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What are you guys doing as far as theft insurance?
With a full garage, I’m considering putting the E30 on the trailer and storing it at my office. I have coverage on the trailer because it is tagged and street legal. But, I would hate to have the car and the trailer stolen (currently with no insurance on the E30), I would be SOL.
My homeowners insurance covers the contents of my trailer. I’m not dead sure that covers the SpecE30 tho. It might take some doing to get an insurance company to understand that a race car is “trailer contents” just like a golf cart, and not the common auto-daily-driver that they are accustomed to.
There’s some slick gps devices you can get now for cheap. Like one that alerts you if your trailer is moved.
Gee…it we only had an insurance guru on the forum that could answer this question for us! :whistle:
[quote=“CMBeamerM5” post=82536]What are you guys doing as far as theft insurance?
With a full garage, I’m considering putting the E30 on the trailer and storing it at my office. I have coverage on the trailer because it is tagged and street legal. But, I would hate to have the car and the trailer stolen (currently with no insurance on the E30), I would be SOL.[/quote]
Be careful about where you store things and what you “think” is covered. Most people don’t read their policy and don’t really understand what it covers and what it doesn’t. So here are the basics:
Your auto insurance company should be able to provide the comprehensive and collision coverage for the physical damage or theft of the trailer, itself. The liability is extended from your tow vehicle. Most of your tongue box or enclosed contents will be covered as “personal property” under a homeowners or tenants policy, if you have one. If not, you’re SOL. Also, for those that think you can just keep your race car on your personal auto policy, each state is different and you should know what your carrier is that state allows. In CA, once they learn it is a caged and registered (log booked) race car, you’re coverage is done as far as I have been able to find. So speak with your Agent or Company and make sure you understand how the coverage may or may not be impacted.
Ranger is going to be surprised when he finds out that the vehicle is not only not considered “contents,” but is specifically excluded from coverage under the Homeowners policy. (Just poking some fun at ya Scott.) I think he knows this, but some may really try to argue that point.
The good news is that one of your fellow racers can help. I work in the insurance world and offer coverage for an “STP” (Storage, transport and paddock) type policy that addresses your concerns. You will get coverage for the car while in transport to and from the track, while in storage and while at the track for your liability in the paddock and the car while on the grounds. However, once the car hits the track, your coverage stops.
I hold coverage for a number of Spec E30 racers and will help any of my fellow racers if they want/need the coverage. Also, f you fear calling and asking any questions of your Agent or Company, call me and I will give you some creative ways to ask the questions you want to know the answers to without exposing your risk to them.
Steve Stepanian
Work 3: 323-938-3721 xt. 128
After things were stolen from my trailer twice a few years ago, I tried to get theft insurance on the race car and had zero luck. My homeowner’s policy covered tools, an air compressor, and a GoPro camera, but did not cover anything that the insurance company considered to be an automotive accessory (wheels, tires, helmet, etc).
There are different places to get coverage and different rules for each Company. What one company won’t cover, another one just might.
Also, PLEASE REMEMBER THAT COVERAGE IS NOT UNIVERSAL FOR MOST CARRIERS AND EACH STATE HAS THEIR OWN RULES. I can’t stress that enough. Just because it was not covered in one state doesn’t mean it won’t be in another. For example, standard policies in a number of states exclude coverage for your street car if you are on a racing surface regardless of the reason. However, in South Carolina, there is no such exclusion that the SC Dept. of Insurance recognizes.
As far as property coverage, the contracts are more standard and are most likely very similar.
Fishman, I am not sure where you are, but I question the fact that your helmet was not covered. Wheels and tires held in storage (meaning not on the car) is questionable, but your helmet, suit, etc. is clearly personal property. Just because it can be used in conjunction with something automotive does not appear to be a reason not to cover it. Hell, your air compressor was used to fill race car tires or power air tools to work on the race car, so why would that be covered and not your helmet? You could use your helmet for a number of things other than racing and the helmet is not a permanent part of the car or trailer either. Floor jacks, tools, race gear, camera’s etc. should be covered. I would love to see the grounds under which they denied coverage for your helmet. Usually the Carrier is required to send you a formal and written notice outlining exactly why it was not covered. If you are still within the statue of limitations you may still get the insurance company to cover it.
Let me know if you need help.
Heacock and the other classic/collectible insurers offer STP policies on a rate that is basically a % of the declared value of the trailer, contents, and car. My annual policy cost is about 1.5 tires so to me is a no-brainer.