ThisIsRace

This made me genuinely laugh

Could not agree with this more, get your policy as high as possible, it really doesn't affect the premium much at all!

Thanks again for all the input here and on my track thread!

DavidNJ

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.

thomsbrain

Hagerty is throwing their own track day for members at Thunderhill in a few months!

bgoetz

ThisIsRace

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!

engifineer

Interesting. I would recommend that anyone quote both though. The way rates are calculated is very complex and it may go the other way for someone else depending on car, area you live in, your age, etc.