Burning Up with Race Track Insurance Questions? Get Answers
Whether you own a race car or a thoroughbred horse — or you are a small business owner who owns a track — you want solutions to your insurance concerns to control costs and limit your liability. Whether you want race track insurance for auto racing or race track insurance for horse racing, the issues that you must deal with are dynamic, complicated, and ongoing, so work with an agent and speak with a lawyer about how best to fulfill your policy needs.
Race Track Insurance for Auto Racing
Whether you own a speedway or a souped up dragster, you need a basket of coverages.
For drivers… a standard auto policy likely won’t cover race track insurance for auto racing, so you will need extra protection. You also need liability protection, insurance for car parts and maintenance, and of course, bodily injury protection. Some types of insurance allow you to race on certain tracks but not on others. Some insurance protects your car when you show it at shows but doesn’t cover your dragster on highways and surface streets.
If you own a track… you must worry about concerns such as premises liability, general liability, workers compensation for any employees, business interruption insurance, business property insurance, and insurance for vehicles or other tools you need to maintain your track.
Insurance for Horse Racing
If you own a thoroughbred… you need coverages such as mortality and medical/surgical as well as care, custody or control and commercial equine liability. If you plan to try to foal your horse, insure the horse against infertility. You should also insure your horse for loss of use.
If you own a track… you will want to get race track insurance for horse racing that includes premises liability, general liability, and other concerns named above when we spoke about race track insurance for auto racing).
A Sound Approach
The following methodology will help you isolate and systematically lock into a policy — whether you need insurance for auto racing or horse racing or both!).
The first step is to identify your “ideal” coverage scenario. In other words, imagine if cost was not a factor — and you could get all the coverage you wanted — at the price that you wanted. What would that vision look like? Develop this vision out by talking with an agent familiar with your industry. Also, speak to others who’ve gone through the gauntlet of searching for and locking down policies.
Once you have nailed down your vision, look for things like multiline discounts, discounts for raising your deductibles, and ways to cut coverage without taking on extra risk.
NetQuote, a 100% free and fast web service, can connect you with 5+ quotes — just fill out our free form, and you will no doubt soon cross the finish line with a completed, tailored policy.
See how much you could save today on your insurance. Get your free business insurance quotes today!