Do you ever think about getting Track Insurance

[THX 138]

That is very reasonable for a weekend. Who are you using for insurance?

Lockton Affinity. Been using them for HPDE events for the past 5 years, since I bought the car.

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[firestarter2]

Insurance companies got you by the ball's! 10 % deductible is way too high. Also, don't forget about liability insurance. The track covers themselves and the event coordinator covers themselves, but if you do damage to property or people and cannot show it was the track or events fault, then you might be responsible. Can be more expensive than collision insurance. My wife made me get $1m coverage and it cost $1,500 for the year. Form a racing group and you can lower both collision and liability cost. OBTW my wife was an insurance agent, so I never had a chance

IS this track insurance or something else?

 

[THX 138]

Agreed, I'm also curious who you're using so I can get myself a quote. I use www.ontrackinsurance.com and I pay $396 for for the weekend @ $65k stated value with 10% deductible. For the record, I don't have any illusions about my car actually being worth $65k, I gross the value up to help cover the deductible.

You realize you are increasing the deductible when you do that, right? For my $46k stated value (which is just about what my car is worth on a good day), my 10% deductible is $4,600. You are paying more for a $65k policy, and your 10% deductible is $6,500. Might want to rethink that...

 

[Cobrakit]

IS this track insurance or something else?

Personnal liability insurance only! Track insurance you guys are talking about is just to cover your car.

 

[pilotgore]

You realize you are increasing the deductible when you do that, right? For my $46k stated value (which is just about what my car is worth on a good day), my 10% deductible is $4,600. You are paying more for a $65k policy, and your 10% deductible is $6,500. Might want to rethink that...

Correct.

Let’s say I value my car at $58k. By raising the insured value to $65k, in the event of a total loss I’ll still net what I feel the value of my car is after deductible. The increase in premium from $58k to $65k is only $40. Since I buy the insurance for a catastrophic loss and not a $5,500 loss, I think this strategy is right for me.

edit: Next track season and every year after I’ll continually lower my perceived value of the car but still maintain the same strategy.

 

[THX 138]

Correct.

Let’s say I value my car at $58k. By raising the insured value to $65k, in the event of a total loss I’ll still net what I feel the value of my car is after deductible. The increase in premium from $58k to $65k is only $40. Since I buy the insurance for a catastrophic loss and not a $5,500 loss, I think this strategy is right for me.

Makes sense. My thought is that the more likely scenario is a collision with another driver resulting in $10k to $15k in damage. For the tracks I run on, I shudder to think what kind of incident would be necessary to result in a total loss.

 

[firestarter2]

Personnal liability insurance only! Track insurance you guys are talking about is just to cover your car.

Ah yeah that is a gap im ok with accepting. Your liability covers you on/around the track?

 

[firestarter2]

Correct.

Let’s say I value my car at $58k. By raising the insured value to $65k, in the event of a total loss I’ll still net what I feel the value of my car is after deductible. The increase in premium from $58k to $65k is only $40. Since I buy the insurance for a catastrophic loss and not a $5,500 loss, I think this strategy is right for me.

edit: Next track season and every year after I’ll continually lower my perceived value of the car but still maintain the same strategy.

I had this thought before I think I called them and the logic didn't work but Im forgetting why...

Ah your logic only holds in the case of a total loss. If you have repairable car you are increasing your out of pocket cost on the repair.

 

[Cobrakit]

Again my wife was an insurance agent, so I had no say!! But if you cause damage to say a person with your vehicle (i believe property as well), they would sue the track, the event coordinator and you. If it wasn't the tracks fault (and or event coordinator), then you might be responsible. Not saying you have to buy personnal liability insurance, just that there are other risks at the track.

 

[pilotgore]

Makes sense. My thought is that the more likely scenario is a collision with another driver resulting in $10k to $15k in damage. For the tracks I run on, I shudder to think what kind of incident would be necessary to result in a total loss.

I had this thought before I think I called them and the logic didn't work but Im forgetting why...

Ah your logic only holds in the case of a total loss. If you have repairable car you are increasing your out of pocket cost on the repair.

I agree. I personally saw 2 cars totaled on track this year. One due to another drivers negligence, another due to a parts failure. I’m sure this has driven my decision to go this route.

I’ve been told several times that a car can be considered totaled when the cost to repair is greater than 50% of the value of the car (not sure if that’s 100% accurate or not and I sure it varies by insurer). With carbon fiber bits, some aluminum body panels, and a cabin full of airbags, I don’t think it’d take as much as you think to total a GT350.

Im essentially gambling. If the repair is less than $32000, then I’m out of pocket $740 more with extra deductible and the $40 extra premium ($6,540 total.). But if it’s a total loss, I’m covered 100% minus the cost of my insurance for the day.

I’m not saying this strategy is for everyone, but from a risk standpoint I’m happy with it.

 

[AhuraPro]

I’ve been told several times that a car can be considered totaled when the cost to repair is greater than 50% of the value of the car

I'm following a youtuber that recently acquired a salvage title GT350, the result of kissing the wall at a track at low speed. There is a minor dent in the driver's side fender (which is aluminum) but that was enough to crack an oil line and the car was driven halfway around the track with very low oil pressure which tanked the motor. They've pulled the motor apart, made some changes and he's got a driver for the track with a sweet little dent for what I paid for my 10 year old SUV.

 

[honeybadger]

I'm following a youtuber that recently acquired a salvage title GT350, the result of kissing the wall at a track at low speed. There is a minor dent in the driver's side fender (which is aluminum) but that was enough to crack an oil line and the car was driven halfway around the track with very low oil pressure which tanked the motor. They've pulled the motor apart, made some changes and he's got a driver for the track with a sweet little dent for what I paid for my 10 year old SUV.

You talking about AJ? I didn't think his engine checked out fine? I chatted with another gent that had an engine for a bit without oil pressure-definitely in need of a rebuild. Still cheap way to get a Voodoo, though!

 

[K4fxd]

So is the drive train covered.

If I blow an engine and or trannie, are they covered ?

 

[pilotgore]

So is the drive train covered.

If I blow an engine and or trannie, are they covered ?

If I’m reading this correctly, only if the failure of the engine and transmission was the result of a “specified peril.” AKA, an impact.

 

[MikeR397]

Nope. I did only 12 days this year, all single days, but about 25 last year. Would be too expensive in premiums, and the 10% deductible is blah. This is one reason I’m happy I’m in a “relatively” cheap Shelby and not a $220k GT3RS, although I still might be adding that next year if my Shelby isn’t reliable and I’m missing track time.

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