Hi guys,
I was wondering if you have exclusions on your life insurance policies about racing - I had to state that I would not be covered if I raced... SUCKS bug time.
Do you guys have the same thing? If not, any coverage that we can get when at the track?

 

Does this apply to DE as well ?

 

Terms that I've seen are Racing.

 

SHould not be an issue.....bought to whole life policys in last 3 years... they did want to know all about racing i did, but... they still took my ck........

 

Racing is almost always an exclusion on a life policy. Some insurance cos will include it but the premiums are increased substantially. Same goes for skydiving, scuba, flying light planes etc. Just because they take your check don't assume anything. Read the exclusions carefully.

Best,

 

k.... I will get back on this to this thread....on what i find out........
Dam fine print.....gumble...........

 

Here is an old thread that you can check:

https://rennlist.com/forums/showthre...life+insurance

You have to find the right agent that understands what you are doing who can then find the right company. I have a term policy with coverage for racing and I pay about 10% more than usual. Most agents will view even DE's as "racing" and they will run. My agent does DE with PCA so he gets it.

 

FWIW I have used the Gorsline company in the past to keep me insured while racing.

http://www.gorsline.com/

I have even had contracts before that required me to be specifically insured for on the track.

 

Super contact! Thanks

 

Get with an agent who has done it before. It took mine (he has done it before) about two weeks of conversations and paper shuffling to get a policy with MetLife that didn't require an upcharge for racing. Note that in my case "racing" is 3-4 times per year and only in PCA Stock class (yes they wanted that level of detail). If you are racing often or even worse, professionally, it's a different ball game.

I would definitely make sure your policy covers on-track activities if you want coverage for time behind the wheel. It's not the kind of thing you want your spouse/significant other/dependants/beneficiaries getting the bad news after the fact.

 

Yes read your policy front to back. Also, the life insurance application is actually a part of the policy and a copy is included in the policy you receive. The questionaire is very detailed and the underwriting decision can vary by insured and insurance company.

But for those who have had a policy in place prior to DE and or Racing, then there is no problem whatsoever! Heck the suicide exclusion is only good for the first 24 months. After that coverage applies!

 

It was REALLY awesome when I got to check Racing, Skydiving, and Scuba Diving on my application. I've been looking into a pilot's license lately so that I can complete the slam dunk.

 

Gentlemen, I think I'm the resident expert on life insurance for DE drivers and club racers here, and I was a participant in the linked thread.

Generally, we've been successful in placing life insurance on PCA racers with several different insurers. The applicants carefully, but fully, disclosed their driving experiences, and we carefully described their cars and events, sometimes even providing photos of the car. Each time, the outcome has been an insurance policy without any additional premium because of DE/club racing, and the policies had no exclusions, even if a death occured at the track.

In one case, an applicant was told by his local agent that a policy without coverage at the track would cost $abc, but the same carrier wanted a four fold additional premium to cover club races. Using our PCA and SCCA experience, and being careful to explain our hobby, we successfully received a policy that covered racing, without any additional premium, from the very insurer who had denied the prior agent's inquiry. Our specialty underwriter is a grey haired guy who raced Mini's and 356's with SCCA back in the 60's, so he gets it.

Further, the answer provided by JROTSAERT's insurer, that should he take up racing in the future, he would not be covered if he died at the track, is unusual in my experience. I've never seen a life insurance policy that didn't pay at death because the applicant's circumstance changed after the policy was issued, nor have I seen a policy that excludes hazardous hobbies if the applicant isn't already doing that hobby. Additionally, there is no obligation that the insured notify his insurer that he's taken up a new hobby. By similar example, if an insured person currently enjoys swimming while on vacation, and takes up SCUBA sometime after his policy is issued-- Bob R's example--, he would be covered for a SCUBA death even though the carrier was unaware of his new, slightly more dangerous hobby.

The caveat is that the applicant must be truthful in his answers. In Bob's example, If he had already taken a couple scuba lessons, or had already purchased equipment in expectation of diving, and failed to disclose appropriately, the policy theoretically is null and void FOR ANY DEATH, SCUBA OR NOT, because of the application would have been fraudulent (an aside to smokers: if you lie about your smoking, even an "unimportant" once a month cigar at the poker game, and die in a car crash unrelated to tobacco, your insurer can legally deny the death claim because you fraudulently induced them to issue a policy).

BTW, I err on the side of disclosing DE, and don't want to get into a p'ing match about whether DE is racing, because our insurers haven't fussed about DE driving. If the info was disclosed in the application, and the policy is issued without any rating or exclusion, the insurer will be obligated to cover a DE death (think the boxster in turn 6 at the glen); any post-death argument that DE might be racing is moot because of the disclosure.

Some fine print: this is general information, and I'm sure someone out there has a circumstance that differs from my experience. Please be sure to confer with your agent and insurance company to confirm your situation. In other words, please rely on your own professional advisors.

Hope this is helpful. Please feel free to email me with any specific questions best discussed privately.

Edit: BTW, if I misunderstand the first poster's question, please forgive me. On second reading, it's not obvious if he already races, or merely contemplates racing. But I hope my answer is helpful, anyway.

 

My policy has an extra sheet where they asked all sorts of questions about top speed, average speeds, number of days, etc. All that was taken into account for the premium I think, as there are no exclusions (except the suicide one as mentioned above).

 

I was never asked about DE or racing. Guess it's time to take a close look at my policy.