Track Insurance - How Much?
05-05-2018, 07:27 AM
#1
Rennlist Member
Thread Starter
Track Insurance - How Much?
I realize that this is one of those personal risk tolerance issues and there is no right answer, but as a noob I am impressed by the collective wisdom here and value your input. What proportion of your car's value do you insure at the track? Heading to my first HPDE event at NJMP in a couple of weeks. It's a paced, no passing beginner event and from everything I can ascertain, about as low risk as one can get for HPDE. Car is a new 718CS, value about $78k. Fully covering it will run about $434 for the event. It's fully paid and if totaled, would't affect my personal finances or security in any meaningful way (assuming my body wasn't correspondingly totaled.) My common sense approach is to split the difference and insure for $25 - 30k for $170 - 190. That hits my comfort zone of not pi**ing away money on insurance but offering me some peace of mind. To give you an idea of my perspective, I've always looked at most insurance as legalized gambling with very poor returns. What do you guys do?
05-05-2018, 10:13 AM
#2
05-05-2018, 10:20 AM
#3
Registered User
You can't get insurance for half the value, I asked. If you insure a 80k car for 40k and you total it causing 20k in damage, you get a check for 40k and they get the car...
05-05-2018, 05:00 PM
#4
Rennlist Member
Thread Starter
Not sure I follow you..........what do do mean by 'total it causing 20k in damage' ? Do you mean I destroy the car and cause $20k in property damage to another car or the facility (ie a $100 k total incident)? In that case, all I would expect in that scenario is a $40k payment - 20k to me to me and 20k would cover the losses of others.
If you mean I 'only'cause 20k in damage to my car, I would expect a 20k check to repair my car which I retain. Please elaborate.
05-05-2018, 05:32 PM
#5
He's basically saying they have option to pay you the entire insured amount and keep the car. Taken to extreme. You insure for $10k and file a claim for $5k on and $80k car. They pay you $10k instead and keep car. I don't know this for sure but that's how I read the reply.
05-05-2018, 06:35 PM
#6
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Also, the odds of anything happening to your car at an NJMP lead follow no passing first time on track event are very small.
If you will sleep better at night, then insure the car. If not, then don't.
Agree with spruden.
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05-05-2018, 07:14 PM
#8
Rennlist Member
I too am new to Porsche cars... and would like to visit a track for the first time some time this summer. So, i’d be in for a DE day, at first. I will take the above under advisement.
But, I am wondering about Autocross?
Seems novices can go straight to Autocross without a ‘learning day’. Do people tend to buy ‘track insurance’ for Autocross (assuming autocross doesn’t fall on a track day)??
But, I am wondering about Autocross?
Seems novices can go straight to Autocross without a ‘learning day’. Do people tend to buy ‘track insurance’ for Autocross (assuming autocross doesn’t fall on a track day)??
05-05-2018, 08:26 PM
#9
Registered User
He's basically saying they have option to pay you the entire insured amount and keep the car. Taken to extreme. You insure for $10k and file a claim for $5k on and $80k car. They pay you $10k instead and keep car. I don't know this for sure but that's how I read the reply.
you can't insure a 80k car for 40k in coverage. If you chose 40k in coverage, it's written as that is the value of the car. So, if your damages exceed half that amount, I suppose the insurance can total it and they now own your 80k car for 40k.
05-05-2018, 08:32 PM
#10
Registered User
I too am new to Porsche cars... and would like to visit a track for the first time some time this summer. So, i’d be in for a DE day, at first. I will take the above under advisement.
But, I am wondering about Autocross?
Seems novices can go straight to Autocross without a ‘learning day’. Do people tend to buy ‘track insurance’ for Autocross (assuming autocross doesn’t fall on a track day)??
But, I am wondering about Autocross?
Seems novices can go straight to Autocross without a ‘learning day’. Do people tend to buy ‘track insurance’ for Autocross (assuming autocross doesn’t fall on a track day)??
eventually, buying a dedicated track car makes sense. For 10k you can buy a very capable car, and if you have an accident, you are out 10k. Vs, 100k or so in a nice Porsche...
i suppose its its all about what ones financial risk tolerance is. Would totaling a 100k car financially wipe out most people on this board? No. But it would still be an awefully painful moment that would impact most everyone.