Insurance and Track Question
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Joined: Aug 2018
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From: Long Island
Oh, on another note: My humble advice to those of you owning less than $500,000 in uninsured / underinsured motorist coverage (assuming you can get it in your state). Bump up your coverage to the max possible! Nobody has adequate liability insurance these days. Millions of people are driving around without insurance or with only the absolute minimum coverage to get a license or register their car. Without your own uninsured/underinsured insurance coverage, you will be left hanging if one of these people injures you in a crash
Thanks again for all the input here and on my track thread!
Joined: Apr 2006
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One thing not pointed out: most life insurance and accidental death and dismemberment policies will probably not cover track accidents. They often have a long list of exclusions and often will not write individual polices at all if the individual engages in activities they consider dangerous. I was asked if I engaged in motorsports, flew in non-commercial planes, did skydiving, etc.
Joined: Sep 2008
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I guess I am lucky my agent is a fellow PCA member/instructor. I have an agreed value on my S2k and my 997. I am covered if something happens on the track, provided it is not a timed event. My isurance for those two cars is ridiculously cheap compared to our other two cars.
Now that said we just had two at fault accidents in the past couple of months (zero accidents 14 yrs prior, just bad luck). I may have to think long and hard if I would make a claim if something were to happen on the track.
Now that said we just had two at fault accidents in the past couple of months (zero accidents 14 yrs prior, just bad luck). I may have to think long and hard if I would make a claim if something were to happen on the track.
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Joined: Aug 2018
Posts: 44
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From: Long Island
Thanks to everyone for the replies, I apologize that I couldn't get back to this earlier! This turned in to a really interesting discussion. After reading the replies here and talking to other people, it seems that insurance policies containing similar or the same coverage cost vastly different amounts of money. With my own experience, I decided to figure out the premium to value ratio to see how the policies compared with liability coverage at $500,000 and a $1000 deductible (0 accidents and 0 tickets). Here's what my policies were (Hagerty) and are now (Grundy):
Hagerty:
1 Car:
(98 Supra Turbo): Agreed value: $40,000
Premium: $1400
Premium/Value: 3.5%
2 Cars:
(98 Supra Turbo & 01 S2000)
Agreed Value: ($40,000 Supra + $15,000 S2000) = $55,000
Premium: $1877.00
Premium/Value: 3.41%
Grundy:
2 Cars:
(98 Supra Turbo & 01 S2000)
Deductible: $1000.00
Agreed Value: ($48,000 Supra + $18,000 S2000) = $66,000
Premium: $673.00
Premium/Value: 1.02%
The numbers say it all, the craziest part is that my total agreed value with Grundy is $11,000 higher!! I'm hoping Grundy doesn't read this and get any ideas about raising rates but I have to say its pretty nice to have an extra $1200 in my pocket every year. One of the biggest reasons for this is that Grundy allows you to select how many miles you drive the car in very fair increments (I have 500-2000 miles for my policy). Lastly, to be fair to Hagerty, the Japanese sports car market really isn't their thing and everyone I've spoken to there was very open about that.
Thanks again for all the replies!
Hagerty:
1 Car:
(98 Supra Turbo): Agreed value: $40,000
Premium: $1400
Premium/Value: 3.5%
2 Cars:
(98 Supra Turbo & 01 S2000)
Agreed Value: ($40,000 Supra + $15,000 S2000) = $55,000
Premium: $1877.00
Premium/Value: 3.41%
Grundy:
2 Cars:
(98 Supra Turbo & 01 S2000)
Deductible: $1000.00
Agreed Value: ($48,000 Supra + $18,000 S2000) = $66,000
Premium: $673.00
Premium/Value: 1.02%
The numbers say it all, the craziest part is that my total agreed value with Grundy is $11,000 higher!! I'm hoping Grundy doesn't read this and get any ideas about raising rates but I have to say its pretty nice to have an extra $1200 in my pocket every year. One of the biggest reasons for this is that Grundy allows you to select how many miles you drive the car in very fair increments (I have 500-2000 miles for my policy). Lastly, to be fair to Hagerty, the Japanese sports car market really isn't their thing and everyone I've spoken to there was very open about that.
Thanks again for all the replies!
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