Insurance Question

#1

As I prepare to buy a trailer, I was figuring it might be foolish to carry insurance on the car (well, maybe not foolish, but that’s the bargain I struck with my wife). Anyway, I’m concerned about the theft of the car and trailer that was recently posted here. I don’t care about keeping the car street legal, and I don’t expect anyone to cover the car while I’m racing, but in the unfortunate event that the car is stolen, I want to have coverage. Does anyone know of coverage such as this, and in particular coverage that would pay for the value of my modifications (about $11K total)? Ric? My State Farm representative just told me that my current policy with them is essentially worthless; it simply lets me operate the car on the street legally, but they won’t cover the car for any of the modifications made. We all know that a basic, stock E30 street car is next to worthless in terms of book value, and that’s what they’d cover.

Thanks,
Sasha

#2

Look into it as a rider to your homeowners. You should be able to get coverage for it parked at your place. Ditto for when it’s in-tow. Trying to remember how the camping trailer insurance works, I believe that it’s part of your homeowners.

#3

motorsportcoverage.com apparently have a race car transport and paddock coverage type policy. Likely others do as well. This group is a sponsor of BMW club racing.
cheers,
bruce

#4

Sasha - search previous post on this issue. I believe in NC you have an unusual insurance situation regarding race cars. In VA, I have storage, tow, paddock coverage for about $250 yr. Covers agreed upon value - including modifications.
Ed

#5

Sasha,

Please keep us posted on what you discover. Thanks

#6

edavidson wrote:

[quote]Sasha - search previous post on this issue. I believe in NC you have an unusual insurance situation regarding race cars. In VA, I have storage, tow, paddock coverage for about $250 yr. Covers agreed upon value - including modifications.
Ed[/quote]

Ed,

You are correct. I contacted a well known insurance company that covers race cars, antique cars, etc. http://www.parishheacock.com/content/ and they told me that in NC if the car was less than 25 years old the premium rate doubles which would make it over $500/year. This still is not that bad considering the cost of a fully prepped race car.

  • Ken
#7

See post above.

No way you can add to your homeowners…sorry!

Ric

#8

edavidson wrote:

[quote]Sasha - search previous post on this issue. I believe in NC you have an unusual insurance situation regarding race cars. In VA, I have storage, tow, paddock coverage for about $250 yr. Covers agreed upon value - including modifications.
Ed[/quote]

Ed, your right about NC. The commis of Ins. does not allow those specialty carriers to write Business in NC unless your car is over 25 yrs old.

I will check with my Carriers today (I own an agency in Winston Salem) and see what the deal is.

#9

OK, I found the best market for what is called "off track and storage" coverage. Basically this covers your car if it’s stolen.

The first issue is that it’s hard (if not impossible) to cover "open" trailers. The second issue is that it’s hard (NOT impossible) to cover closed trailers where equipment is left on the trailer.

Once you cross those huddles, the minimum premium is around $1,000 per year but you can add on alot of misc equipment to the coverage under that.

If you want more details, let me know- jeffhall@hall-insurance.com

#10

All right another insurance geek on the forum!!!

www.bergstrom-insurance.net

#11

Sorry if you saw me offend any direct writers but it is nice to see another ins guy here. We must have too much time and money! HAHAHA

I’m independent in Winston Salem. Maybe see you at VIR?