savyboy

Haha. I cannot deny I do love the track

15 events (each event can be multiple days) looks like approx 5% of insured value.

That is not a bad deal.

Carrera GT

5% is interesting, I was told 3% by another shop, but they might not offer coverage in this area.

I imagine you've checked with conventional providers for medical coverage -- do they still accept the medical expenses even if they don't cover the car for a DE?

In any case, I don't necessarily get 15 days and I can't remember the last time I was at a 3-day events at all. I do try for mostly 2-day events (it just balances the logistics overhead a little better than one-day events.)

As with all insurance, it's a matter of being able to absorb the total loss. I'm resigned to seeing the car sold as a smoldering pile of dung.

I'm mostly concerned about the medical coverage -- a chopper flight, a couple of specialists and a few nights in an ICU and you're looking at $200K just for starters, then a couple of years of therapy on a mangled leg or hand ... I wonder how much coverage for medical a provider would cover (eg. AAA or AllState, etc.) for medical costs or if they'd disavow the whole disaster area.

So medical is my main concern. Faak the car. : )

TAI2

No "Street Legal" question on the Application. Just asks for VIN #. Once the Application is completed on-line, you just pay with your CC and you are on your way. As you decide which events you are going to you just back on-line and add them 1 day before. Seems pretty easy.

TRAKCAR

I just filled in mine for a 12 event pack, car valued at $110K
"Your Premium is $4675.00"

If I read it right, max decutable is $5000.00 so not bad.

I think I might do that..

gottagofast13

This is Ryan Staub from Lockton Affinity/HPDE Insurance Program. We're not "making a killing" and we have a very good handle of our risk.

I've been participating in DEs for 10+ years and instructing for over 7 years; I am the Chief Driving Instructor for the Kansas City Chapter of BMW CCA and a PCA certified instructor. I put this program together in 2008 after a number of friends had DE incidents denied by their standard auto insurers.

I do understand the cost for coverage is prohibitive for some. That said, our rates are representative of the risk. Not sure about you guys, but I typically see an incident at every other event I attend (sometimes even more often). We work hard to only approve events that are well structured in an effort to avoid loosely run events that see higher incident ratios that would drive up the rates for all participating in our program. Also, we increased our deductible at the beginning of 2010 to avoid increasing our rates.

We are looking at offering higher deductible options in the future that would offer those willing to take on more risk a lower premium. Would that be of interest to you guys?

TeamDrugMoney

Yes, that would be of interest, obviously depending upon premium difference.

I have a question for you that might be of interest for others here also. When I had a WSIB policy it seemed that when you had a policy for like 6 events or so they would charge you X,XXX.XX. Then when you would add on events to that the additional premium paid per event was MUCH cheaper than the initial 6 events. For example the first 6 events priced out at lets say for arguments sake $500 per event and then the additional events added on were pricing out at like $200 per event, obviously bringing the total premium per event down at the same time. Is this how you guys structure your pricing also? Also another question would be if one is allowed to add on events during the policy?

Thanks in advance for any info you can offer!

Mike

Kerry

Ryan,
I've talked with Lockton and I really only have one problem with the coverage - the insurance coverage is limited to $100,000. Having just bought a new Turbo S, that's a problem.

Kerry Riley

Nizer

What Mike said.

savyboy

Hey Guys, if you go to their Multi-Event Online Sign-up you can see all this. It is set up so you use a drop down box to indicate your events whenever you like (so long as before event! ). You can go in and edit anytime, as much as you like. Very well done!

The quote I generated resulted in 15 event coverage for less than additional 2/3rd cost of the initial 6 events! so, yes, you get a compelling "quantity discount".

For example: $830/$1030/$1195/$1335 (6/9/12/15). This is an example and not an actual quote.

It looks like a very good offering to me I just want multi-car coverage!

TeamDrugMoney

Very good info. Question, just how long did it take you to do that online quote thingey for all those quotes? It took forever for me to just enter 6 events and could not imagine having to enter 12 events! For those who have not done this yet it asks you how many events you want coverage for then it asks you which track you will go to, then it takes time to refresh itself and then you have to enter which club runs the events and then it refreshes itself and then.....

OK, I feel better now getting that one out! LOL Well, actually the online process is very easy to use, but might just take a bit of time.

Savy, is this how you will cover your car? I think someone above said it only offers $100K. That won't even cover your drivers side or passengers side on the new one. Can you get two policies for one car? (Damn, too much caffeine this morning, sorry)

TAI2

Phew Mike, take a deep breath buddy :-). Thanks for asking for more details. I plan to load in my first 2-3 events and then edit as the season progresses. BTW, they do not cover events in Ohio (at least last year they didn't).

Well time to load the car and head off skiing for the weekend. Headed to VT.

Nizer

I don't know why you guys are worried about track insurance anyway. Haven't you heard that we east coast guys don't drive our cars?

gottagofast13

The per event rates go down for each level policy up (ie 9 event policy has a lower per event rate than a 6 event policy). You are required to schedule events on our online system for coverage to apply. You can access your account 24/7 on our website, but events must be scheduled before midnight CST the night before the event begins. The policy expires once your annual term has expired or when you have used all of the events in your package. You can delete events if you figure out you will not attend - this has to be done before the beginning of the event.

At this time we are not offering an option to "buy up" to a higher event policy after the initial policy purchase.

Hopefully this answers all of your questions (and more), but if you have other questions please let me know.

gottagofast13

We do cover events in Ohio for the multiple-event policies. To answer another question I saw, we have no issues covering non street legal cars.

gottagofast13

We do cover events in Ohio for the multiple-event policies. To answer another question I saw, we have no issues covering non street legal cars.