Farmers Suck, but AmEx sucked even worse
#46
Nordschleife Master
black shadow: those words do not exclude DEs. As you said they are very careful to explain what they do not cover. 90% of the tracking I do fall outside their discription
#47
Originally Posted by LVDell
Glen, I have no doubt that they have pain claims but you (not you personally, "you" in general) have got to be a gambling type to send your $$$ in to a company that has the above LEGAL DISCLAIMER. So the minute they realize they aren't making money anymore and then a potential flood of claims comes in they can just refuse to pay, pack up shop, and leave. Not a company I would ever do business with. Personally, I self insure. If at some point I am not comfy self-insuring the GT3 for my activities, then I need to either stop tracking it or move to something I can wad up into a wall and never look back with regret.
#48
Quote:
Originally Posted by LVDell
Lewis, no way in hell would I insure for DE with a company like that. First red flag from their website:
The coverage you are requesting is from an insurance company that is not licensed in the United States of America or Canada.
This company is called a "non-admitted" or "surplus lines" insurer. This company is not subject to the financial solvency regulations and enforcements which apply to State, U.S. or Canadian licensed companies.
The insurance company does not participate in any of the insurance guarantee funds created by State, U.S. and Canadian law.
Therefore these funds will not pay your claim or protect your assets if the insurance company is unable to make payments as promised.For additional information, you should contact your insurance agent/broker, " surplus line" broker, the State Department of Insurance or Provincial Insurance Commission.
LV, they pay claims and have a great reputation in the racing community for paying on their race insurance. Just FYI. Peter Sereda handles the Race Insurance(is at Daytona now)and Epringham handles the DE side. Another option is Greg Loles of Farnbacher Loles has an additional race insurance option, not sure on the DE side but likely available for that also. Through Allianz of Germany if I remember correctly.
I know nothing about this company but non admitted and surplus lines insurance companies are very common and most are good. Lloyds of London is a good example. Most major "admitted" insurance companies also have "non-admitted" companies for certain risks as well. It allows them to have more flexibility on coverage and rates without having to file and lobby every state that has to approve them before they can offer the cover. Their not participating in the "guarantee fund" with a state also means you don't have to pay that tax on their premium as well. Ask some people how easy it is to collect from a government run "guarantee fund" when their underfunded insurance company went out of business.
Most important would be to check on their financials.
Originally Posted by LVDell
Lewis, no way in hell would I insure for DE with a company like that. First red flag from their website:
The coverage you are requesting is from an insurance company that is not licensed in the United States of America or Canada.
This company is called a "non-admitted" or "surplus lines" insurer. This company is not subject to the financial solvency regulations and enforcements which apply to State, U.S. or Canadian licensed companies.
The insurance company does not participate in any of the insurance guarantee funds created by State, U.S. and Canadian law.
Therefore these funds will not pay your claim or protect your assets if the insurance company is unable to make payments as promised.For additional information, you should contact your insurance agent/broker, " surplus line" broker, the State Department of Insurance or Provincial Insurance Commission.
LV, they pay claims and have a great reputation in the racing community for paying on their race insurance. Just FYI. Peter Sereda handles the Race Insurance(is at Daytona now)and Epringham handles the DE side. Another option is Greg Loles of Farnbacher Loles has an additional race insurance option, not sure on the DE side but likely available for that also. Through Allianz of Germany if I remember correctly.
I know nothing about this company but non admitted and surplus lines insurance companies are very common and most are good. Lloyds of London is a good example. Most major "admitted" insurance companies also have "non-admitted" companies for certain risks as well. It allows them to have more flexibility on coverage and rates without having to file and lobby every state that has to approve them before they can offer the cover. Their not participating in the "guarantee fund" with a state also means you don't have to pay that tax on their premium as well. Ask some people how easy it is to collect from a government run "guarantee fund" when their underfunded insurance company went out of business.
Most important would be to check on their financials.
#49
Nordschleife Master
You missed my previous point which I stand by 100%. The fact they if they get in too deep (ie, rash of claims) they have ever chance, and would, bail since they are NOT bound by the laws of the US or Canada. I have no doubt they pay their claims (right now), but rather it is the future that worries me.
That is a risk I am not going to take.
That is a risk I am not going to take.
#50
Race Director
Join Date: Oct 2004
Location: KC ex pat marooned in NY
Posts: 13,005
Likes: 0
Received 17 Likes
on
17 Posts
Dell, I hear you, but the problem with self insuring isn't so much with wadding up your car, it's the liability of 'others' involved and your hard earned assets. I still plan to take my TT to the track, but far less than in the past, partly due to insurance issues.
C
C
#51
Rennlist Member
First on LaurelDE I have had experience with them and they were just super in every respect .I'm sure they are very professional about their business .I'm not concerned about them not being admitted anywhere.I believe they also have an insurance program for racing that has also been around for a good long while.Their Rep; Dave Epringham Placed fifth in the GT clas at Rolex!!
Secondly be clear about the Liability Issue; Laurel DE doesn't offer this kind of coverage they only cover damage to your car. Cheers HOM
Secondly be clear about the Liability Issue; Laurel DE doesn't offer this kind of coverage they only cover damage to your car. Cheers HOM
#53
Spoke to the Agent who confirmed with State Farm, they WILL cover DE days (Do not take my word for it, but check your own policy) provided it falls outside the disciption of "competing in or practicing or preparing for any prearranged or organized racing or speed contest"
Sorry for the delay, just spoke to him today.
Sorry for the delay, just spoke to him today.