTCobra]

Originally Posted by cornerspeed92

I would never even consider calling my ins.to even let them have a clue as to what i do.I just purchased Lockton ins.for my up coming track day at Fontana May 4th. I insured the car for $30,000 $5000.00 ded. and it was $215.00

If I was going to get track insurance anywhere it would be Fontana. I've never seen so many idiots that don't follow or can't understand the rules. When Aaron from Speed Ventures walks in after the first and second session...looks at his list of issues and says, "Where are all of the the Nissan GT-R drivers?"...that should tell you something.

[CrystalRedTintcoat]

Cobra, say more.

[C5drvr]

What about liability at these hpde or open track days? For example, let's say someone runs into my car at a driver education event? Are they liable or do the waivers signed at these events absolve each parties liability? I ask this because in reading about the track insurance it appears there is no liability coverage of any kind.

[MTCobra]

Primarily people that couldn't follow the rules and were passing where there was to be no passing. Apparently they drove GT-Rs.

There were some other knuckleheads out there too with other cars...I've just always thought it was funny that Aaron looks long and hard at his notes and says, "where are all the GT-R drivers". Of course none of them bothered to show up for the debrief either.

Big Willow, TWS, etc. didn't have this many driver issues.

[Synner]

Originally Posted by C5drvr

What about liability at these hpde or open track days? For example, let's say someone runs into my car at a driver education event? Are they liable or do the waivers signed at these events absolve each parties liability? I ask this because in reading about the track insurance it appears there is no liability coverage of any kind.

Thats why I only do properly structured events with instructors and not more unregulated club rentals where anybody and their brother can come out for the first time ever. Most will be fine but you never know until its too late; and it only takes one moron to ruin everything. Same principle as not riding my motorcycle with groups of strangers. Most people are morons.

Always err on the side of caution and be the more defensive driver. No one should be riding up anyones butt and I've often waved off a pass because someone waves me by at the start of the braking zone. No thanks. When you get to the advanced groups there shouldn't be any of those issues.

[So Cal Camaro]

Originally Posted by C5drvr

What about liability at these hpde or open track days? For example, let's say someone runs into my car at a driver education event? Are they liable or do the waivers signed at these events absolve each parties liability? I ask this because in reading about the track insurance it appears there is no liability coverage of any kind.

The waivers predominitely are for the track, promotors, not other participants liability. And here is part of the problem, most people have no liability insurance at the track, because their primary auto insurance, when they deny them, means no insurance available period.

So, you would essentially have to sue someone directly and prove liability. I have stuff to lose, so I carry an umbrella liability policy, because when all else fails, it will cover me against any kind of liability claims.

[toehead93]

I am shocked they didnt get black flagged right away in the firstmsession and that the promoter didnt kick them out after the second session. The SCCA PDX evemts i go to dont let things like this slide, they take action immediately.