paver

oh well...it woulda cost you 125K to convert it to 5 lug

frayed

Lawyer and smart are independent. Trust me on that one.

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Overinsuring. . . are these stated value policies?

paver

if there is a total loss, I'm pretty sure you have to be able to support why you chose the amount that you did. And mods are worth their cost minus the price of the oem part they replace. Was just told that yesterday by Lockton. DOn't think you can insure a 50k car for 100 and expect to hit it big if you total it.

hf1

Of course not. They wouldn't stay in business too long if they allowed clients to do that. I was talking 20% tops just to be on the safe side, especially given the recent price trends with Mezger GT3 .

hf1

Yes

parkerfe

That is correct. So if you underinsured for $50k and the carrier pays that amount, they get your car...

Nick

I don't get that. If you can afford to buy a $150,000 track car you certainly can afford to buy track insurance whether for an event or season. Why would you not do that?

BTW, assuming you lease the car what happens if you do total it? Your on the hook for the full amount of the car if it does not have track coverage.

frayed

1. I've read many comments on this board about risking a 100k+ car on track. To me, to fully enjoy any car on track whether or not you have insurance, you have to be comfortable with losing the car entirely in the event of a catastrophic accident. I do not know how easy it is to deal with these specialty providers in the event of an 'event', but car forums are littered with threads of woe battling insurance companies for payment on claims. This is not to say that coverage is not prudent; I'm just saying if you cannot walk away from a wrecked GT3 on track w/o financially devastating you, you probably should be tracking something cheaper.


2. ??? Lease, pay cash or finance. . . it's all the same. 150k just went up in smoke.

Nick

Some guy's lease because they don't have the entire amount to buy the car.

The issue of shady insurance companies is a concern and something I will investigate closely before buying. That would include obtaining a specimen policy to review policy exclusions and terms. I still don't get the underinsured issue mentioned in an earlier post. Need to flush that out as well.

sqweak

Another +1 on lockton. They are the PCA and BMW CCA endorsed carrier. I used them for all of my track days last year. They frequently didn't have my group (POC) listed, but all it took was an email with link to the event calendar and they would add it & cover it for me.

+1 to Ontrackinsurance. The owner is a member here. I shopped them before I got started, but they too didn't have the POC events covered. They were prompt and friendly in phone conversations, but something happened that they didn't get back to me about adding my needed event and so I moved on.

(Note, lack of coverage for my group is not a fail on either carrier but on my group not working with them to get events ahead of time)

I pay ~200/weekend for $30k stated value (car + itemized mods, including engine swap) on my 76 3.2. IIRC I looked into covering my wife's 997 4S at $100k and it was about $6-700. There is a little wiggle room on rate for accepting a higher deductible (think it's 10 or 15%).

As already mentioned, the rate is per event so using it for multi day weekend events makes the most sense.

frayed

In my case the glaring problem with these policies is that they are event specific, and seem to only list well known events. Some of us, if located in the right area, have the option to join country-club style tracks where you get access to many open track days. These non-events are not listed. For example, slow day in the office, weather great, jump down and put a half day at your track.

I'll also probably get together with folks and rent COTA for a private track day, which of course is not listed.

Can the carriers handle one-off private track days?

paver

Frayed, talk to Fred Knuth at Lockton. He is pretty helpful. Will pm you his e-mail.

Nick

Good information! Thanks

frayed

Thanks Paver. Will let you know.

hf1

This is anecdotal, but I've only heard good things about lockton in terms of paying out claims. Tons of people I know at the track use them. The news would spread pretty quickly within PCA and BMWCCA if they started cutting corners too much.

On underinsuring, you could look at it as a very high deductible policy. If you insure a $70k car for $50k, just add the $20k difference to the (say, $5k or 10%) deductible for a $25k total deductible.