Contingency crash fund

#41

First of all- to the original poster- I think you’re being WAYYYY to sensitive and taking this thread WAYYYY to personally. You come across as a reasonable guy, you’ve obviously put alot of thought into this idea, you ask for opinions from those who would be involved and they shoot it down and now you’re pissed off about it…

I think the IDEA is good, but I agree with those who say it will not work. In your proposal, you say that all drivers will pay into the fund. So, if I don’t want to pay, I don’t get to race SpecE30, right? Then, if the fund runs out of money, everyone gets to pitch in some more. Sorry to risk your wrath, but it sounds like forced welfare ("really, Mr SpecE30 racer, it’s best for YOU"). Besides the one post by RMtroll- I did not see ANY rude replies to your posts.

PLEASE don’t stop posting, we need some new opinions around here.

Bret

#42

I’d like to know more about the "insurance" you guys talk about. Where can I get more info? What companies?
As far as the "crash fund", it sounds like a very nice idea, but not everybody is "nice". Just like everybody else, I just keep thinking of who would administer such fund, and who would determine if you get the money or not.
In a race environment is very difficult sometimes to find who to blame, even with every car having video. We do make lots of decisions in split seconds, and at the moment may seem ok, but then they are not, but our intention was not to hurt anybody. On the other hand, you have more "aggresive" drivers who take more risks, and they might get away with them 99% of the time, but one forced mistake can be very dangerous or fatal. What if the damaged car gets totalled and the driver hurt/dissabled/dead? Would the "crash fund" give the money to the widow and say "here is the money to fix the car"?
I really want to know more about buying insurance for my car/trailer and myself.

#43

google "parish heacock"
and "snelling walters" (may just be HPDE ins)
bruce

BETO wrote:

[quote]I’d like to know more about the "insurance" you guys talk about. Where can I get more info? What companies?
As far as the "crash fund", it sounds like a very nice idea, but not everybody is "nice". Just like everybody else, I just keep thinking of who would administer such fund, and who would determine if you get the money or not.
In a race environment is very difficult sometimes to find who to blame, even with every car having video. We do make lots of decisions in split seconds, and at the moment may seem ok, but then they are not, but our intention was not to hurt anybody. On the other hand, you have more "aggresive" drivers who take more risks, and they might get away with them 99% of the time, but one forced mistake can be very dangerous or fatal. What if the damaged car gets totalled and the driver hurt/dissabled/dead? Would the "crash fund" give the money to the widow and say "here is the money to fix the car"?
I really want to know more about buying insurance for my car/trailer and myself.[/quote]

#44

Several companies are out there that offer "off track and storage" coverage. Basically it covers your car and/or equipment when in storage or on the way to events. Please read them carefully because many have VERY tight requirements. I have seen some that require enclosed trailers, with alarms and then the car be stored in a seperate building, not kept in the trailer when at "home".

The Snelling Walters program is a good one, but just make sure it covers the events you are playing in. Chris Maume, the Snelling Walters agent, sold us our next car (Red Dog) and he and I talk quite abit. His lastest program is for HPDE cars and it does cover "on track" but ONLY for HPDE’s, not racing or TT. The premium is resonable at 3% of your insured value.

Please be aware that in NC, if you have your car on a personal auto policy, it is covered for track events. The NC Ins. Comm. does not allow a policy to be used in NC that excludes ANY track activities. Now, that being said, I won’t expect to wreck your brand new M3 and then turn in a claim without getting cancelled! I did find and write coverage for a Dr. that did just that to his Ferrari ($85,000 claim)but it was neither cheap nor easy!

Check around, read your policy, get it from a GOOD agent and do your home work, otherwise you may as well self insure!

#45

jhall1957 wrote:

Hey now, that guy is in Rocky Mountain… Let’s leave regional stereotypes out of it (at least until we can defend ourselves :slight_smile: - I’m sure we are all very much the same, and like any decent sized group of people there is going to be at least one like him.

#46

RMpilot wrote:

No reason why the forum moderator cannot remove this person’s account.

I am just catching up on the threas since I posted on Page 1 and it’s now on Page 5. Most people were politely critical of the plan (myself included I hope). I am sure that we all would like to have a dangerous, adrenaline-driving hobby that is also financially penalty free, but I don’t see the two co-existing. The only way to really lower the accidental damage bill is to lower the cost of asset to something like a mountain bike (although I am sure that there are several that cost more than my car!).

If you are going to race, you must accept the fact that damage WILL occur. What the odds are depends on a lot of things, some under your control and some not.

Kind of goes back to the old saying "There’s no free lunch".

'nuff said.

#47

RMpilot emailed me today (I emailed him last week to say hi even before the post in this thread). He was a little too caught up in the bf.c/e30 forum style of posting and is quite embarrassed. I told him we wouldn’t hold a grudge if he introduced himself, maybe threw out an apology, and we could start out on the other foot…
cheers,
bruce

erupert66 wrote:

[quote]RMpilot wrote:

No reason why the forum moderator cannot remove this person’s account.
[/quote]

#48

jhall1957 wrote:

[quote]
Please be aware that in NC, if you have your car on a personal auto policy, it is covered for track events. [/quote]

Just don’t let them know you have a cage. My local State Farm said they will cancel my car if they hear wind of a cage. "No longer a passenger vehicle," they say. I will be driving my truck there from now on. :wink:

#49

From a legal standpoint, I’d guess that anything that starts to smell like insurance like your idea would come under all kinds of state insurance regulations.

Not knocking the general good intent you have, but I think it’d be much more red tape than it is worth to really button it up correctly.

I am looking at this series because of its cap on expenses. Based on build costs of 8-20k, its probably one of the cheaper ways to reliably go W2W. Therefore, the risk is lower.

Lets face it, the only way to "insure" yourself in this game is to lower the exposure - that is about the best you can do.

#50

I had State Farm coverage on my car in NC until recently. I knew I wasn’t covered on the track, but I thought it was worth something in case the entire car was stolen. After a conversation with my agent, this appears to have been true, but not to any extent that it would help me out much; they would reimburse me only for a stock car. We all know that’s not much. It’s the seats, the harness, the cage, the suspension, etc. that are valuable. So the moral is, don’t just find out if you’re covered, find out what you’re covered for. Self-insurance is a better deal than what they were offering.

Sasha