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Oct 20, 2008 01:20 PM
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For years, enthusiasts have been maintaining their car insurance during track days and course club events through a little policy loophole that only disqualified timed racing events. Since racing schools and track days aren't timed, most car owners assumed their cars were still covered by their standard collision insurance, and in fact they were — at least until recently. The New York Times reports, along with the five-fold increase in track day events since 2003, insurers have begun denying coverage for any incident that occurs at a location that could accommodate racing. So what's a track-bound enthusiast to do?
One option is to go the Lemons route, buying a cheap race car to get your track thrills and leaving the high-buck driver in the garage at home. That's not a particularly palatable option for folks who spend the green for a Porsche, BMW M or Lotus and want to be able to wring their cars out now and then, though. To help, some small specialty insurers like WSIB, K&K and Motorsports Insurance Services are stepping in to offer specific club event and track day insurance. It's not cheap, but then again nothing is in racing.
As the Times reports, think twice before you ask your current agency to confirm coverage. Mike Barr, a dentist from Palm Beach, FL called USAA to inquire if his Subaru WRX STi was covered for a track day event. Apparently, USAA didn't like the sound of his question: “Some months later I got a letter from USAA saying they were going to discontinue coverage,” he said.” “They dropped me because I asked about” performance driving schools. “They confirmed it verbally when I called to inquire further.” A USAA spokesman said Dr. Barr was canceled for “several reasons,” but would not elaborate. [New York Times]
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