Sad News for DE lovers
#1
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I just received a phone call from my insurance agent (and a PCA DE instructor) who informed me that from May 1, State Farm will no longer cover DE event damage. My guess is this will encourage all the other companies to follow suit over a couple of years time. Makes one a little more cautious about the track with no safety net.
What companies are sitll providing this sort of coverage? Does anyone but supplementary track day insurance?
Thanks,
Bill
What companies are sitll providing this sort of coverage? Does anyone but supplementary track day insurance?
Thanks,
Bill
#3
Three Wheelin'
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Also just bc State Farm didnt have it in the policy dosen't mean they would actually pay out for damages caused at a DE. Thats a fine line people walk when they claim damage at a track on they're "street" policy. Most other companies have already excluded DE's or ANY event that takes place on the track so if State Farm is doing this now they are last ones to be doing so.
Pony up the $$ for DE coverage or track at your own risk
Pony up the $$ for DE coverage or track at your own risk
#4
Race Car
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Business model is directed specific to the DE crowd...
http://hpdeins.locktonaffinity.com/Default.aspx
http://hpdeins.locktonaffinity.com/Default.aspx
#7
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Does this mean State Farm will reduce my rates by some equal amount to the risk/covereage exposure?
Yeah, I will wait by the phone.
I still cant understand why rates dont decrease as cars depreciate. Then again, there are lots I dont understand about insurance companies.
Yeah, I will wait by the phone.
I still cant understand why rates dont decrease as cars depreciate. Then again, there are lots I dont understand about insurance companies.
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#9
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AFAIK State Farm decided to not cover DE claims a year or two ago. And even before that, it seemed pretty iffy.
I now use track insurance and the piece of mind is worth the cost.
I now use track insurance and the piece of mind is worth the cost.
#10
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My agent has worked at least a couple of claims through State Farm. He is now saying that they are writing exclusionary language into all policies.
Boy, a weekend at the track gets pretty nutty by the time you factor in brakes, tires, DE insurance, etc. Sighhh.
Boy, a weekend at the track gets pretty nutty by the time you factor in brakes, tires, DE insurance, etc. Sighhh.
#11
RL Technical Advisor
#12
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But since the cost of total loss does decrease dramitically as a car depreciates their liability exposure also decreases meaning the insurance costs should be cheaper.
#13
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Also, as cars get older and they become more affordable to younger buyers, the fender bender incidents go up; thus, we all pay more. I saw this with my E36 M3 (it actually cost more to insure than a new 996!).
#14
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I'm guessing fender benders are a lot more common than total losses and these benders don't get any cheaper; at some point, they actually get more expensive.
Also, as cars get older and they become more affordable to younger buyers, the fender bender incidents go up; thus, we all pay more. I saw this with my E36 M3 (it actually cost more to insure than a new 996!).
Also, as cars get older and they become more affordable to younger buyers, the fender bender incidents go up; thus, we all pay more. I saw this with my E36 M3 (it actually cost more to insure than a new 996!).
#15
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What is the difference between Insurance Companies and bookies? The latter would have never covered the spread on sub-prime![Big Grin](https://rennlist.com/forums/images/smilies/biggrin.gif)
Premiums only decrease with market pressure (and after actuaries say it is prudent). Not happy with premiums, only option, shop it around. Also reevaluate you deductibles to determine what you can afford out of pocket and take on the risk yourself.
It is amazing how many people stay with the same provider over time and all the little incentives the providers offer to lock you in. It would be interesting to see the ration of customers leaving a provider versus being dropped by the provider.
![Big Grin](https://rennlist.com/forums/images/smilies/biggrin.gif)
Premiums only decrease with market pressure (and after actuaries say it is prudent). Not happy with premiums, only option, shop it around. Also reevaluate you deductibles to determine what you can afford out of pocket and take on the risk yourself.
It is amazing how many people stay with the same provider over time and all the little incentives the providers offer to lock you in. It would be interesting to see the ration of customers leaving a provider versus being dropped by the provider.