ca993twin

I recently got a "stated value" collector car policy for Rufus from State Farm. I read the policy very closely (as much as I could) and there seems to be no exclusion for track use. Huh? Might this tip me over the edge? I may need to update my leather helmet and goggles.

MarkD

cool!
I had always heard state farm had a track exclusion

go go go!

JPS

Didn't as of 2009. Ahem. I won't say how I know.

What is "stated value" though?

Ed Hughes

I'd ask the specific question of the insurer. I can't imagine a company like that not excluding track coverage. It used to be non-timed track days were covered, but why would a company expose themselves to claims from damage on a racetrack, without charging something more. Could be a rude awakaning, if you made an assumption and had an issue. I've had stated value at Allstate for sometime now, and I know they make the exception.

But, who knows, maybe you're right.

ca993twin

In my case, the car is inspected and documented, and we agree on a value that may be very different from KBB. I pay according to that value. Its a collector car policy and they will watch my annual mileage. This is not for a DD or a commuter car. The underwriter was quite aware of "Ruf" and Turbo R values. Because of its limited use, the insurance is VERY inexpensive.

JPS

How limited is the mileage limit?

ca993twin

Its not stated in the policy, but the agent said they prefer it around 2500 mi/year. If, over a couple of years, its substantially over that, they will probably cancel the policy at the following renewal.

Jeff96-993

I have State Farm too, for many years. Way back when there was no track exclusion except you could not be involved in a timed event or an event where winners were declared. So that left DE's as good.

A few years later I got a notice from them that DE's were no longer included in the coverage. It was pretty well announced at the time.

If they've changed it back, that message wasn't "pretty well announced". Or maybe it's just part of the stated-value policy?

ca993twin

I'm no expert, but it seems to me that any exclusion would have to be stated in the policy, or in an amendment to the policy. I would expect that some collector cars would participate in vintage car racing... but I can't seem to find any exclusion. Odd.

Jeff96-993

I'm recalling from memory here, so, ahem, bear with me. But it was in the policy, the original wording was timed event or declared winners, which was changed to something that said an event held on a restricted venue where timed events or declared winners occurred would not be covered.

I recall it because I discussed it with my agent. He did however offer to help all he could should anything "happen". Not sure what that meant, and luckily nothing ever "happened".

And his suggestion was to get the car to the nearest public road and make something up. Ummm????

I'll dig my policy out and look for it. Was such a big deal to me then, now I'm wondering if it's still there!

ca993twin

I remember something like that as well... and quite a few guys would register under false names so that they could have the timing and scoring, but could yank their transponders (or in my day, hour glasses) and say they weren't being timed if "something" happened.

TravisB

I just get track day insurance. It's not cheap at almost the cost of a track day itself, but it's peace of mind that A) I am 100% covered for an amount I've already determined, no questions, and B) after a claim, my normal insurance isn't effected. I asked my State Farm agent about DE's twice and they've always said I'm covered as long as it's not racing, but I'd hate to find out the wrong way that they're mistaken (or have the claim covered and have them drop me all together afterwards!).

JPS

I suppose I should check again, but at the time, it was timed or prize, yes.

2Many Cars

Usually if a "captive" agent (the agent is an actual employee of the insurance co. - as opposed to a broker) tells you you're covered then the company is bound to the coverage. Obviously it helps to have it in writing. Now cancelling you after a claim is another issue.

I wouldn't suggest trying to make your track "event" look like a road accident. That's insurance fraud which can trigger jail time and you can pretty much bet with all the track witnesses the insurance company will find out if they want to.

Resident Sicko

I used Haggerty for my previous- A 2002 Superchaged Honda S2000. However to my suprise, they do not "insure" Porsche 993s. "Too common" was their reasoning for it NOT to be in their list.

So I moved to Gieco and had a secondary policy draw up to reflect market value over KBB.