Insurance for DE

[Marty Kocse]

I just spoke with Orlando.  From the insurance company's perspective, it looks like there wasn't enough interest to keep this thing going.  So, when the current policies run out, we will not be able to renew.  So, I may be looking at a winter event down south while I'm still covered.

He told me that the cancellation was due to 2 factors: 1. The loss ratio was a little higher than expected (premium should have been set around 2.2% or more rather than 1.5%),  2. The number of policies written was not high enough (little interest).

So, from the ins. company's point of view, if there isn't enough interest now at 1.5% of value, how can there be more interest if they intend to raise the premium to 2.5% or 3% of value?

Unfortunately, I think they had a great thing going and Orlando was really enthusiastic about the program.  For me, I know I at least had peace of mind when out on the track that if something major happened, I was covered, regardless if my regular insurance would cover the car or not.  And I still don't think 2.5% of value would be too high a cost to pay for insuring these vehicles.  Of course, we would all like to pay as little as possible, but for another few $100, I would still be interested in having coverage.  So, I'm hoping that with more awareness of the program, they would still be able to continue the program in the future.

According to him, the best thing we can do right now is continue to show an interest in the program and send him an email.  Maybe by the beginning of next year, they could have a change of heart.  Especially, if they new that even with a little higher premium, we would still be interested in obtaining coverage.  But as it stands right now, the end is near.

Marty  :X