Can't you get a "blow out" after you have gone off? You loose it, flat spot, POW! blowout as you careen toward the armco. Some of these exclusions are ludicrous. So basically the only thing covered is driver error. Mechanical? No. Driver stupidity? Yes.

 

Yea, I was in contact with these folks as well and tried to explain that a number of folks don't require an instructor, depending on club. Basically this coverage, at about $2500 for me ($75K value) isn't gonna "work".

Mike

 

Here's a better snap shot of page 1. The blowout thing seem suspect.


Edit: Reading the line on its own I think it may be saying they will not cover the blown out tire. ????

 

With respect to being "signed-off" by an instructor for solo events, I would imagine it would be adequate for the racing body/organizing group to just say "yes, you're approved for Solo this weekend based on our previous assessments of you"
Then you're basically "signed-off"

 

...and what instructor plans to accept the mere thought of additional legal liability by signing an insurance company approved form that you're good enough to be an acceptable insured driver?
If the info in this thread is correct, the plan is dead on arrival.

 

+1. Way too restrictive overall and not in line with standard procedures at most clubs (solo signoff, etc). Waste of money as currently structured IMO.

 

There have been some developments today and I wanted to make you all aware of them. The best thing about this insurance coverage is its underwriting flexibility.

Nothing is etched in stone. In many cases, the exclusion regarding the instructor can be waived by endorsement.

For certain drivers, we can look at the MVR, prior history, vehicle, and level of training and waive the requirement that an instructor be in the vehicle or sign off.

Please remember, this is a new program. We are trying to develop it to both accommodate your needs, and make it profitable enough for the carrier that it will be around for years to come.

Yes, the coverage is more restrictive than the prior policy. But, we will always give every application fair consideration. I will be happy to answer any questions or address any concerns.
Anna

 

It's not the "application" being given fair consideration that most are not impressed with. Rather, it's the situation of a claim should it ever be needed seems to have more "exclusions" that should be in a standard track policy. Flexibility isn't the answer. Black and white on paper is what will sell this policy.

 

There have been some developments today and I wanted to make you all aware of them. The best thing about this insurance coverage is its underwriting flexibility.

Nothing is etched in stone. In many cases, the exclusion regarding the instructor can be waived by endorsement.

For certain drivers, we can look at the MVR, prior history, vehicle, and level of training and waive the requirement that an instructor be in the vehicle or sign off.

Please remember, this is a new program. We are trying to develop it to both accommodate your needs, and make it profitable enough for the carrier that it will be around for years to come.

Yes, the coverage is more restrictive than the prior policy. But, we will always give every application fair consideration. I will be happy to answer any questions or address any concerns.
Anna

 

Deja vu all over again.

 

Ana

What about the questions above regarding exclusions for things like tire blow outs or mechanical failure?

If an on track "incident" is caused by a blow out, is that excluded uner the policy? The language on the exclusing as posted above is not 100% clear.

Thank you!

 

What other DE products are available? How do they compare to the one being discussed? Also, what pricing are you seeing in the market place including fees? From what I have been told this price seems to be fair IMO.

 

Right now the standard offering appears to be a premium of 3 to 4 % of the value of your car and to some degree The value of its modifications. Some polices limit your track days. The deductibles are based on the value of your car with a range $1,000 to 10,000.00. You can search this and other threads for discussions you can find the companies writing.

 

Update/Explanation on two major concerns some of you have expressed:

Blowout/Mechanical Breakdown
Vandalism Exclusion
________________________________________________________________
I had a long discussion with the SIU Claims Manager today. I agree with most of you; the policy language regarding blow-outs and mechanical breakdown is ambiguous.

What I was told, essentially, is that it is not the intent of the program to cover the impact between a vehicle and itself, or a vehicle and the road. However, the impact between the collision of the vehicle and just about anything else would be covered.

For example, if you were driving along, had a tire blow, and ended up crashing into the wall, you shouldn't have a problem with coverage.

However, if you are driving at 130 mph and go over the crest of a hill (I'm thinking 'Dukes of Hazard' style) and crash your car into the road, you are probably going to have some coverage issues.

Likewise, if you test your car by redlining it all day long and end up with a blown engine, they probably aren't going to pay the claim. But, if you eat the wall, you shouldn't have a problem getting the claim paid.
_________________________________________________________________

Vandalism

Coverage for loss by Vandalism IS excluded under this policy. However, vandalism should be covered by your personal auto policy. They excluded vandalism for two reasons; one, because they paid quite a few claims that involved people trying to hurt each other's cars. (Yeah, I know...it's crazy what people will try to do in the name of competition) The other reason was because most personal automobile policies cover vandalism for your vehicles, and it would have duplicated the coverage.

So yes, it is excluded here, but that's doesn't mean that it isn't covered elsewhere.
_________________________________________________________________

It would be my pleasure to answer any questions or address any concerns you may have. Please feel free to contact me if I can be of any assistance to you.

Anna

 

FYI - "I am in the insurance business too. I have seen so many companies decide they want to create a program and then they run in, insure anything and everything, and do it at a price that is not enough to support the losses they sustain. So, in a year or so, they pull the program and leave everyone high and dry, kind of like we are now. It sounds like SIU is trying to be responsible with this program, from both a coverage and an underwriting standpoint, so that it won't fold in a year." IMO