Comprehensive and (off Track) Collision Insurance for Race Cars!

[Bill Pemberton]

For those of using Insurance coverage from sponsor " Open Track " this note pertains more to those drivers on TMO who have track vehicles that are not street legal. About two years ago there was a rash of race cars and trailers stolen in the Kansas City Metro area. It made many of us again aware of the concern one has if they own a racing machine and what protection they may have while driving cross country leaving the car/trailer parked in different towns . Along with that, the concern for weather related concerns ( hail, wind, etc. ) and accident possibilities when transporting , meant some of us started looking for companies that might offer coverage in this niche market. Over the years I have had a couple of friends have items stolen while going to events , along with trailer thefts , and often the race car is secondary to the thieves until the trailer is opened. Once that occurs , the cars get pieced out almost always, since I never heard any of the cars in KC were ever found -- at least not in one piece.

Yesterday I got my issue of Hagerty's Driver's Club magazine ( solid read ) that is provided for those who carry insurance through them and it reminded me to post a note about coverage for those members on TMO who have race cars that are not street legal. Hagerty provides me coverage at the track for non race related issues ( hail damage, problems in the paddock , etc. ) along with theft protection and transport related concerns. They are very easy to work with ( did it all over the phone ) and for those who do not have a title or registration for the car , this is not a problem. They understand this situation, which I found was a problem with one of the other companies I talked to. Prices are reasonable and you figure a stated value on your vehicle.

I realize there are other companies who offer this type of race car insurance, but there're not many, and I loved the ease of acquiring coverage.

Note: if you are an SCCA member, Hagerty offers a 5% discount on this and other types of coverage.

 

[PatrickStapler]

I use a underwriter through our broker that handles the rest of our insurance. I think it’s K&K. They broke out the car, engine, and trailer. Cost is $840/year. Seems a little high to me, but…

 

[Bill Pemberton]

K&K has been around and is a quality company also. I was pleased with Hagerty since my rate was a bit less and I have 65K for stated value, but then I have my trailer listed separately. Overall they look similar and these two companies are probably among the best of the few that will cover a race car.

 

[bob]

I use a underwriter through our broker that handles the rest of our insurance. I think it’s K&K. They broke out the car, engine, and trailer. Cost is $840/year. Seems a little high to me, but…
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LOL....I got a little chuckle about the $10,000 limit on trophies. My SCCA plastic trophy has to cost all of 10 bucks! I wonder if the deductible applies?

 

[bob]

Many buy auto insurance at what $1500/year and that provides all of the above and $300K liability coverage. For $850 basically a paddock/storage plan and no liability coverage it seems expensive.

 

[Bill Pemberton]

Bob, this is a niche product for non street able cars, most without titles or registration, so conventional insurance is not available. Some of the coverages under K&K ,Hagerty, etc. is for fire dept. costs, pollution protection ,etc. may not be specified in all conventional Coll/Comp Automobile coverage.

Noting the unique specifics with K&K that Patrick listed I will probably do a comparison next year since his premium is essentially two policies in one -- car and trailer. I am separate and closer to a similar price than I first estimated.

Thanks for posting Patrick, because finding protection for arson, theft, comprehensive while in storage, etc. is not easily found and hopefully we are helping others find some choices if they have had trouble finding protection?

 

[bob]

Haggerty LTP policy does not say it covers theft and no provision for trailers. I just looked but I do have poor reading comprehension...I'm a math guy. But...my quote for $55k 2019 S550 stated value at $55k was about $550 so a much better price than expected. But if there is no theft coverage a deal breaker.

 

[PatrickStapler]

Yeah the whole trophy thing will never come into play for me.... Anyway, as Bill stated this coverage is very specific to race only (non-street) vehicles. If there were a better independent company (underwriter), excluding the Hagerty's and others like them, I feel certain our broker has shopped them. I'm not saying I have the best, but I have confidence it is top tier. My SIL is the VP of the brokerage firm. She hasn't led us down the rabbit hole yet. Essentially, if anything happens to the car, engine, or trailer while NOT on track, it's covered up the agreed value...no questions asked. Even if whatever happens occurs in the paddock at a race track, it's covered.

 

[Bill Pemberton]

Hagerty Policy for race vehicles , not their normal policy for collectibles, etc., theft main reason I acquired -- just give them a ring. I like the idea of the trailer in the package , so will check with K&K next year. Believe Hagerty may be able to do both , but did not need consider since I had policy on the trailer paid up.

 

[ArizonaBOSS]

Having this type of insurance is really important while transporting to faraway venues (or even local ones) as well as safeguarding against theft. I have a similar policy on my racecar and trailer from Lockton.