Lets talk about insurance

[77ITA]

I think it would be a great idea if we had a little round table discussion here about insurance.

It's pretty obvious that most of us have a significant chunk of money tied up in our racecars, trailers, tow vehicles, and tools/equipment, but how many of us are really protected (and how well protected) in the event of theft, fire, disaster, etc?

To get things started, we should each share what we have, where we store it, how/if we are covered, and whom our insurer is. Any suggestions, stories, or recommendations are appreciated!

A little about me...

I have a small garage set-up in a rented warehouse with a few other racers. I would estimate about $15k worth of assets stored there including car, spares, tools, and equipment. I have no insurance coverage there, but I am interested in obtaining it.

I also have a daily driver POS civic, a late model Chevy 1500 tow vehicle, and an 18' enclosed trailer.

I have a comprehensive auto insurance policy from Geico for my street cars and they offer an add-on policy for the trailer. With an agreed value of $8k for the trailer, the comprehensive coverage is only a few dollars per month and provides an additional 50% of the value of the trailer ($4k) worth of coverage for loss or damage to what is inside the trailer, no matter the circumstance.

I feel well covered when I'm traveling to/from a race, but not so much for everything else. I've been looking into some umbrella policies, but yet to find something I'm happy with.

Additionally, does anyone have a general liability coverage against law suits or financial loss? What would happen if someone got hurt and sued me as a result of my racing? (ala hitting a corner worker or losing my mind and ramming into all the ITA Acuras and Hondas)

Again, any suggestions, stories, or recommendations are appreciated.

[joecycles]

we have a program that is called STP coeverage. i think it is Parish-Heacock (going off old memory here!) program. STP stands for Storage transport and Paddock. There is coverage for the car if it is stolen along with tools etc, but, it has no coverage while on the trrack or on pit road. I think it was about $450 a year which covers our Porsche GT car and trailer, etc (I think we estimated about $75,000 in equipment with car and all).

When the trailer is attached to your tow vehicle (I believe) that there is coverage if something were to fall off the trailer, etc. It is worthwhile to get a policy that covers your equipment when traveling, obviously there is none for driving while on the track (in the racecar).

I am an insurance agent, but I am in the commercial sales side so it is mostly memory on the personal lines area for me. EIther way, we have been very pleased with the program and we sell to our clients that have racecars and high end collectible cars. Email me at my business address if you have any questions, I can probably get you in touch with them directly if you are interested in getting that type of program (once again, I sell commercial accounts so there is no benefit for me advertising this program, but the people at Parish are extremely nice to deal with).

I probably just killed the roundtable discussion idea here but this is the only program we have found for the weekend warrior types (race teams are a whole different deal).

Joey Sullivan
[email protected]

[mbuskuhl]

I got Heacock as well for the race car (covers all potential problems but those on the track), not sure how the claims process and payout is as I haven't needed it but I did get my renewal invoice today and will be renewing. My trailer is covered by Allstate along with other tow vehicle, other autos and home. I recently picked up a PUP from Allstate as well, the small cost made sense in this sue happy society. I believe SCCA has insurance in place should you injure another driver/corner worker, etc. but I may be wrong. Surely they wouldn't have us racing without being covered though. Here's your race car coverage...http://www.heacockclassic.com/site/

[Z3_GoCar]

Can you even get insurance on a car that has no title? The benifit is that I don't pay property tax though.

James

[mbuskuhl]

Can you even get insurance on a car that has no title? The benifit is that I don't pay property tax though.

James
[/b]

Heacock does not require a title to insure your race car. Just fill out a short application and send in some pictures of the car.

[mbuskuhl]

Need some advice from the insurance guys....

I got a buddy who's a mess that I have to more or less manage his life for him. Among many other things, I am managing his IMSA Lites efforts next year (2 years in SCCA and he thinks he can be pro). I need to get his newly purchased Elan DP02 insured against theft, fire and hopefully transit. He also has a suspended drivers license right now for too many tickets, 5 speeding in the last 3 years + seat belt and red lights.

Heacock will not touch him, no way - she hadn't seen such a driving record in a while. Is there any insurance policy or carrier that will ignore a driving record and insure personal belongings (like those insurance companies that do jewelry)? I'm looking to only get the race car insured for STP or at least against theft. Suggestions?

[mbuskuhl]

Found one. K&K - 800-348-1839 x 5895 Justin. They will do storage, paddock, transit seperate. Transit is insured only by those drivers who are approved. Even if the race car owner has the worse driving record they don't care, he just won't be insured while behind the wheel during transit.

[77ITA]

Thanks for sharing the contact information B)