On Track Insurance

[Mike H]

Their is an interesting post on the SCCAFORUMS.COM website, under the T1&T2 catorgory about people who want race car insurance. It might be of interest to guys who want to race in Viper Days and want their car covered.
Hey Skip, any chance of a group rate for the wheel to wheel guys buying a package like this?

 

[Steve Ferguson]

There is a new Broker in Chicago that claims he has this coverage also. I am having the Underwriters at my office review it so we can see if it is something that will work for our group. I should have an answer in a few weeks.

 

[VOI9 ASP]

Here is one of the post from that page

Here are the premiums quoted to me today for a T1 group rate.
Sebring National 1/5/02:

Coverage: $10,000 Deductible:$1,000
Premium: $425.
test day add $150

Coverage: $15,000 Deductible: $1,000
Premium: $600.
test day add $175

These rates will only be good if we get together and purchase the insurance as a group. Anyone wanting to participate please let me know.

This sounds great. VCA should look into this for our events and make it available to our members.

Anyone wanting to participate in the group rates can call the agent directly,and let him know you want coverage under the Gilbert Racing group rates. He will be able to answer all your questions regarding coverage.

agent: Peter Sereda
phone: 1-888-305-4442

 

[Skip at Viper Days]

Mike,
This is interesting and we are looking into it.
Look at the latest posting.
$10,000 for $400 if we multiply by 10 that is $4000+ per event + the extra day $1500 fee.
Would you pay that??? We do not have that many incidents that would warrent all drivers doing this. It just seems to expensive but we will get more details.
Skip
PS we are off for holiday and will return on Dec 26. Will talk to you then!

 

[Steve Ferguson]

The coverage I am looking into would be a season package for a set rate. You can go on an event by event schedule, but that does raise the cost. I will send the details to Skip once we confirm that coverage is worth it.

 

[Mike H]

Skip, I agree, if you multiply that at the full value of our race cars that is way too much. But think about it, even a 20K policy would cover most costs we have seen. Even 10K in coverage would cover most of the "rubbing" incidents that occur. I think if like Steve says a package deal could be arranged that may be a cheap policy? Just a thought...
Think about how many Vipers are at an event, 50-75, maybe a package price per event could be had with say a 10-20K limit. With that many cars at an event and Viper Days record that might be a cheap deal.

 

[VOI9 ASP]

If I am lucky enough to get a Comp Coupe - it would be great to know there was at least some kind of coverage on the track for the unexpected mishaps. I'd pay to have the extra comfort level.

 

[Jeff Torrey]

This is just an idea. What about a pool. If you want to race, you put up $500.00. No accidents, deposit returned. Any losses covered by the pool.

 

[Mike H]

Bruce, Do we not take risk every time we are on the track? We have 100-125 K ******* in these cars. For many racers that is quite alot of money. Luckily their have been few incidents, most are from mistakes drivers make, and go off into tires, barriers, etc. I don't think their has ever been a crash between two cars causing serious damage, but "rubbing" has occured going into many a turn 1.
Wouldn't a 300-400 per race cost be cheap insurance say for 20K worth of coverage? Would the insurance make us any more bold, you ask. I don't think so, when we are on the track, we race, but from my view so far, everyone is driving with safety in mind, we don't drive for money but the thrill and pleasure of it. Big difference, when you are paid to win, you do what you have to. But it is just not that way in Viper Days.

 

[RockyTop]

Though I do not race, the average repair ticket on a Viper per insurance stats a couple of years ago was $25,000. Of course, many of the racers do many of their own repairs so perhaps $20,000 is enough. I would think that a hefty deductible (like they do at the Panoz school - - $4,000-5,000) would provide sufficient disincentive to adopting the NASCAR approach of "Rubbin' is Racin'."

The pool idea (i.e., modified self insurnace/mutual company !) is an excellent one. Again a hefty "deductible" would help avoid completely depleting the pool and provide adequate disincentive while offering a decent repair ***. It should clear out (i.e., pool contributions should be refunded) after each event/season. A one strike and your out of the pool policy is probably sufficient to remove wreckless drivers. Further, if a driver is clearly at fault (i.e, broke the rules re overtaking etc., as determined perhaps by a panel of observers/corner workers seledcted before the race), then the driver at fault should have a contractual obligation to replinish the pool. Obviuously, back to back accident could cause cash flow problems. I wonder if the PCA or Ferrari clubs have a similar insurance policy or pool arrangement ? My $0.02.

 

[Steve Ferguson]

According the the Ferrari Club member in our office, no such insurance is available on a group basis.

To all: what we are attempting to do is first have actual underwriters review the plan, so we all are comfortable that it is a benefit and not something that will not provide in a time of need. The next step is to review who is using it, i.e. wheel-to-wheel racers, challenge drivers, or both. Then the next step is to see what is affordable. Once we get these questions answered you will get a plan to review.

This is a big deal, so give us the time we need to make sure it is worth it?

 

[FrankBarba]

at summit point a few weeks ago, there was a company there
that does underwriting for racers. i will do some additional
homework to find out who they were & what the skinny is?

 

[gddcmi]

This is probably not required anymore however there is a licensed insured agent in Indianapolis offering Club rates for circuit and DE days named HILL DOUGLAS (1.317/5148500)