Racing and Life Insurance

[Rob Liebbe]

I'm trying to update my coverages and running into some resistance regarding racing. Does anyone have any suggestions or comments?

[chris-CMC#35]

Rob,

I have my life insurance through (unnamed company, will PM it to you.) I was completely up-front about the racing. My agent was very careful to make it clear, when he submitted the application, that this is a hobby. No cash prizes, etc. Don't know if it was my agent or the company, but I was approved without a problem.

I also signed up for Long Term Care insurance at the same time, so maybe they liked the premiums.

-chris

[BlueFirePony]

Rob,

I have my life insurance through (unnamed company, will PM it to you.) I was completely up-front about the racing. My agent was very careful to make it clear, when he submitted the application, that this is a hobby. No cash prizes, etc. Don't know if it was my agent or the company, but I was approved without a problem.

I also signed up for Long Term Care insurance at the same time, so maybe they liked the premiums.

-chris
I am in the same boat....the insurance with my former employer did not have an "extreme" exclusion and I in fact got in writing that racing and my other activities were covered. Made my wife quite happy.
Racing and other activities are apparently not covered with my current employer and I have started the process of getting supplemental life with specific coverage for racing.
I was supposed to have that resolved already but have not heard back from the agent in 5 days so maybe its a problem. I'll let you know what I find out.

[Boudy]

Same boat. My policy is pretty specific about sky diving and professional racing. No cash rewards meant hobby to them.

Boudy

[Adam Ginsberg]

Our life policy was cut back from $1M to $750k when they found out I had been skydiving, and planned to do more. They didn't reject my coverage, only reduced it.

[Rob Liebbe]

Thanks for chiming in there Spinny McGinsberg. I'll mention your move out of the Texas region. It'll likely get us all a price reduction. :D

[BryanL]

I mentioned this issue to our insurance specialist and she is going to do some research today. I'll see what we can come up with. Remind me about it this weekend. Sounds like this could be a really good avenue for me to offer to all our racers.

Luckily, I took out my policy prior to the beginning of my illustrious racing career.

Boudy-your policy will cover you since there are no cash rewards? Could they not consider Toyo bucks cash rewards.

[GlennCMC70]

its not cash if you cant walk into the quickie mart and buy a slushy w/ it.

[AI#97]

There is an easy solution to this just like the street car insurance....

If I die on track, just drag my carcass out into the highway and call an ambulance. Just pull my driver suit off first! :lol:

I gave up on the Life insurance stuff a while back as I don't have a family to worry about anymore. Once you guys figure this stuff out, it would be cool to post a sticky for those of us that might need it in the future.

[Rob Liebbe]

its not cash if you cant walk into the quickie mart and buy a slushy w/ it.

So does a .45 auto count as cash?

[Fbody383]

its not cash if you cant walk into the quickie mart and get a slushy w/ it.

So does a .45 auto count as cash?

Does now.

[BryanL]

Rob-we can take care of it for you. It is something done by underwriting and they take it on a case by case basis. Though I am going to try and outline it as best as possible since we all race in the same race class and aren't out powerboat or snowmobile racing.
Plus, when I tell them you are driving a mustang that makes 250 hp they may laugh and say my honda makes more power than that.

See you tomorrow.

[BryanL]

Good news. I have confirmation that we can write a policy and our racing won't affect the policy. Qualification will be based on normal medical circumstances.
Also, the premium quote I have is much less than my current life insurance policy that I started a few years ago through my dad. My dad has been an insurance agent for 30 years. I guess I will have to beat him up about his price.

Anyone that needs a quote/illustration let me know.

Bryan