Drag Racing Insurance Dilemmas - and Solutions
You live for racing. But insurance companies don't share your passion for risk. Indeed, shopping for car racing insurance can be thoroughly dispiriting, even if you have experience behind the wheel and a great safety record. The truth is, many insurers don't understand how to provide drag racing insurance in a smart and efficient way. And most racers don't understand how to shop effectively to get the coverages they need -- and reduce their exposures -- without paying a decidedly unappealing percentage of race profits on premiums. This article helps to demystify prevalent drag racing insurance myths and spell out some solutions.
Drag Racing Insurance 101
Your race car is a crucial investment. But typical insurance policies -- home, auto, and business, e.g. -- may provide far less coverage than you think for your car. For instance, say you garage your race car at your house, and a fire burns down your garage and damages your car. Even though your homeowners policy would likely cover nearly all assets in your house -- your furniture, TV, computer, etc -- unless you got special dispensation from your carrier, your race car would likely not be covered.
You should cover your car, trailer, tools, spare parts, and workers assuming that your company employs four or more people). Understand where and how your policy applies -- and where it doesn't apply. In some cases, drag racing insurance will cover you at IHRA and NHRA tracks and at car shows and in storage -- but the policies won't protect you on the freeway or even on local surface streets. Talk to your car racing insurance agent to understand your terms.
If you don't yet have a racing car insurance agent, find one ASAP. Choose someone with ample experience in your "niche" -- most general insurance agents don't have a clue about the kinds of hassles, exposures, and cost concerns you have.
Finish First in the Drag Racing Insurance Derby
If there is one "magical" answer to your drag racing insurance dilemmas, it's this: learn to be strategic -- and don't expect quick fixes. Shopping and fine-tuning insurance is much like tending to a garden. Most gardens exist in a state of disorder before pruning. But after you garden -- weed, water, nurture, and cultivate -- things look better. But you don't just "garden" once and then forget about it. You regularly tidy things up to keep it in best shape. Likewise, with your drag racing insurance, you ultimately need to think of this mission as not just a one-time sprint around the track, but rather as a marathon. "Take the temperature" of your policy often.
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