Race car insurance

[Laura]

as the pre season scramble starts and its all about getting drivers in seats, its become apparent that our championship is moving away from the days where you race your own car, race is a loose term in that case.. drift.

we have teams owning cars and drivers just driving them, usually if you crash its your own car so you suck it up, but now if you crash its not your car. I know some companies do race car insurance. It stands a driver in good ground if he can say to the team look i can insure your car so if the worst happens its covered your not going to be 50+k out of pocket.

Anyone know how it works? any experience? is it hellishly expensive?

 

[Advikaz]

as the pre season scramble starts and its all about getting drivers in seats, its become apparent that our championship is moving away from the days where you race your own car, race is a loose term in that case.. drift.

we have teams owning cars and drivers just driving them, usually if you crash its your own car so you suck it up, but now if you crash its not your car. I know some companies do race car insurance. It stands a driver in good ground if he can say to the team look i can insure your car so if the worst happens its covered your not going to be 50+k out of pocket.

Anyone know how it works? any experience? is it hellishly expensive?

It's not cheap. IIRC The excess on our formula fords we ran was over 2k alone plus the premium in itself. It is relitively painless but with regards to costs, be prepared to get felt big time.


I would personally never compete without insurance, it's a dangerous game to play when it all goes wrong especially in single seaters.

 

[BIGASH]

The quotes I get for racing come out at 2-3% of the value insured per weekend with 10% as the excess. So if like you say 50k then a weekends premium would be around £1500 with a 15k excess. The problem is if you cause 10k damage then there is no point in claiming as the excess is more. Would need to be a biggie/fire to warrant claiming

 

[Sam@NP]

The quotes I get for racing come out at 2-3% of the value insured per weekend with 10% as the excess. So if like you say 50k then a weekends premium would be around £1500 with a 15k excess. The problem is if you cause 10k damage then there is no point in claiming as the excess is more. Would need to be a biggie/fire to warrant claiming

This, we took out a policy for British GT that was around 10k and the excess was 10% of the cars value. We only took it out as the price of a carbon tub at the time was massive, way above 10% value of the car. Its horses for courses but generally you'll only claim on a racing car if its a massive accident or fire.

 

[Fred@BTM]

its a weird sliding scale too from memory, you pay the 2-3% or whatever premium per event or anually, then you crash, you pay the 10% excess and they cover the first £20K of damage, then you have to pay another excess i think and they cover then next £20K of damage etc etc, something like that or i've been smoking crack

 

[BIGASH]

Could be Fred I can't say I remember reading that. One of the quotes I got below for an example

 

[Laura]

thnaks, very useful, deffo an avenue i think we should be taking