Physical Damage Insurance for Racing

I'm aware of a few prior threads on the topic, but IMO they need updating.

I am interested in physical damage insurance, for a 430 Challenge car, for amateur racing - SCCA or FCR, for example. NOT drivers ed, track days and the like.

It's easy to get storage and transport insurance. Had it myself through Heacock.

It's possible to get insurance for track days and DE.

For wheel to wheel racing, I haven't had much luck.

For example, motorsports insurer WSIB, given a projected schedule of 9 SCCA races, a $20k deductible and max coverage of $200k, came back with tentative premium pricing of ....

No, I'm going to make you guess. Let's see if anyone comes close.

I have another quote at around $15k premium, with a $20k deductible, $200k coverage, unlimited days on track. FYI $200k coverage is their number, not mine. The market value of the car seems irrelevant.

So far - two quotes.

K&K says it doesn't have a product that will cover what I want to do.

Have checked a number of other sources, though I don't have my notes with me as I write this. I'm inclined to self-insure. Ideas? No lectures, please, I've been doing this a long time and am well aware of the risks, as well as the special circumstances associated with Challenge cars (the controlled availability of 430C structural parts, for example).

Years ago I insured a 911 for PCA Club Racing, value of the car was maybe $50k, premium was $3500 or so for 30 days on track - but that was a long time ago, and I can't imagine the insurers' experience with racing has been very good.

Thank you, Will

 

"You are basically asking an insurance company to take the risk that you don't seem to be willing to take in what is the classic definition of a high risk sport. Not many companies are willing to take on that risk.

If you can't afford to wreck it, don't race it... "


Take another look at my first post, specifically this part:

No lectures, please, I've been doing this a long time and am well aware of the risks, as well as the special circumstances associated with Challenge cars (the controlled availability of 430C structural parts, for example).

 

You stepped on the punchline with your $100k guess!

I thought the quoted premium was so high it was funny - couldn't imagine anyone would pay it. Then you guys came in with your estimates ...

Quote was $40,000.

Knowing how easy it is to do $40k damage to a 430C, I suppose I shouldn't be surprised.

Thanks to all for comments and suggestions. If I find anything, I'll post.

 

I'll just self-insure.

I suspect their claims history has been grim. If one had contractual obligations to field a car, it might make sense.

 

Peter, Cap Coverage places their insurance through WSIB. Patrick at Cap Coverage has been extremely helpful, but WSIB's premium quote is $40k, just doesn't make sense for an amateur who can self-insure.

Thanks for the heads up.

 

With my mad skilz, what could go wrong?

 

Based on my inquiries, there seems to be little reason to do anything other than self-insure.

Notwithstanding the bravado here, what I have actually seen at many tracks in many series is that there's a lot of swagger until things go wrong, and then there's a lot of blaming and whining. Having done this more than many, and being well aware of the risks, I thought a survey of the insurance market might be worthwhile. Had a 911 insured for PCA Club Racing perhaps 10 years ago, it appears the market may have tightened. I sense that the insurance situation would be better for my '05 996 Cup Car than for the Ferrari, for perhaps obvious reasons. I may find that I miss formula cars and sports racers for more reasons than just the slow, heaviness of the sedans.

 

What some brokers call STP (storage, transport and paddock) insurance is readily avaiable from a number of companies. I had a 430 Challenge car covered by Heacock for a while.