Life Insurance at Track Events

[crillyiv]

There I was daydreaming about getting out to the track in my car. (I recently bought it and will be attending some schools and track events in the next couple months.)

Along came my wife and advised me she had reviewed my Life Insurance Policy and it specifically stated that she and the kids would be SOL if I died while participating in an automobile race.

Talk about a cold shower.

What is the experience of those of you who have already participated in racing or other track events? Is there special coverage one can purchase? I have not had a chance to call the insurance company yet, but you know I am going to do so.

Thanks for any information.

[RACER X #99]

A lot of high speed events are called driving schools for insurance coverage purposes.Limited passing opportunities,no prize money or trophys and no declared winners.
Still lot's of oportunities to test you and your car's skills and always lot's of fun.
I think most insurers will void your coverage if you partisipate in actual races but I beleive Performance Driving schools are allowed.
Best to check with your insurer to be safe.
RD

[Randy Rosenberg]

Also check your car insurance policy... I was able to make a claim from a track accident because my car policy specifically stated no coverage if the occured at a:

1. Race
2. Speed contest

I was participating in a club open track event. Since open track events and Driving Schools are neither races nor speed contests, for these reasons, I was able to make my claim.

I'm sure that one's Life Insurance policy would have similar wording, however do your due diligence and check it and your auto insurance policies.

Have Fun... Be Safe,
Randy R...

[Bill Wells]

Hagerty Insurance, and others recently, have enacted a 'no racing' endorsement that in exact words would exclude any such driving school event: Hagerty's new endorsement states: "no coverage when..involved in an organized or impromptu race including but not limited to...prep for a race..parrticipation in a race..practicing or qualifying for a race." Further they said: "a race means any competition for speed or endurance whether against another competitor or against time". and when car is being USED at : "racing facility or roadway temporarily designated for speed, time, racing, or PERFORMANCE DRIVING events. This INCLUDES but is not limited to the use of your covered auto at a PERFORMANCE DRIVING SCHOOL, or an above legal speed rally or a closed road rally"....that pretty much says to me NO WAY would my coverage allow me to take my car to a driving school or SAAC or other club 'track time' driving events etc. Other car insurance co's might not be so restrictive, but one by one they are either : dropping covering Cobra replicas ( or not taking on new customers but grandfathering current owners only) or including the new no race/speed endorsement same as or similar to above ! After reading the above I decided to not even check my life insurance policy 'fine print'. Where are the Hertz Shelby Mustang "Rent-a-Racers" when you need them, ala 1966 ? hehehe...Bill, SPF #156 (no longer a track car)

[RACER X #99]

Bill,
I think Jim was mostly concerned about his Life Ins. policy being void.
As far as car insurance for on track activity I think most of us are not covered for crash damage to our or others cars.
When I do open track I assume the risk to my car and If I bend it I gotta mend it.
All racing facilities must carry liability ins. but I am sure our crashed vehicles are not covered.
RD

[CSX 4027]

Life insurance is what I do and I specialize in working with racers. Here are some of the rules. If you already have a policy with whatever company and at the time you took it out you neither had a race car or intended to do any racing in the future and now a few years later you started to race then subsequently died in an accident, the company would pay the death claim. The key word is intent. The same would be if you did not smoke or intend to smoke when you took out a policy then began to smoke years later and died of lung cancer due to smoking, you would be covered. There are some companies that I represent that are better with vintage racers than others as far as rates. Open tracker that are non-competitive are no problem especially if there is no prize money or trophy. If you want to contact me about any coverage, my telephone number is 973-736-8284. I can sell any where in the US. I can get you the best rates...
Steve

[crillyiv]

Thanks for all the quick feedback to my post.

Steve, I will take you up on your offer sometime this week. I have my hands full with my kids this weekend. My esteemed wife is in Ireland for the next three weeks. She says she misses me dearly, but seems to be managing.

Re: Car insurance. I have assumed that what happens at the track is between me and my wallet. I currently have my car insured with my regular agency since the restrictions on policies by the specialty carriers were to restrictive. Low annual mileage, etc. At least I could not honestly abide by them.

Thanks again for the information.

[MistressMotorsports]

Interesting thread. I checked my poilcy, and apparently, I'm not supposed to sky dive or scuba dive. There is no mention of or exclusion for racing.

Mike Eckhaus

[Bill Wells]

Mike, nice pics of the SPF and your old Vette...just don't show it to your life insurance agent..heheheh..Bill. SPF 156

[CSX 4027]

Reguarding sky diving or scuba diving the same principal should apply but, I would have to see your policy to know for sure. If you did neither when you applied nor had any plans to but suddenly developed this urge a few years after, the policy should cover you if you died. You can also contact me for a review of your contract.

****** I would like to offer all CC members a "FREE" review of their current life insurance programs

[Randy Rosenberg]

I ran accros this link while lurking over at the 'vette forum...

http://www.americancollectorsins.com/driversed.htm

I have no experience with these folks, but thought this you guys would be interested...

Keep the rubber side down,
Randy R...

[65cobra427]

Jim,

Knowing you & your "real job", I'd worry more about getting killed there... Just my $.02...

O'spotter

[Steve Dickey]

Spotter,
Long time no hear. Jim is not worried about getting killed but rather leaving his wife and kids without life insurance. I'm sure he is covered at his regular job.
Hope to see you at the'factory', Steve D***ey