Spinout

Are you sure it's really $10k and not a 10% deductible?

I purchase a policy for every event. Through OTI it's relatively inexpensive. I insure my car for $38k which costs me about $213/event. I've never needed it and hope not to but that's how insurance works.

I get it knowing that if I (or someone causes me to) ball up the car, I can plan on getting another without dipping into my alternate finances.

I think my lap times dropped slightly as well once I started adding coverage...

himself

I use it every event. I had an incident years ago and it paid out.

It's a kings sport. Everything costs money. Car, tires, pads, rotors, gas, helmet, etc. etc. Add track insurance to the calculus and stop worrying.

-td

SuperPenguin

Reminds me of a quote I saw here on RL

"What part of racing Porsches did you think would be inexpensive - the racing, or the Porsches?"

phrogpilot

I purchase track insurance before every event. It takes very little to, in your case assuming a 10% deductible, to ring up $6k in damage. As an example, a friend of mine had a Hoosier R7 delaminates at very high speed. Considering what could have been, the damage to his 997.1 Turbo was minimal. Nonetheless, that little damage resulted in an $18,000 bill.

rjshar

Great quote. I do have to remind myself of things like that often. Glad to get so much input from everyone too, thank you all for chiming in!

rickdogg82

I am pretty sure Event or Experience has morphed into Education. NASA references all three terms.

http://nasa-se.com/hpde.php
(heading and first sentence)

https://www.nasaproracing.com/hpde/

Linnm

Down my way you also are liable for track damage

Hella-Buggin'

I always buy track insurance. I use ontrackinsurance dot com. I didn't used to buy it but I had a very scary incident with another driver passing me once. It was a 997.2 turbo and although I was faster in the turns, the power on the straights was making up those gains on me. I gave the point by on a short straight before a long sweeper. I pointed and eased off the throttle. They hestitated and then proceeded to go for it anyways by cutting me off at the apex of the turn. I had to slam on my brakes and go off the track on the inside of the apex. They got about six inches away. I happened to have an instructor in the car with me who was livid. Not with me but with them. Il was rattled to I went in early and he went up and chewed them a new one.

I decided at that point that although I'm confident in my abilities and don't foresee anything happening... There are still mistakes, accidents, and the consequences of other's mistakes and accidents that are possible.

I don't usually insure the whole cost of the car. Just enough that would cover a nice starting point to replacement that the wife won't kill me over.

rjshar

If you can under insure, that's a sweet deal. I would confirm with an underwriter that you're not breaking any of their underwriting rules by doing that though. Frequency decreases as sevrity increases, so by under insuring, you're ceding a layer of loss to an insurer with a higher frequency than they are probably pricing for.

3Series

Cool. Many interpretations. I also see Autocross going away in favor of it being named Car Control Event. I'm not just talking about Car Control clinics, with skid pad, exercises etc...

3Series

I was wondering about that. There's not much on the On Track Insurance site and that site just lets you plug in a value without specifying the car for a quick quote.

rjshar

I'm sure they'd do a prorated payout, like you have 30k in coverage, vehicle is worth 60k, and you experience a loss of $20k... They probably will pay [20k - (60k*10%)]*(30k/60k)=7k

I think most homeowners policy have an 80% coinsurance clause, meaning that unless you've insured 80% of the value of your home, a formula like the one above will kick in.

dasams

I started tracking three years ago and don't feel the need for insurance if you pick the right track and the right group. I started at Thunder Hill that has a lot of run off room and only one wall along the main straight. I also run with PCA or Hooked On Driving both of which teach safety first.

As an example of how not to do it, I signed up with NASA at Sonoma. Lots of walls and an overcrowded combined beginner/intermediate run group. What a cluster! Saw two cars hit a wall in the same session. In the video, we were being held up by an A-hole in a Cadillac that refused to let anyone by. It was very crowded but you can't see that since they were all stacked up behind me. The Toyota in front of me, frustrated by the Caddy, took off after he got by (notice how quickly he builds a gap to understand how slow the Caddy was) and then hit the wall at turn 8 (1:46). The session was black flagged and I went home. As others have said, NASA is great for experienced and racers but not so much for beginners. Dave

See

Hella-Buggin'

That's exactly why I don't usually do Sonoma. It's close to the area so everyone shows up and there aren't many passing zones that beginner's feel comfortable with pointing by. If they're even competent to do that.

As far as undervaluing my insurance info. The company I go with is stated value. I base my estimated value on what I would pay for a car like mine. Not what it would cost me to replace it necessarily. My car is an 06 with 80k miles on it that has seem some glorious track days. I see 06 S cars listed from anywhere from 30k-45k. Mine isn't special by any means in terms of options and given the milage and what not, I insure it based on what I would pay for my car. I don't think there's any malice or fraudulent behavior there. I'm not valuing it at $5k or anything crazy like that. Sorry if my initial post represented that notion.

-M

Spiffyjiff

if you can't afford to ball up your car and walk away financially/not care, then you should seriously consider insurance. i've seen plenty of incidents but only about 1/2 of those are from people who put it into a wall because of (momentary lack of) skill. the others are deer strikes, tires coming apart/rollovers, other's coolant/fluid spilling which sent the cars behind into a spin, brake failure, etc etc and the list of "i never even thought of that" goes on an on.

for you gamblers out there, never put money on the table that you can't afford to lose.