Before you enter the racetrack, when you decide to take your street car racing, you should first make sure that it is insured! We cannot emphasize the importance of it. Your regular car insurance does not cover racing. It is not clear what racing really is but as a rule of thumb, whenever you drive and you are timed – you are racing. Even with horse racing, each horse needs to be well prepared and insured if it’s at the top of its game – just ask any horse racing lover who regularly follows the news and even places a bet here and there thanks to William Hill Grand National 2019.
So, even if you believe that you are a great driver (we are not saying you’re not), accidents often happen. Sometimes, it’s not even your mistake but another driver will slam into you.
Insurance as a Way of Money Management
Whether you’re testing your new car, have a race meeting, or you’re just enjoying a track day, you should ensure your car. You can hear drivers often debating about whether it’s worth it paying for insurance. It definitely is.
By insuring your car, you will avoid having to pay exuberant amounts of money on repairs if something happens and you will have more money to spend on upgrades or a new race car. See insurance as an investment for the future and not as an unnecessary expense.
Read the Fine Print
Reading the fine print is quite boring and nobody like doing it. However, when you’re about to enter the race, you read the fine print of the rule book. Well, you should definitely take the 20 minutes necessary to read the fine print of your insurance policy. This will help you understand much better what you’re paying for and what you can expect in an adverse situation. Most importantly, make sure that you understand the conditions and the exclusions that are included in the policy.
The Universal Conditions of Race Car Insurance Policies
When buying a race car insurance policy, there are some conditions that you might find strange. However, many of them are pretty standard and always included in the fine print. If you see anything that is wildly different from the ones listed below, you should ask questions about it.
- Notifying the insurer about any changes made to the car or changes relevant to you.
- Letting the insurer know about changes in the contact information for yourself or any other member of the team.
- Adding a second driver or a coach. Even changing a coach or a driver.
- Getting a motoring conviction or an endorsement related to road/competition license.
- Having an accident or being diagnosed with a health condition.
- Changing or modifying the specification of the insured vehicle.
- Telling the insurer about any accidents that the insured vehicle was in on or off track, regardless of whether you plan to claim or not.
