Has anyone experienced an unexplained increase in insurance premium following a track day?

[matthewr87]

I've purchased Lockton trackday insurance but never had to make a claim. I do know the business owner (or a former owner, not sure) was also a club racer so "got it."

Okay thanks. No unexplained insurance premium increases afterwards?

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[Vettel-ish]

Matt did you buy track insurance?

I bought hagerty track insurance and have State farm as my main provider. No issues. I would look at a different provider. That smoke and mirror shit is not good.

 

[key01]

I use Lockton and Allstate. No funny business so far. But, I just switched to Geico because my homeowner’s insurance went through the roof. I saved $1,400

 

[Lorne34]

I was under the assumption that most "regular" car insurance companies will not acknowledge or pay claims due to damages at a road course/track day event. I thought that is why we had to purchase track day insurance through Hagartey or one of the other providers. This essentially gets the car insurance company off the hook for any incidents that are track related.
By the way, I have Progressive Insurance and they told me that all cars in my possession need to be covered by all drivers, which means that my 16 year old who doesn't know how to drive stick and would never drive the car has her rate affected by my having the Shelby on the insurance.
I thought about getting separate coverage from another insurance company just for the Shelby, but my discounts with home/auto etc are too good. I also called Hagerty and didn't qualify because I put on too many miles in a year to. I guess they only cover garage queens driven on sunny days around the block...

 

[460Fred]

Learning about all this underground information sharing just made my head explode!
That said, there is plenty speculation here. I wouldn’t let up until you get an answer on the increase.
If you don’t have a good relationship with your agent, now is a good time.

 

[oldbmwfan]

Okay thanks. No unexplained insurance premium increases afterwards?

No, my premiums have been pretty stable for years. It can be hard to tell because I add and sell cars probably too often, but I don't think my GT350R premium has changed meaningfully in 3.5 years of ownership.

 

[matthewr87]

I have a theory about why the new policy was cheaper. Did you initially purchase insurance through an agent? Commissioned sales can raise your rates to pay for the sales commission. I don't think that would be 30%, but it could explain part of it. When I shop quotes I ask the agent if they are commissioned, if they haven't already disclosed.

Yeah my initial policy was through an agent, but like you said 30% is a big difference. I don't think it explains all of it. Actually the difference is even larger because my new policy has a lower deductible and increased coverage as well.

 

[galaxy]

By the way, I have Progressive Insurance and they told me that all cars in my possession need to be covered by all drivers, which means that my 16 year old who doesn't know how to drive stick and would never drive the car has her rate affected by my having the Shelby on the insurance.

USAA does this also. Additional drivers are just added to the policy, and what ever cars are on there, are just on there. You can assign a driver as the “primary” for a particular vehicle, but it doesn’t seem to make any difference to rates. USAA rates are so significant though, it’s not enough to bitch about for the next year and a half he’ll be on there.

Something else I learned getting a 16 year old. I never ever ever, spent a single day on my parents insurance. Had my own policy from day one. Can’t do that anymore. I was gonna do the same thing. I don’t know if it’s all companies, but USAA will not give a minor their own policy.

 

[460Fred]

USAA does this also. Additional drivers are just added to the policy, and what ever cars are on there, are just on there. You can assign a driver as the “primary” for a particular vehicle, but it doesn’t seem to make any difference to rates. USAA rates are so significant though, it’s not enough to bitch about for the next year and a half he’ll be on there.

Something else I learned getting a 16 year old. I never ever ever, spent a single day on my parents insurance. Had my own policy from day one. Can’t do that anymore. I was gonna do the same thing. I don’t know if it’s all companies, but USAA will not give a minor their own policy.

How long ago were you 16?
I’m 61 and was on my parents policy at 15 1/2 years old, no choice. I paid for the policy as soon as I could work A real job...two weeks after my 16th b-day.
Another funny thing. I’ve been with Allstate all these years. I’ve checked many times just to please my wife. Nobody has ever been able to beat the premium amounts, coverage and customer service. My current agent has been with me almost 40 years.

 

[firestarter2]

A few months ago my renewal came up and I received a notice of a 14% premium increase. No tickets, no accidents, no claims. The reason was "reclassification due to vehicle endorsement activity". I called the insurer and nobody could explain that to me; the folks on the phone had no idea and there were no notes anywhere. I could have challenged the increase but it was just easier to get a new policy with the same insurer; my new policy dropped the premium by about 30% from the original price before the proposed increase (crazy eh? same insurer, same cars, better coverage). The only thing I can think of is that the insurer somehow found out about a track day that I attended months before and decided to jack up the premium, which seems extremely shady. I registered on motorsportreg and bought track insurance from OpenTrack. I am preparing to attend another HPDE day and I'm worried about the same thing happening again.

Anyone else have a similar experience?

They would of dropped you not raised your rates.

 

[galaxy]

How long ago were you 16?
I’m 61 and was on my parents policy at 15 1/2 years old, no choice. I paid for the policy as soon as I could work A real job...two weeks after my 16th b-day.
Another funny thing. I’ve been with Allstate all these years. I’ve checked many times just to please my wife. Nobody has ever been able to beat the premium amounts, coverage and customer service. My current agent has been with me almost 40 years.

I turned 16 in 1986, and at the time, Nationwide would give me my own policy. Worked and paid my own as well. Had great parents, but no choice on this topic if I wanted to drive, LOL. I’m quite sure it was a teaching moment more so than the money or dad being an ass. Funny story, I was with the same agent my dad was with for a gazillion years. I stayed there for years and years until I was able to get USAA, which was about the same time I learned there is no benefit to loyalty with insurance companies any longer. I think that left with technology and lack of need for an agent. But that’s just my $0.02.

I bet USAA will beat your rates, but it’s almost not fair to brag about as not many people in the country have access. They smoked anything I’ve ever shopped for on home and auto.

 

[EFI]

If this was the case, then I'd say we would see alot more of such events happening. I've been trackign 5-6 times a summer for 4 years and I buy the insurance every time...yet I had no major or immediate premium changes.

14% is not a terrible jump, I see that all the time. And as you just said, something else fishy going on here because you just got a new policy with the same company as the same driver with the same car and it came up 30% less. That just means companies purposely jack up the price hoping you don't go shopping around. It's usually a smart thing to do that every few years to get the best bet as companies always charge new customers less than existing ones, much like cable companies.

 

[shogun32]

I bet USAA will beat your rates, but it’s almost not fair to brag about as not many people in the country have access. They smoked anything I’ve ever shopped for on home and auto.

I'm sure it differs in geography as well. USAA is rotten for motorcycles and they can't touch GEICO for auto and renters.

 

[Shift]

My yearly premiums with Amica went up nearly 40% out of nowhere. No tickets, no accidents, no track days, absolutely nothing. When I asked them why, after a lot of back and forth with their superiors, the only excuse they could give me is the car went into the higher risk category. Switched back to Allstate, and it's been very reasonable with no surprises.

 

[svttim]

My experience is with State Farm. I have an agreed value policy with them but, they do not insure the car for HPDE events (I asked). No risk to them so no changes in rates. I us On Track insurance out of New York for track events. They are a bit cheaper then the others and have a great record. I believe the Allstates and State Farms may be a few pennies higher to begin with but, I have had no games played for over 40 years.

I have seen where Progressive (as an example) has sued their insured after a fatal accident (the insured) so they would not have to pay out

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