DE insurance

[AMoore]

Darren wrote:

larrybard wrote:

Beats me why no one has mentioned AIG.

I have it. It covers DE events. Not only did I review the policy language, and make sure both my broker and AIG representative understood DE -- I provided them with relevant DE information from RTR and PCA -- but a good friend totalled his GT3 at The Glen about a year ago and his AIG policy paid in full.

Larry

Great, now I know where my tax dollars are going.

I have GEICO regular car insurance covering my RS America. The policy does not specifically include language prohibiting DE. I do fear, however, that they would not cover a DE incident without a fight. Accoringly, I have been getting single event track insurance. Anyone have any thoughts on this?

[rbasales]

Read your Geico policy again. Mine specifically states that any type of track, performance and or race driving is not covered. I live in Jersey so it might be different, however,the language looks boiler plate to me so I think it is on every Geico policy.

[larrybard]

emayer wrote:

. . . . I don't think I'd take a chance with a primary insurer like AIG in today's climate.

I think that if you investigate further you'll find that the well publicized difficulties (to put it mildly) of AIG concern the holding company -- not the insurance company, which is separately regulated by state insurance commissioners and has much different financial requirements that must be satisfied. (Not that the insurance subsidiary -- like virtually every insurer -- didn't suffer from its conventional investments in equities, fixed income, etc., as the markets dropped.)

What it boils down to -- at least for me -- is that I am confident that AIG insurance is financially solvent and able to meet its insurance commitments, the policy covers DE, and the track coverage is, essentially free (i.e., at no extra cost).

[George3]

larrybard wrote:

emayer wrote:

. . . . I don't think I'd take a chance with a primary insurer like AIG in today's climate.

What it boils down to -- at least for me -- is that I am confident that AIG insurance is financially solvent and able to meet its insurance commitments, the policy covers DE, and the track coverage is, essentially free (i.e., at no extra cost).

Larry,
I don't doubt what you're saying,
but I wouldn't want to test that theory... IMHO.

[KennyB]

Another RTR guy, and I, have been told by our agents that our Allstate insurance is in effect for DE events.  I specifically indicated "PCA Driver's Ed event, held on a private racetrack" and my agent said I'm covered.  I read the policy and I think he's right.

However, with regular commercial insurers, the problem might be that if a large claim is paid, you may subsequently get dropped.  Then, it may be very hard (and expensive) to find insurance for daily driving.  Maybe WSIB is the way to go.  I believe the DE insurers also have claims limits (Lockton allows 1 claim every ? 3 years).

[MikeKling]

I have operated and owned fleets of vehicles for several decades now. This experience has taught me alot about vehicle insurance.  Physical damage is actually the least of your worries. All policies have market or agreed cash value clauses and that limits the insurance carriers exposure to repair or replace the vehicle.  When I started DE last year I was really concerned about liability.  Why?  Well, both the track and the club makes you sign a waiver.  There's a good reason for that.  This provides them with protection from any law suits. 

How receptive would Instructors be to signing the same waiver for the driver student, a total stranger, who is about to drive them at a high speed, in an old car with no air bags, and a standard seat belt.  To our Instructors, I don't know how you do it.  You have nerves of steel.

Let's be honest.  Those of us in this club are not on the first rung of the economic ladder.   We all have assets that we would like to keep.   Should the unthinkable happen, and a serious injury or death occur who is going to be sued?  Not the track, not the club, but those individuals involved. 

Law suits are about money and not some noble cause.  You don't go fishing for small fish.  If an attorney is presented a case involving a PORSCHE, he is going to assume that its owner is worth a few hours of paralegal time to file some papers and get a look at your assets. Those in the YUGO club probably would not garner the same interest. Just the cost of defending yourself could deplete the kid's college fund.

I have asked several members about this issue.  One said that we have a gentleman's agreement not to sue each other.  Honestly, if a was killed through a neglient act or omission, I don't know how much of a gentleman my wife would be.

I'm not an attorney or insurance agent.  I only write this to share my thoughts and encourage others to look past repairing their car to the bigger issue of protecting what you have worked for all your life.

Wow that was deep, who wants pie?

Mike

 

[rbasales]

 Umbrella Policy!!!!!!

[KennyB]

Mike brings up an interesting point re: liability.  However, how certain would an attorney be of proving negligence?  We all agree to go chasing/racing understanding that none of us are professionals. Absent an obvious error or blatant disregard of the rules, how could one driver be considered negligent and the other not? 

I remember a case where 2 yoots (sorry, your honor, yoouuthes) got in a fight after a hockey game in NY.  Each went to his car in the lot, retreived his weapon of choice (brass knuckles vs. nun-chuks) and went at it.  One died.  In civil court, the judge declared no harm/no foul as both men agreed to fight.

Fortunately, DE is quite safe except for equipment failures, and we all do diligent tech inspections, so negligence is ?  All said, I still would not want to be named in a suit. 

Where's the pie?

[STEVEMCMORN]

KennyB wrote:

Another RTR guy, and I, have been told by our agents that our Allstate insurance is in effect for DE events. I specifically indicated "PCA Driver's Ed event, held on a private racetrack" and my agent said I'm covered. I read the policy and I think he's right.

Hey Kenny - be careful as that is exactly what my StateFarm agent told me .... which was not true. It was only when I insisted on written confirmation that he checked with head office and the answer was a big fat no way!

[George3]

STEVEMCMORN wrote:

KennyB wrote:

Another RTR guy, and I, have been told by our agents that our Allstate insurance is in effect for DE events. I specifically indicated "PCA Driver's Ed event, held on a private racetrack" and my agent said I'm covered. I read the policy and I think he's right.

Hey Kenny - be careful as that is exactly what my StateFarm agent told me .... which was not true. It was only when I insisted on written confirmation that he checked with head office and the answer was a big fat no way!

Yep.... ditto here, too. Two years ago, my Allstate agent said DE's are no problem, so long as it is not "racing." When I put him to the wall for something in writing... well then, my, my... how things changed. Suddenly DE's were not included, either.