Yet another insurance question...
06-25-2019, 01:58 PM
#16
Rennlist Member
Join Date: Feb 2010
Location: Washington, DC, West Palm Beach
Posts: 733
Likes: 0
Received 39 Likes
on
21 Posts
Take it from me. Insurance can save your hobby. And don't trust anyone with a verbal agreement. Get it in writing if your are letting someone drive your car. Good friend, coach, etc. I fully understand letting an instructor drive your car at a pretty high level like Peter says. Anyone else, most likely not.
Just learned the hard way.
Btw- I use OnTrack with Steve. Recommend them highly. Been very good to me. Race insurance I use Motorsports Insurance Group. Referred to them by Steve.
Stu
Just learned the hard way.
Btw- I use OnTrack with Steve. Recommend them highly. Been very good to me. Race insurance I use Motorsports Insurance Group. Referred to them by Steve.
Stu
06-25-2019, 03:29 PM
#17
Intermediate
Join Date: Aug 2014
Posts: 27
Likes: 0
Received 0 Likes
on
0 Posts
I was in the "I'm in control enough to not crash camp" until I wasn't and I totaled my car.
I always bought track insurance as a "You Never Know" type of policy and I'm very glad I did (Lockton has been good to work with), because when I made a mistake it only cost me a car and a deductible (and lots of non-reimbursable hours of work on the car gone, and a bit of pride, and maybe self confidence, we'll see). It makes it easier to get another car quickly and get back on track sooner rather than later. I had a car I could walk away from without financial duress, but as I keep myself on a pretty tight budget with this hobby to keep my family isolated from it's financial impact, I'm glad I don't have to spend the next few months squirreling away dollars to replenish my track account enough to get into a new car.
While I've approached this hobby in a way that I felt minimized my exposure to crashing, continually searching for improvement carries a risk and the finances are an easy calculation for me to make. According to my insurance rates, it would take 150 events worth of paid insurance without total-ling my car before insurance was not a wise financial choice. I didn't get to that point unfortunately. I'm glad my poor judgement on track was countered by some quality safety gear and an agreed value track insurance policy though.
I always bought track insurance as a "You Never Know" type of policy and I'm very glad I did (Lockton has been good to work with), because when I made a mistake it only cost me a car and a deductible (and lots of non-reimbursable hours of work on the car gone, and a bit of pride, and maybe self confidence, we'll see). It makes it easier to get another car quickly and get back on track sooner rather than later. I had a car I could walk away from without financial duress, but as I keep myself on a pretty tight budget with this hobby to keep my family isolated from it's financial impact, I'm glad I don't have to spend the next few months squirreling away dollars to replenish my track account enough to get into a new car.
While I've approached this hobby in a way that I felt minimized my exposure to crashing, continually searching for improvement carries a risk and the finances are an easy calculation for me to make. According to my insurance rates, it would take 150 events worth of paid insurance without total-ling my car before insurance was not a wise financial choice. I didn't get to that point unfortunately. I'm glad my poor judgement on track was countered by some quality safety gear and an agreed value track insurance policy though.
06-25-2019, 08:27 PM
#18
WRONGLY ACCUSED!
Rennlist Member
Rennlist Member
Join Date: Nov 2011
Location: Connecticut Valley Region
Posts: 14,469
Received 3,286 Likes
on
1,589 Posts
I was in the "I'm in control enough to not crash camp" until I wasn't and I totaled my car.
I always bought track insurance as a "You Never Know" type of policy and I'm very glad I did (Lockton has been good to work with), because when I made a mistake it only cost me a car and a deductible (and lots of non-reimbursable hours of work on the car gone, and a bit of pride, and maybe self confidence, we'll see). It makes it easier to get another car quickly and get back on track sooner rather than later. I had a car I could walk away from without financial duress, but as I keep myself on a pretty tight budget with this hobby to keep my family isolated from it's financial impact, I'm glad I don't have to spend the next few months squirreling away dollars to replenish my track account enough to get into a new car.
While I've approached this hobby in a way that I felt minimized my exposure to crashing, continually searching for improvement carries a risk and the finances are an easy calculation for me to make. According to my insurance rates, it would take 150 events worth of paid insurance without total-ling my car before insurance was not a wise financial choice. I didn't get to that point unfortunately. I'm glad my poor judgement on track was countered by some quality safety gear and an agreed value track insurance policy though.
