docdan

As track season is full upon us, there is a question that is always in the back of mind as I purchase track insurance: How much coverage do I really need?

As many of you are GT3 owners, here is the hypothetical I'd like you work with:

1. Assume that your GT3 is fully paid off
2. Assume that if you sold it today, you could get $100K

Would you insure it and pay the premiums for $100K in insurance? I am thinking that if the GT3 in this example incurs more than $60-$70K in damages, who would want to fix that? It would be a total loss to the owner.

Sooo, if that owner had $100k in coverage, his insurance would have only paid him the $60K-70K for the actual damages that occurred, same pay out if the coverage was only $70K as well. However, cheaper premiums for the $70K coverage.

Is this logic correct or flawed?

thanks,

Dan

ChrisF

I guess it all depends on your tolerance for risk/loss. The fact that you're contemplating insurance tells me your not comfortable with a total loss walkaway. To me, you either cover it or don't. Saving a few bucks for a lower premium seems short sighted. YMMV.

seapar

Some require 90% of agreed upon value. Different deductibles will change your premium as well. 10% vs 15%

docdan

Yeah, I saw that Lockton requires 90% agreed value coverage - I'm not sure it was always like this. At any rate, it does kind of render my question moot, as the least coverage I could carry was 90%.

I'm not sure if the other track insurance companies require 90% agreed value coverage or not?

tcsracing1

Drive 7/10ths on the track and 6/10ths in the areas that do not allow for mistakes if you go off...

NAM VET

Even if a driver on the track is careful and trepidatious, damage and injury can happen. Some years ago, our Superformance group was running on the South Course at VIR, and a dad took his son out for a relaxed track tour, and another driver came in and swapped to new Hoosiers, and at the end of the straight, on cold tires, spun across the turn, and the two Cobra's smacked side to side, with damage but no injury. In retrospect, having cars on a track with different intentions is never a good idea. My son and I greatly enjoyed tracking our Cobra at various tracks for a decade, running 1/4 mile drags, the standing mile, just great fun for the both of us. Once, we drove out to Heartland Park, he ran a Cobra event, and he and I then drove 1100 miles back, straight thru, top off, never turned off the motor, an epic father and son trip.

But when I got our prior '07S Carrera three years ago, Chris ran it at Carolinas Motors Sports park one day, but I have not tracked any car since we sold our Cobra. For me, track is one of those "been there, done that" life experiences a person passes thru. I wasn't getting any faster, and besides, a track weekend is not cheap. I think as one gets older, at least for me, some of the more hazardous endeavors I used to do in my occupation and recreation no longer hold the attraction it once had. I don't get out a ladder and climb up on my roof any more. When I look back at my life, I have had too many "close calls" to temp fate any more. If I were a cat, I have used up all 9 of my lives.

Now, we are setting our car up for a 52 mile back and forth open road run in NE Nebraska this coming August, the Sandhills Challenge, our helmets are still "in date", and need to test fit the GoPro, and so forth. He will do the driving, as he is much better than I ever was.

All the best...