[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.
Work 3: 323-938-3721 xt. 128