Insurance Denied

[catchacab]

Chris + Work + Insurance Company + Bermuda =

As Spock would say, " That just isn't logical."

 

 

 



Just kidding around Chris, you are absolutely right.

 

-Eric

[ccm911]

Actually, Eric, I fully agree.  Who woulda thought that I would be working for a major corporation.  But at least it pays the bills.  I need to keep up with you guys and your fancy race cars, Porsche Sport Utes......

[Phokaioglaukos]

I have State Farm under a policy that does not exclude DE, but come my renewal date in May the new policy will exclude DE. I thought long and hard about Laurel DE, read about their issues on Rennlist, noted that a number of Rennlist posters had made claims and received payment, talked with the GA-based race insurance agent who filed a claim against Laurel for selling insurance in GA without a license, talked with the GA insurance department examiner looking into enforcement proceedings against Laurel, talked with one of my clients in the insurance business, talked with Laurel and talked with Tom Bobbit about why PCA lends its name to Laurel's program.

My concerns with Laurel are that they are not licensed to sell insurance in PA (or any other state) and that their web site disclosures on their license status is a bit misleading. Mostly, though, the Australian insurance carrier that they say stands behind their policies does not have an AM Best rating, which every carrier should have. In short, others have posted that they have had satisfaction with Laurel, but I'm planning to drive without insurance because I think Laurel might or might not pay any claim I make. If they did not pay, I would have no recourse to a PA state insurance fund and could not practically expect to sue Laurel up in Canada or the Australian insurance carrier, if there is one, to obtain a recovery.

[ccm911]

Just out of curiosity, won't all you guys with expensive cars be nervous about driving hard this upcoming season?  It was bad enough to cough up the twnty per cent deductable, but now, with no insurance it will be a lot tougher for those who do wreck.

Have you ever thought about getting a group together and putting some money aside in a "general fund" to help out with repair costs? 

I know that I would just be devastated if I wrecked my car and had no insurance to cover my losses.

[Phokaioglaukos]

ccm911 wrote:

Just out of curiosity, won't all you guys with expensive cars be nervous about driving hard this upcoming season?

When I described this situation to the family this past weekend they said "if you total your car on the track don't expect us to buy you a new one," so "yes" I do think about it. Will it change my driving this year? I don't think so. I plan to get faster and smoother but continue to push my envelope in small enough steps that I don't do anything catastrophic. I am starting to think about a dedicated track car for next season, though, but I really like my car!

[Tony356993]

Chris K,

I'm with you on this situation. I spoke with some folks in the insurance business and the cost to sue Laurel for a claim would far outweigh the cost of the claim. All we can do is drive within our skills and increase our speed gradually.

 

 

[catchacab]

ccm911 wrote:

Just out of curiosity, won't all you guys with expensive cars be nervous about driving hard this upcoming season? It was bad enough to cough up the twnty per cent deductable, but now, with no insurance it will be a lot tougher for those who do wreck.

Have you ever thought about getting a group together and putting some money aside in a "general fund" to help out with repair costs?

I know that I would just be devastated if I wrecked my car and had no insurance to cover my losses.

Someone once told me (actually I have heard this a bunch of times) "Don't track, what you can't lose."

Any material loss is sad. One just has to decide how much he/she is willing to risk.

Maybe we will be seeing more 944NA, 912, 914, 924, and older 911 on the track.

[ccm911]

Makes the 944NA class look like the ony way to go at this point.  And who would have thought that racing could be that inexpensive?

[Hammerin Hank]

catchacab wrote:

ccm911 wrote:

Just out of curiosity, won't all you guys with expensive cars be nervous about driving hard this upcoming season? It was bad enough to cough up the twnty per cent deductable, but now, with no insurance it will be a lot tougher for those who do wreck.

Have you ever thought about getting a group together and putting some money aside in a "general fund" to help out with repair costs?

I know that I would just be devastated if I wrecked my car and had no insurance to cover my losses.

Someone once told me (actually I have heard this a bunch of times) "Don't track, what you can't lose."

Any material loss is sad. One just has to decide how much he/she is willing to risk.

Maybe we will be seeing more 944NA, 912, 914, 924, and older 911 on the track.

Those are my first instructor's exact words. He brought it up after a brand new Vette (as in, glue from the sticker still on the window) was being flatbedded into the pits and the owner kept mumbling something about not being able to explain this to his wife. hock: The car was a total loss, not a straight piece left on it. Since then, I only bring inexpensive toys to the track.

Ya think anyone will notice a Porch badge on my rice burner? Self insurance sucks.

[Phokaioglaukos]

I'm scheduling 9 track days before my insurance changes on May 15th.