Track Day Insurance

I heard of situations where someone called their insurance company to inquire about HPDE coverage, and the insurance company droppped them right there.

There have been other reports where the insurance company goes to driving events and takes pics of the plates and sends a termination letter if one of their cars is there. This is second hand info from an instructor at at CCA event. He had his plate covered with tape, and I asked him why?

Guys,

what value do you declare when you take a one-day insurance? Do you declare invoice value, MSRP or rather the KBB one?

I guess I need to read their fine prints to see how much they would reimburse...

The current market value...KBB, Edmunds etc.

Bear in mind once you destroy their asset, the lienholder will want its money back!

LiM3y wrote

The current market value...KBB, Edmunds etc.

Bear in mind once you destroy their asset, the lienholder will want its money back!

You are completely right and the insurance company forms and websites clearly indicate that the kbb or Edmunds values (ie, current market values) should be used. This is also what I had in mind but just was'n't sure at 100% anymore...

If anyone is looking for track insurance in Canada, apparently you can get it through K & K Insurance Canada (http://www.kandkcanada.com/). I just recently bought a track "beater" and was quoted $2,500 per year. Didn't ask what it would cost for the M3 though...

r53s65e90 wrote

......

Track Days: After some 30+ track events in the last 3 years, I have seen a lot of mishaps almost exclusively in the advanced groups. Since I don't want to have to file any claim in the first place, I follow the guidelines below:

1. Avoid full open passing groups even though they may be more fun.
2. I do not use timers since I know they will eventually make me push beyond the limit. I have great fun working on a turn by turn basis not pushing hard all the time.
3. Spot the hot heads (EASY), give them lots of room and admire their driving prowess.
4. Use the pit lane to find space.
5. Prefer weekday events

Some of the best advice I've seen in a long time, particularly with "full open passing" groups. If you are considering doing that go racing with SCCA or NASA.

We (www.MVPTrackTime.com) have insured our track car with WSIB (www.WSIBInsurance.com) for several years now. No claims and hope to keep it that way, but just in case!

Feff

I signed up with Lockton (BMW CCA discount/advertiser) for ~$400 per weekend ($70K declared value). I've never so much as spun or gone off track, but the peace of mind is worth it. (Isn't all insurance?)

i just sent in for a quote at k and k also. minimum policy is 1500 per year and your deductable is a minimum of 2500. usually you pay between 3.5 and 4 percent of the value you want covered for the years coverage so 45000 of coverage would cost 1575 to 1800 a year.

TrackRat wrote

Has anyone here actually purchase a HPDE policy from ontrackinsurance.com?

The reason I ask is I requested a sample copy of their policy to determine what is covered and what is excuded and they basically blew me off. Great American is a reputable insurance company so I don't know what the deal is with the agent?

http://www.ontrackinsurance.com/index.aspx

So they tell you to refer the the policy to see what's covered and they blow you off? WTF?

gbrett5 wrote

If anyone is looking for track insurance in Canada, apparently you can get it through K & K Insurance Canada (http://www.kandkcanada.com/). I just recently bought a track "beater" and was quoted $2,500 per year. Didn't ask what it would cost for the M3 though...

Pulled up this thread as I was searching for info.

Thanks for this suggestion. I want to participate in driver's training events, but do not want to risk my new car. The risk is probably very low for a newbie like me who is careful with an instructor and all, but it's for peace of mind...

My insurance definitely won't cover me. And I definitely didn't leave my name, number - any identifying info - when I inquired with them. (It will go on record that you asked - which is never a good thing).

MTROIS wrote

I have used Lockton Affinity, the one suggested / recommended by BMW CCA. I must say that registering, paying, etc was straight forward...BUT I did not "use" their services since I stayed on the track!

I would really be interested to read from people who unfortunately had to put a claim in...

Same here. Always use Lockton Affinity and luckily haven't had to report a claim yet.
Interesting thread.

Do they do per event or a "season" like WSIB? Lockton was much cheaper if you only do 3-4 events a year.

I bought 10 event coverage from WSIB (actual policy underwritten by Chubb insurance). Both organizations are a pleasure to deal with. For WSIB you declare your own car value + mods value. They are OK with whatever value you want covered as long as they are reasonable.

Would anybody here suggest getting insurance for auto-x only. Where I live there is autocross in arena parking lot 1.5hrs away 2-3x/month and another group who runs on a go-kart track 1-2x/months 3.5hrs away. Both only have 1 car on the track at a time so no passing. I see in a previous post that coverage from K and K is likely going to be >2000$ per year and still have a 2500$ deductible. My current thinking is the risk is likely so low with autocross type events that the cost just wouldn't be worth it. Am I being stupid? Does that sound reasonable?

gobrigavitch wrote

Would anybody here suggest getting insurance for auto-x only. Where I live there is autocross in arena parking lot 1.5hrs away 2-3x/month and another group who runs on a go-kart track 1-2x/months 3.5hrs away. Both only have 1 car on the track at a time so no passing. I see in a previous post that coverage from K and K is likely going to be >2000$ per year and still have a 2500$ deductible. My current thinking is the risk is likely so low with autocross type events that the cost just wouldn't be worth it. Am I being stupid? Does that sound reasonable?

yes, sounds reasonable, I get insurance for the track but not auto-x

Another question to those in Canada. Is there any way to buy per event track day insurance in Canada. It's plausable that next year I may go to an HPDE 6-8hrs away (or perhaps drive to one further away). If I did this it would be only once, and at most twice in a year. If I have to pay 2000$ or more for insurance for only one track day I'm better off going to the 2 day M-school or the Advanced M-school once every year or two instead.

gobrigavitch wrote

Another question to those in Canada. Is there any way to buy per event track day insurance in Canada. It's plausable that next year I may go to an HPDE 6-8hrs away (or perhaps drive to one further away). If I did this it would be only once, and at most twice in a year. If I have to pay 2000$ or more for insurance for only one track day I'm better off going to the 2 day M-school or the Advanced M-school once every year or two instead.

For Canadians looking at HPDE/track/lapping insurance, you can refer to this thread: http://www.m3post.com/forums/showthread.php?t=575085. A few Canadians have looked at the options and cost of insurance.

aus wrote

I heard of situations where someone called their insurance company to inquire about HPDE coverage, and the insurance company droppped them right there.

There have been other reports where the insurance company goes to driving events and takes pics of the plates and sends a termination letter if one of their cars is there. This is second hand info from an instructor at at CCA event. He had his plate covered with tape, and I asked him why?

ive been in insurance 3 genarations with farmers ins. we have never coverd "scheduled" race events.
Insurance companys cannont "just drop someone" we have to have a reason to and your insrtuctor was just paranoid lol you could never catch me @ a track event with a camera trying to cancel people and honestly we dont care because if u do total your car we wouldnt pay out unless you hade a loan on it and we would pay the bank.