Race Car insurance?

[AllZWay]

Do any of you have your race car insured? Not while on the track, but while towing or in your shop?

My insurance agent tells me that while towing, my car is not covered should I get hit on the interstate. The trailer is, but not the actual car.

As for coverage in my shop, he says I just need to up my coverage on contents enough to cover it.

How's your coverage?

[michaelmosty]

I have coverage on mine. It used to be through Parish Heacock but they recently changed names to someone else, can't remember right now.

It covers me while at home, to and from events, and in the paddock. (Not on the race track) I pay $250 / year for the coverage, $18,000 for the car and $1,500 for trailer.
I have heard rumor that as long as it is below $20K in coverage it will be $250 / year, I could be wrong though.

I'll look up the info. tonight for you unless someone beats me to it. Hope this helps.

[mitchntx]

You are lucky, James.

I can't get my trailer insured through my normal carrier ... well, for a reasonable price.

I got a quote from the carrier micheal mentioned and it was $250 for the car and $200 for the trailer per year.

Lots of restrictions, also. The one that really caught my eye was that the car had to be in a locked garage while at home. If it was stored in the trailer, the coverage for both the trailer and car were voided.

[AllZWay]

Thanks..... I had did a search and found the Harrish Peacok site and I was quoted $250, but that was as far as I went.

[marshall_mosty]

Mitch,
I believe that if the car is on the trailer and hooked to your tow rig, in your driveway, it is considered "in transit".

I'll have to check my policy to see.

[mitchntx]

Well, now ... that is an interesting "interpretation" ...

[Waco Racer]

I think the only people more creative with cars than racers are Insurance Adjusters.

[mitchntx]

Bringing up this old topic ...

I just chatted with a Heacock agent for a while.

For $15K agreed on value of the car, $15K value of the trailer and $2.5K agreed value of contents, the annual premium is $500 combined.

Coverage is for theft, vandalism, neglect, accident and acts of nature.

The car's covereage is for Storage, Transit and Paddock. If the car is moving under it's own power at any time, it is not covered. Coverage is for 24 hours prior to departure for an event, the duration of the event and 24 hours after I return. The car has to be stored in a locked building of some sort outside of that time frame. If the shop collapses on the car, the car is covered. If another race car runs into my car while I'm parked, car is covered. If my car rolls into another car, no coverage.

The trailer is considered the trailer itself and anything that is bolted to the trailer, like PitPal, generator, winch and toolbox. He made no mention of restrictions about where the trailer can be stored or not stored. So, my side yard is acceptable.

If the trailer is hit or stolen or beat up by a storm, it's covered. If it comes loose from my truck and destroys itself, it's covered. My auto libility policy will cover anyone the loose trailer hits.

Contents is anything else, not specifically bolted to the trailer.
Example: The toolbox is covered as part of the trailer, the toolbox contents is covered under contents.

I have to supply a filled out application and pictures of the car and trailer. A written schedule of contents is required.

And there was no price break on dropping the car ... the premium was $500. So, I figure their underwriter has a dollar amount threshold which will then ratchet the premium up.

I would like to find that threshold and insure for the max.

Car and trailer carry a $1000 deductible and contents carry a $500 deductible.

I need to get something in place before Nationals.

[Wirtz]

Good info. Thanks for posting it. Something I have not really thought about enough....

Jeff

[Fbody383]

I have had Heacock coverage on the 69 Camaro for a couple years - stated value of $22.5k costs me about $275 a year so Mitch's quote seems right on given my restrictions on mileagel and parking. I have not had to make a claim yet (thankfully) but have not had any pause in renewing with them.

Good reminder to add some business.

[mitchntx]

Clarification ...



Coverage is for 24 hours prior to departure for an event, the duration of the event and 24 hours after I return.


The car cannot be stored in the trailer. They allow for storage in the trailer 24 hours before departure and 24 hours after arrival from an event. But outside of that, it has to be in a locked facility.

I have also asked for clarification of what constitutes an "event".

Is a dyno date considered an event? How about a car show? A sponsor display?

And what about while the car on the dyno ... technically, it's not moving, just spinning the drums.

Finally, jockeying the car around in the shop or loading into the trailer.

[Boudy]

You guys may consider inquiring about owner/sponsor liability. If you were to lose a tire in the paddock and it seriously injured someone, or worse, the owner and every sponsor named on the car would be extremely exposed.

It's the nature of what we do and we are all at extreme risk of the unfortunate. Thank heavens Mosty didn't hit the camera man at Hallet or someone walks in front of you in the paddock when you come off with no brakes or... You get the picture, so many times we just got lucky.

Gene, who most of you have met, is in Baltimore with his oldest daughter getting her left leg lenthened by 3 inches. This because a broken throttle rammed a van into the crowd of Girl Scouts marching in a parade. The millions in lawsuits are being levied againts the innocent company who gracefully offered a manetic sign for the event to slap on side of the van to spruce it up. When bad things happen, no one is safe.

Boudy

[mitchntx]

hmmm ...

Yet more answers ...

Is the car covered while at the dyno facility, unloaded and strapped on the dyno?

Yes.


What about making a dyno pull? The car isn't moving, rather spinning a drum.

NOT while the car is running.


What about transport to and from the dyno? Do the same rules apply as if it were a race weekend?

Yes


I have sponsors that help me out a little here and there with product and services. No cash exchanges hands. In return, I display the car at their place of business a couple few times a year.
Would the car and trailer be covered the same as if it were a race
weekend, including transit to and from?

How many times a year, for how long at a time, and will the car be be "watched" during that time?



What about a car show?

Yes.



Finally, if I am pushing the car around in the shop or pushing it to be loaded on the trailer and something unforseen happens like scraping against a wall or the car sliding off the loading ramp. Am I covered?

No, because you are controlling the situation and we will not cover a lack of care or attention.



I use a winch to pull the car up into the trailer for transport. I snag a cabinet and rip it off the wall or pull the winch out of the floor ... covered?[Glenn Bornemann]

No on the cabinet because that is something you can prevent as you have control of the situation; No on the winch being pulled out of the floor and it means that the winch was the incorrect one for the job, or the car got hung up on something. Both preventable with proper attention to detail.