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Do you ever think about getting track insurance?

Bridgie

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I didn't in HPDE 1, as minimal passing, Instructor, driver aids on and not taking the car to a max limit.
However, advancing through the DE groups - I now 100% have insurance. I've seen too many daily driven cars arrive at the track but do not go home on 4 wheels.
 
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trackHERO

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I didn't in HPDE 1, as minimal passing, Instructor, driver aids on and not taking the car to a max limit.
However, advancing through the DE groups - I now 100% have insurance. I've seen too many daily driven cars arrive at the track but do not go home on 4 wheels.
Same here! A buddy of mine wrecked his 6 month old car with about $10k in parts and he didnt get insurance and went out in the rain, put it right into the way for a total loss and a pile of metal he was still paying on. And had another acquaintance buy track insurance right before going out in his Viper and wadded it up first session and got full reimbursement and went out and bought another Viper. Totally worth it to me
 

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BimmerDriver

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The track insurance that I have investigated usually has a rather high deductible, like 20% of the car's stated value. So if you think your Mustang is worth $50K (and that's what you insure it for, which actually only means the maximum value, not stated value) then that's probably around $400 for a weekend. Wrap it around a tree, and they will determine ACV (actual cash value) for the car which might be, let's say $40K, and 20% of that is $8K, so you get a check for $32K. And the insurance company now owns the car, so they get to salvage it and recoup some of their money.

Yes, $32K is better than $0K, but don't go into this thinking you'll come out with enough money to buy a new Viper. Or GT350.
 
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trackHERO

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The track insurance that I have investigated usually has a rather high deductible, like 20% of the car's stated value. So if you think your Mustang is worth $50K (and that's what you insure it for, which actually only means the maximum value, not stated value) then that's probably around $400 for a weekend. Wrap it around a tree, and they will determine ACV (actual cash value) for the car which might be, let's say $40K, and 20% of that is $8K, so you get a check for $32K. And the insurance company now owns the car, so they get to salvage it and recoup some of their money.

Yes, $32K is better than $0K, but don't go into this thinking you'll come out with enough money to buy a new Viper. Or GT350.
i have never seen a 20% deductible on track insurance. It’s either 10% or 15% and I always add this into my value of the car or of what I owe. If your upside down in your car and tracking it you could have an issue but being out the whole thing would be worse especially when they let you buy your car back super cheap because they don’t want to have to come get it at the track. Stated value is what it’s insured for as long as it’s in reason and they insure your parts as well. Don’t forget the fact that you are responsible for track damage so if you total your car and destroy a wall you are now on the hook for cleanup and repair which can be big bucks.
 
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Hey TrackHero, I really thought there was an agreed upon value for coverage. Since where I run the Hagerty Insurance agent is at the track and looks over your car. Doubt he’ll let you over cover your car. It should be possible to compute the correct amount of coverage for my needs. Asking only because I plan to buy insurance from now on.
 

BimmerDriver

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i have never seen a 20% deductible on track insurance. It’s either 10% or 15%
I thought I saw 20% somewhere. I guess it's not standard.

However, unless the policy explicitly has "stated value" and you can back that up with documentation (e.g. NADA says $30K and here's a receipt for $10K of mods) then they will likely go with ACV. Because otherwise someone will go out, buy a $5K Miata, insure it for $100K and then wrap it around a tree.

NEVER TRUST ANYTHING YOU READ ON THE INTERNET. Especially when it comes to things like insurance. Insurance varies between states. Each state has its own laws. Every company writes insurance differently. Read your policy. That is a legal contract. If it's not in the policy declaration, then it doesn't exist. Even if you read it on a forum. :)
 

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I thought I saw 20% somewhere. I guess it's not standard.

However, unless the policy explicitly has "stated value" and you can back that up with documentation (e.g. NADA says $30K and here's a receipt for $10K of mods) then they will likely go with ACV. Because otherwise someone will go out, buy a $5K Miata, insure it for $100K and then wrap it around a tree.

NEVER TRUST ANYTHING YOU READ ON THE INTERNET. Especially when it comes to things like insurance. Insurance varies between states. Each state has its own laws. Every company writes insurance differently. Read your policy. That is a legal contract. If it's not in the policy declaration, then it doesn't exist. Even if you read it on a forum. :)
If you read the fine print, these contracts have about 6 or 7 clauses protecting the insurance company for various kinds of fraud. Misrepresenting a $5k Miata beater as a $100k investment isn't going to get you anywhere. I'm sure they'd be perfectly fine taking your money upfront and then laughing you out the door when you come for payment.

These are also one-time deals. If you get paid out after totaling your car the track, that's the last track day insurance anyone is ever going to underwrite for you.

Personally I've used track day insurance on my car in the past, I may again in the future.
 

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Grintch

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For $350 a weekend that could save you $50k? Whats the reason not too.

O and there is a fact that we are going 150 mph on a race track.. theres that too.

Because it's $350 a weekend verses a very low chance of a track day incident?

Personally I think it is way over priced. But a lot depends on the driver.
If it allows you to drive without worry it might be worth it, assuming it doesn't give you so much confidence such that you drive too aggressively and crash.

When racing (real wheel to wheel racing), I usually considered towing the racecar to the track more dangerous than the actual racing.
 
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trackHERO

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Hey TrackHero, I really thought there was an agreed upon value for coverage. Since where I run the Hagerty Insurance agent is at the track and looks over your car. Doubt he’ll let you over cover your car. It should be possible to compute the correct amount of coverage for my needs. Asking only because I plan to buy insurance from now on.
Your price you pay for insurance is on what you value the car at. You definitely can't go over board but I take what I owe on the car and what its worth for my math. Luckily i owe less than the car is worth so I always want to not be upside down if there was an incident after the deductible but the people ive know who have had incidents usually are able to buy the car back at the track for really cheap and end up making the difference up selling parts and sometimes actually do much better than just letting the insurance company have the car
 

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I get asked about this a lot from friends that don't know about it or how it works so I hope this helps
I don't because in my country there is no such option I just have a reasonably high (10-15 000$) fund for if or when things go sough with the car on the track. But to be fair labor in my country is super cheap which mean that fixing a totalled car is just the value of the parts or some small amount more. Overall it depends on the situation. You need to have options.
 

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I can see both sides of this issue. I am not racing (going all out) on track but I do drive the car hard. The price of insurance is a big percentage of the total cost of a track day. So far I have not used track day insurance ever, but I did purchase it (and got refunded) for a track day that I had to cancel due to an injury. I was planning to go to Road America, which I thought would be higher speed and more dangerous than the track at Brainerd MN I go to most often.

Track day insurance costs/limitations and the fact that I am not in control of what might happen at the track are two reasons why I now own an older GT rather than a GT350. I drove the GT350 reasonably hard at the track a number of times with no track day insurance. Nothing happened, but was I pushing my luck? I decided I prefer to own a less expensive car if I'm going to continue regular track days. I assume no matter how careful I am if I do it enough something is probably going to happen. That's why I always will run a harness and HANS in the future as well.
 

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The video still image answers the question, no need to watch the video.

No one is that good of a driver and no course/track is ever that prefect.
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