Finding an insurance company who will cover you when motorsport racing is not an easy task. It is essential that you shop around. Most motorsport insurance policies will cost 3 to 6 percent of the value of the car, however some companies limit the number of events in which policyholders may participate in. Some allow unlimited events and others sell coverage one event at a time.
The following companies may suit your needs: –
Everitt Boles Motorsport Insurance Management (Unlimited events)
A policy has been specifically designed for the professional driver/rider. If he/she is unable to carry on his/her usual occupation as a professional, the policy will benefit the policyholder and includes illness. Cover can be arranged for death (accident only), permanent disability, loss of income and medical expenses, however the policy is dependent upon the existence of a bona-fide contract to validate earnings and thereby corroborate the sum insured.
Accidental crash damage to competition vehicles whilst
On a Trackday
WSIB’s Race Team Pro Pak product and coverage is designed for professional, semi-professional, and amateur race teams along with other businesses in the motorsport industry. They provide coverage for teams ranging from a multi-car professional team including international travel exposures to a weekend racer.
They can also provide coverage through multiple carrier partners for Disability and Life Insurance including the following.
Driver Purchased Temporary Total Disability
Permanent Total Disability
Team purchased, and Sponsor Reimbursement Coverage.
Driver Purchased Temporary Total Disability (TTD) and Permanent Total Disability (PTD)
Worldwide 24 hour coverage on and off track with varying deductibles and multi-year policy terms
Pay benefits on a per race missed and/or weekly or monthly basis to a Professional Race Car Driver who, due to an accidental bodily injury or sickness or disease, is temporarily or permanently disabled as a driver.
Temporary Disability benefit periods can extend to sixty (60) months.
Sponsor Investment Reimbursement Coverage
Reimburses sponsor on a per race missed basis for a percentage of their investment in a Driver and/or Driver Team if the Driver, due to accidental bodily injury or sickness or disease misses a series of races.
Team Driver Replacement Coverage
Reimburses the team for the cost of paying a substitute driver in the event the primary Driver, due to accidental bodily injury or sickness or disease, is unable to participate in contracted races.
Life insurance and Long Term care is also available.
Many auto insurers have changed their policies to exclude coverage for HPDE (High Performance Driving Education). Lockton offer a la carte single event policies that protect your vehicle while you are participating in an HPDE event, if you participate in 5 events or less per year.
This insurance policy provides physical damage for your automobile while you are participating in a HPDE. The physical damage coverage will begin when you enter the grounds of a race course and end when you leave the race course premises. Liability coverage is not included in the policy. Participants that have more than one claim with Lockton Motorsports in a 3 year period are not eligible for their coverage.
You are allowed to list one driver in addition to yourself at no extra charge. For coverage to apply you must list their name during the application process. The policy only covers two drivers for the event. Coverage for more than two drivers at an HPDE is not available at this time.
In the event you purchased coverage for is cancelled or you are unable to attend, you will be refunded (minus an administration fee). To start the refund process, you need to request a signed statement from the event organizer and contact Lockton Motorsports once you have received it. Without a signed statement confirming that you were unable to attend, you will not receive a refund.
This policy provides coverage whilst your instructor is driving your vehicle.
This insurance is for structured High Performance Driver Education events. If the event you are attending provides instructions, classroom sessions for participants, and approved passing zones, ask the event organizer to contact the insurer. If they meet the required guideline, coverage will be made for the event.
Lockton offers four Multi-Event Policy options: 6 events, 9 events, 12 events or 15 events. The policy expires when all events have been used or when the annual term has expired, whichever comes first. Unused events will not be carried over to a future policy. When you purchase the policy you are not required to indicate every event you would like coverage for during the policy term. However, you must select the event on our online system prior to the beginning of the event for coverage to apply. Once a selected event has passed, you cannot change or delete the covered event; before the event has started, you may change your covered events at any time.
Competition vehicle: 2% ($500 Minimum, $2000 Maximum); Trailers: 2% ($500 Minimum, $2000 Maximum), Trailers: 2% ($500 Minimum, $2000 Maximum) Tools $1000; Spares/Parts $1000.
Your vehicle, trailer and equipment are covered up to the limits of their respective categories.