Insurance

#1

Are we required to carry any type of liability insurance on our cars while driving in NASA events? How about other events like BMWCCA HPDE?

#2

No insurance is needed, although I’ve heard of companies that do offer race-car insurance. I don’t know of anyone that is insured.

I’ve heard of insurance companies paying for repairs on HPDE cars, since it’s a driver’s education - but then the company drops the driver after paying the bill.

-Vic
#325

#3

victorhall wrote:

[quote]No insurance is needed, although I’ve heard of companies that do offer race-car insurance. I don’t know of anyone that is insured.

I’ve heard of insurance companies paying for repairs on HPDE cars, since it’s a driver’s education - but then the company drops the driver after paying the bill.

-Vic
#325[/quote] Best advice I can give is read your policy…the real policy, not the summary. Particularly the exclusions. Ins. companies are taking to exclude anything on a racing surface regardless if it is driver education or not.

#4

everybody that participates signs the waiver that says that you won’t sue anybody else (or don’t have the right to), (gross paraphrasing here)

For BMWCCA driving schools, there is a similar waiver. AFAIK, there is no requirement to have liability insurance or for it to be a street legal, licensed and insured car to participate. Just has to pass the safety tech inspection. There was a writeup on the insurance situation in the latest ‘News from National’ that can be read on the bmwcca.org site.
bruce

4bimmers wrote:

#5

That’s basically what I thought but I have got a car that I can’t get registered for street driving and hence can’t get insurance so I wanted to be sure I could still drive it on the track. Of course this means getting a trailer to tow it. My wife’s gonna love this.

#6

Welcome to the party! With a new truck-thingy (Ridgeline) and trailer, the actual SpecE30 has been the least of my expenditures! And, my wife hates the trailer most of all.:blink:

Sasha

#7

Ex36 wrote:

[quote]Welcome to the party! With a new truck-thingy (Ridgeline) and trailer, the actual SpecE30 has been the least of my expenditures! And, my wife hates the trailer most of all.:blink:

Sasha[/quote]

lol! Just bought my tow vehicle last week, now I have to find a trailer. This is an expensive hobby and I haven’t even started racing yet!

#8

I have USAA and they do not cover any track events, timed or not timed. They do contract with another company to provide racing insurance. I haven’t looked into it as my car is not ready yet.

#9

M3Bill wrote:

[quote]Ex36 wrote:

[quote]Welcome to the party! With a new truck-thingy (Ridgeline) and trailer, the actual SpecE30 has been the least of my expenditures! And, my wife hates the trailer most of all.:blink:

Sasha[/quote]

lol! Just bought my tow vehicle last week, now I have to find a trailer. This is an expensive hobby and I haven’t even started wrecking yet![/quote]

fixed it for you Bill. :wink:

#10

We have race car insurance for in the garage, on the trailer to the track, and in the paddock, but once it hits the hot pits, it is all over.
Ed

#11

edavidson wrote:

[quote]We have race car insurance for in the garage, on the trailer to the track, and in the paddock, but once it hits the hot pits, it is all over.
Ed[/quote]

Ed, who do you have your coverage with? In NC I don’t think it is easy to get this type coverage or its just cost prohibitive.

#12

4bimmers wrote:

For BMW CCA, it depends on the chapter. Based on looking at their event registration requirements, some insist on street registered cars with evidence of insurance.

However, Peachtree chapter (which I help run) does not require this, and unregistered (race) cars are allowed.

Peachtree will be more diligent in the future in advising participants to make their own determination with their street insurer as to coverage if that is important to them, however.

#13

http://parishheacock.com/content/

#14

OK, I’ve done a TON of research on the subject because I not only own 2 "race track" E30’s but also own an insurance agency that pays for the hobby!

Ok, ask your questions and I’ll do my best to answer them directly!

As an independent agency that represents many comapnies, I have talked to all about the different aspects of "track events" and here are the basics.

All of the companies we repensent (and that is many) say that HPDE’s are covered. Now let me be clear here, HPDE’s are NOT timed events and are NOT training or preparing for racing! These are to make a driver a better insured!

Insurance is a state by state issue and each state can and likely is different. There are 4 states that don’t use the insurance industry standard (ISO) personal auto policy. I can’t remember all 4 but NC is one of them and the NC Commiss of Ins. does not allow any exclusion for ANY track events to be in a NC personal auto policy. What this means is that if you have a car that is insured, you are covered. Now that being said, all of my underwriters say they TRY to rule out "race cars" in the underwriting process but are ok with HPDE cars! Another word, if you have ANY car on your policy, it’s at least covered for one wreck! More then likely, any company will cancel you after one "race track" wreck.

I have been successful at getting a Ferarri covered that wreck at VIR and then was cancelled by State Farm, a $85,000 claim, but it’s never easy!

Ok, I need to start the grill, but please feel free to ask any specific question and I’ll do my best to answer or find the answer.

#15

OH, BTW, you can always call, Hall Insurance Associates, Inc. Winston Salem, NC 800-764-3456 or my cell is 336-749-0340. Call me if you need anything!

Jeff Hall
White Dog and Red Dog
www.rowdydogracing.com

#16

jhall1957 wrote:

[quote]OH, BTW, you can always call, Hall Insurance Associates, Inc. Winston Salem, NC 800-764-3456 or my cell is 336-749-0340. Call me if you need anything!

Jeff Hall
White Dog and Red Dog
www.rowdydogracing.com[/quote]Great info…thanks for posting about your profession…

#17

edavidson wrote:

I have the same insurance, it costs 1% of value per year. Make sure you tell them your car is worth $25000 because the minimum they will charge you is $250, so if you tell them 15000 they will still charge you $250 a year.