I always bought track insurance as a "You Never Know" type of policy and I'm very glad I did (Lockton has been good to work with), because when I made a mistake it only cost me a car and a deductible (and lots of non-reimbursable hours of work on the car gone, and a bit of pride, and maybe self confidence, we'll see). It makes it easier to get another car quickly and get back on track sooner rather than later. I had a car I could walk away from without financial duress, but as I keep myself on a pretty tight budget with this hobby to keep my family isolated from it's financial impact, I'm glad I don't have to spend the next few months squirreling away dollars to replenish my track account enough to get into a new car.
While I've approached this hobby in a way that I felt minimized my exposure to crashing, continually searching for improvement carries a risk and the finances are an easy calculation for me to make. According to my insurance rates, it would take 150 events worth of paid insurance without total-ling my car before insurance was not a wise financial choice. I didn't get to that point unfortunately. I'm glad my poor judgement on track was countered by some quality safety gear and an agreed value track insurance policy though.
Plus, I love insurance because then I can drive more aggressively! (Just so someone doesn't look at this thread years from now - this is a joke pertaining to the other infamous insurance thread!)
06-25-2019, 10:10 PM
#19
Addict
Lifetime Rennlist
Member
Lifetime Rennlist
Member
Join Date: Oct 2005
Location: On Rennlist, apparently
Posts: 4,447
Likes: 0
Received 37 Likes
on
18 Posts
I just renewed my Open Track policy today.
I've had direct experience with Lockton (all positive) and have heard nothing but good things about On Track over the years.
Open Track's annual policy for unlimited events and inclusion of Canadian tracks makes it work best for me. And a dandy online process with super simple renewals.
Ray, see you at Tremblant (properly insured I hope).
I've had direct experience with Lockton (all positive) and have heard nothing but good things about On Track over the years.
Open Track's annual policy for unlimited events and inclusion of Canadian tracks makes it work best for me. And a dandy online process with super simple renewals.
Ray, see you at Tremblant (properly insured I hope).
06-28-2019, 09:16 AM
#23
Rennlist Member
Join Date: May 2012
Location: Mid-Atlantic (on land, not in the middle of the ocean)
Posts: 12,439
Received 3,793 Likes
on
2,194 Posts
I think it's important to separate the two sides of risk management: reducing the chance of a crash, and reducing the consequences of a crash.
We should certainly do what we can to reduce the chance of a crash. That includes choosing our tracks and track organizations, choosing our cars, how we drive and learn to drive, car inspection and prep, etc.
But humans are fallible and make errors, mechanical stuff fails, and things can happen on track which are outside our control and can cause us to crash (e.g., dumped fluids). So the chance that we'll crash is never zero, though we can and should do a lot to reduce that chance.
As far as reducing the consequences of a crash, the main potential consequences are injury and financial loss. With regard to injury, nearly everyone agrees that we should have good safety equipment (roll protection, fire protection, harnesses, HANS, etc.). It can also make sense to purchase track insurance and other insurance to protect against large financial losses.
The things we do to reduce the chance of a crash shouldn't prevent us from doing things to reduce the consequences of a crash. And the things we do to reduce the consequences of a crash shouldn't prevent us from doing things to reduce the chances of a crash.
We should certainly do what we can to reduce the chance of a crash. That includes choosing our tracks and track organizations, choosing our cars, how we drive and learn to drive, car inspection and prep, etc.
But humans are fallible and make errors, mechanical stuff fails, and things can happen on track which are outside our control and can cause us to crash (e.g., dumped fluids). So the chance that we'll crash is never zero, though we can and should do a lot to reduce that chance.
As far as reducing the consequences of a crash, the main potential consequences are injury and financial loss. With regard to injury, nearly everyone agrees that we should have good safety equipment (roll protection, fire protection, harnesses, HANS, etc.). It can also make sense to purchase track insurance and other insurance to protect against large financial losses.
The things we do to reduce the chance of a crash shouldn't prevent us from doing things to reduce the consequences of a crash. And the things we do to reduce the consequences of a crash shouldn't prevent us from doing things to reduce the chances of a crash.