HPDE insurance
03-27-2019, 06:27 PM
#31
Wow, i just checked opentrack for 175k coverage on a 19 gt3 for 1 day at homestead and it came back with $588, much better than locton. What’s the catch, Steve, anyone?
03-27-2019, 08:12 PM
#32
I used open track for my 2018 991.2 GT3, same coverage limit, 2 day event was $840 in September. I don't think there's any catch. I had a 10% deductible. for a 1 day event like yours, $588 seems reasonable, given the cost of the car. good luck. (I have no claims experience with them).
03-27-2019, 08:20 PM
#33
Rennlist Member
They have a one day rate I guess however they use Stated Value not Agreed Value biggggg difference and they are really $658 when you add in the taxes and fees.
Stated value determines how the insurance company rates your vehicle, it does not necessarily determine how much the insurance company will pay you in a total loss. Insurance carriers word the coverage so that they are able to pay out the stated value amount or the actual cash value whichever is lower.
Agreed value you know in a total loss you will get the amount listed on the policy less your deductible. Stated value they pay amount listed or book value which ever is Lower. There program is also with a Non Admitted carrier more of an excess surplus lines carrier . Your states insurance department has little influence on them if you do not agree with the settlement. That's why they have to add tax on the quote and we don't.
Our rate on 175k Agreed Value is $1,038 on a package per event (1-3 days) no taxes or extra charges on top of that
Keep in mind we pay out on as many totaled vehicles as partially damaged. The cost to fix our cars is insane it doesn't take a big hit to total out a vehicle today
I always say ask your own trusted broker the importance of Stated Value over Agreed Value and Admitted vs Non Admitted Insurance companies.
Stated value determines how the insurance company rates your vehicle, it does not necessarily determine how much the insurance company will pay you in a total loss. Insurance carriers word the coverage so that they are able to pay out the stated value amount or the actual cash value whichever is lower.
Agreed value you know in a total loss you will get the amount listed on the policy less your deductible. Stated value they pay amount listed or book value which ever is Lower. There program is also with a Non Admitted carrier more of an excess surplus lines carrier . Your states insurance department has little influence on them if you do not agree with the settlement. That's why they have to add tax on the quote and we don't.
Our rate on 175k Agreed Value is $1,038 on a package per event (1-3 days) no taxes or extra charges on top of that
Keep in mind we pay out on as many totaled vehicles as partially damaged. The cost to fix our cars is insane it doesn't take a big hit to total out a vehicle today
I always say ask your own trusted broker the importance of Stated Value over Agreed Value and Admitted vs Non Admitted Insurance companies.
Last edited by Steve113; 03-27-2019 at 08:36 PM.
03-27-2019, 09:23 PM
#34
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I used open track for my 2018 991.2 GT3, same coverage limit, 2 day event was $840 in September. I don't think there's any catch. I had a 10% deductible. for a 1 day event like yours, $588 seems reasonable, given the cost of the car. good luck. (I have no claims experience with them).
03-27-2019, 10:50 PM
#35
Instructor
Steve, does On Track cover damage to the track such as tirewalls, Armco and such on your regular policy? Or do you need to take out the Liability coverage for this?
03-28-2019, 10:04 AM
#36
Rennlist Member
Up to $500 in damage . The real area we have seen big bills is the pollution clean up.
We provide up to $10,000. This where we have seen issues on large track bills for oiling and or dropping coolant on the track.
We provide up to $10,000. This where we have seen issues on large track bills for oiling and or dropping coolant on the track.
03-28-2019, 01:33 PM
#37
Addict
Rennlist Member
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I have been racing and tracking since 1970. Disclosure: I have raced against Steve and he is brutal! Very fast and a clean driver. I believe he runs his business the same way.
I have been buying his insurance package for the past five years. It is a great value and worth the peace of mind. Especially effective if you are doing a multiple day event, a real bargain.
I have been buying his insurance package for the past five years. It is a great value and worth the peace of mind. Especially effective if you are doing a multiple day event, a real bargain.
03-28-2019, 02:35 PM
#38
Racer
Looks like the only two options for time trials are Hagerty and Lockton. Got a quote from Lockton, but would like to find something less expensive.
03-28-2019, 02:55 PM
#39
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The Hagerty website seems to allow getting a quote for "collector's/classic cars", but I didn't see a quote tool for racing/track days. I called Hagerty and they said that a "specialist" would need to contact me. That was 2 days ago. Am I missing something on the website, or is a phone quote the only way to get more info?
Looks like the only two options for time trials are Hagerty and Lockton. Got a quote from Lockton, but would like to find something less expensive.
Looks like the only two options for time trials are Hagerty and Lockton. Got a quote from Lockton, but would like to find something less expensive.
Click the big green QUOTE NOW button on the upper left banner (https://ecommerce.rlicorp.com/HPDE/A...kQuote/Hagerty)
03-29-2019, 02:33 AM
#40
Race Director
I didn’t think they did 1 day. My 2018 GT3 $175k comes back always around $900.....this is for the weekend but I don’t do 2 days....way expensive!
03-29-2019, 12:21 PM
#42
Drifting
I actually had On Track a few years ago and had some rear damage at Lime Rock, nothing huge that would have required a total claim. I went to submit a claim for it and was told "If you make 1 claim we cancel you for the rest of the year and won't insure you again for 3 years. Wondering if that is still the policy?
03-29-2019, 12:28 PM
#43
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I actually had On Track a few years ago and had some rear damage at Lime Rock, nothing huge that would have required a total claim. I went to submit a claim for it and was told "If you make 1 claim we cancel you for the rest of the year and won't insure you again for 3 years. Wondering if that is still the policy?
03-29-2019, 05:37 PM
#44
Rennlist Member
Dgrobs- Now it all depends on circumstances. We look at everything with an open mind . How did the incident happen? was it mechanical failure? clients response to the incident? lots of factors
I don't know your particular incident however if it was a couple of years ago and you have been incident damage free please feel free to contact me.
I don't know your particular incident however if it was a couple of years ago and you have been incident damage free please feel free to contact me.
03-29-2019, 06:08 PM
#45
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Dgrobs- Now it all depends on circumstances. We look at everything with an open mind . How did the incident happen? was it mechanical failure? clients response to the incident? lots of factors
I don't know your particular incident however if it was a couple of years ago and you have been incident damage free please feel free to contact me.
I don't know your particular incident however if it was a couple of years ago and you have been incident damage free please feel free to contact me.
Im very happy with open track.