Quote:
Originally Posted by jm1234
Wow, there's a 5% deductible ($1,000 minimum). That's $3,000 for a $60,000 car. I guess you don't file a claim if you just scratch the paint? Anyone know if they cover damage to the track or just your car? How about if you do something stupid and take out someone else's car?
I read my insurers contract and it skirts close to the issue (exclusions for racing and organized contests) but it doesn't mention anything about events without clear winners and losers (ie. HPDE). Are there known legal precedents I should be aware of here or is the language the language? My contract clearly doesn't exclude either driving the car on a track or HPDE events. That would be easy to write if that was my insurers intent and I could tell a judge that.
Has anyone filed a claim with this HPDE insurance program or know how long they have been in business? The "contact us" information is for a Lockton Affinity (they seem to be a management company) but the claim information goes to either RLI Corporation or Mt. Hawley Insurance. I haven't heard of any of them, but I'm no insurance expert. I also wonder how much push they give on car valuations? It's very nice of them to believe the customers word when taking the customers premium but I wonder how aggressive they are in determining the fair value of a car when it's time to pay a claim for an expensive and modified vehicle? I think it's an interesting idea but it's not too cheap and I always like to see a contract first not to mention knowing who's actually agreeing to pay me.
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The underwriter for the contracts seems to be solid. You supply the value you want coverage for, however the catch is that it CAN'T be less than 90% of the car's bluebook value (I don't know which bluebook value). So, you can't buy insurance for just $15k. If you have modifications on the car that you want insured, you can list and price them in to the total estimated value of your car. As you noticed, the deductables are high, so this is really for major damage you might do to your car. I am pretty sure this policy does NOT cover damage you might cause on someone else's car (the track is a high risk environment, and everybody knows it, so if there is a multi-car incident, I don't see how people can hold each other accountable for financial losses). It covers damage to your car while it was being driven by you or your instructor. I think there is an option to specify a second driver. I can send you a copy of the contract if you want.