Race Insurance

[dreed]

I have read the recent thread elsewhere on Track Day insurance, can anyone recommend an insurance company suitable for Speed Series race insurance, also trailer insurance or maybe combined package.

Dave

[Mark (smokey mow)]

My trailer is covered for damage and theft as an extra on my car (tin-top) insurance policy. My insurer (NFU) only charge me an extra £10 a year for it which is a lot cheeper than any of the stand alone policies I looked at. Worth asking you car insurer to see if they can do it too.

As in the other thread, for Sprint insurance I use REIS since I have my road policy with them also. It costs me about £100-120 per event or £180 for a double header, that's based on an insured value of £12K and with a 10% damage excess. The more experience and events you do the cheeper it gets.

[dhutch]

My trailer is covered for damage and theft as an extra on my car (tin-top) insurance policy. My insurer (NFU) only charge me an extra £10 a year for it which is a lot cheeper than any of the stand alone policies I looked at. Worth asking you car insurer to see if they can do it too.

As in the other thread, for Sprint insurance I use REIS since I have my road policy with them also. It costs me about £100-120 per event or £180 for a double header, that's based on an insured value of £12K and with a 10% damage excess. The more experience and events you do the cheeper it gets.

Interesting on both points. My trailer is uninsured, which I have never been very happy with. But also good to hear that you can get event/sprint insurance for a reasonable if not barginous price.

 

I can see why at those prices a lot choose to take the risk, but for someone who is new to the sport (or would be if I started) and who the car represents a significant amount of there possessions the idea of insuring it should the worst happen is very appealing if only for the first year or until I am in a position where the prospect of lost and or repair costs is more manageable.

 

What are the excesses on you cover?

 

Daniel

[alexander72]

Daniel, the excess on Marks policy is 10% so £1200 excess.  pretty reasonable IMO 

[alexander72]

Dave,  Hi mate, my trailer is covered under my annual insurances - I didnt know you could get insurance for sprinting.  see you at Curbs tomorrow :-) 

[dhutch]

Daniel, the excess on Marks policy is 10% so £1200 excess.  pretty reasonable IMO 

Sorry, I somehow missed that.

 - Presumably if you make a partial claim for say £4k the excess is related to that, so £400?

 

Daniel

[alexander72]

Daniel, no, the excess will always be a percentage of the limit of indemnity - thats why it is so cheap.

 

James 

[Mark (smokey mow)]

 

Sorry, I somehow missed that.

 - Presumably if you make a partial claim for say £4k the excess is related to that, so £400?

 

Daniel

As with any other insurance policy the excess is the amount you pay towards any claim, regardless of the value of that claim.

In the case of my policy it is 10% of the insured value i.e. £1200 for £12K insured. So if I had an accident and claimed for £4000 of damage, I would pay the first £1200 of the claim and the insurance company would pay the remaining £2800.

[dhutch]

Right ok. Thanks for the clarity.

I have never known exactly how I would value my car, but that is perhaps a topic for another thread/day! I paid £4000, would expect maybe £5-6000 for it if selling having tidied and improved it over my ownership, but the cost to replace or repair to the same spec could clearly be well above both figures.

Daniel

[alexander72]

Daniel,

 

Ask your underwriter to write you an "indemnity based policy" for a sum of money, with a set excess, and you can then have as much money as you need for any eventuality.... you will pay for it mind and you can only use insurance money to get you back to where you started (ie not for betterment) 

[alexander72]

and buy him loads of beers and he will do it for you   (says the ex underwriter) 

[Mark (smokey mow)]

 

I have never known exactly how I would value my car, but that is perhaps a topic for another thread/day! I paid £4000, would expect maybe £5-6000 for it if selling having tidied and improved it over my ownership, but the cost to replace or repair to the same spec could clearly be well above both figures.

 

This is where a track policy differs to that of a road policy. On the road the market value is the all important figure in event of a payout but on track it’s for you to decide yourself what value of damage you could potentially do to your car and how much of it you want to be insured for.

The figure I’ve applied to my policy of £12K is what I’d consider to be a total loss payout in the event of a serious accident or on track fire. This is the sum for me to completely rebuild my car replacing every part (the worst case scenario)

Alternatively however a new starter kit from Westfield comprising of a body, wishbones and chassis can be bought for £3.5K so you may happy to insure the car on track for £4K. This is on the assumption that all other parts would be salvageable from the wreck of your old car and could be reused in the rebuild and any additional damage over and above the £4K you have the means to pay for yourself.

[alexander72]

Great expl;anation Smokey Mo 

[dhutch]

Indeed. But equally I don't, and do not expect to any time soon, have the time to build or rebuild a car.

So I expect the replacement route would be to buy a similar spec car, and (hopefully, pay someone to) make changes till it is the same spec as what I lost.

Daniel

[CrisisWolf]

As a slight aside. I've just paid for track insurance (one off event) for £99 for £9k, again industry standard 10% excess at £900. Pretty good for piece of mind and as I've not done a track day before (wish me luck for tomorrow). I rang up A-Plan to sort me out, note I'm 27 so I thought this was a bargain!