Race Car Insurance: Know What Your Policy Covers

Race Car InsuranceRace car insurance coverage is a specialized type of insurance protection. While consumers need to know what they are buying anytime they purchase insurance, being familiar with your coverage options is even more important when it comes to getting insurance for a high-speed vehicle. That way, you won’t buy a policy only to find that you don’t have the right coverage after a loss occurs.

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Insuring a race car is a high-risk proposition, since they are being driven at a high rate of speed in dangerous situations. Insurance companies that offer coverage to race car owners offer general liability and participant accident protection.

Race Car Insurance Coverage Available

General liability coverage for a race car is similar to liability insurance for a car that an ordinary individual would drive. It pays for the damage that the driver may cause, including the cost of repairing the other vehicle and third party property that must be repaired as a result of the accident, such as barricades or walls. There are four types of car insurance coverage that race car drivers must keep in mind:

  • The general liability portion of the insurance policy would also pay for the medical bills and rehabilitation expenses incurred by another driver as the result of an accident. It also pays for the cost of legal representation if you are sued to recover damages following the accident.
  • Participant accident insurance covers the race car owned by the policyholder. It pays for the cost of repairs or will pay out a cash amount if the car is totaled in a racing accident. If the driver is injured, the participant accident insurance coverage pays for his or her medical expenses.
  • A race car insurance policy should include coverage to protect the vehicle while it is being transported to and from different racing events. The trailer used to transport the race car should also be included on the insurance policy. The insurance should also cover any damage to the car while it is on the track property but not on the race track itself.
  • Any equipment or gear needed for the race car should also be protected by the insurance coverage. Spare parts for the car, as well as tools and protective equipment would be covered under a good policy. The policy should also include coverage for acts of vandalism and theft of the race car itself, its trailer or the gear required to drive or service it.

Race Car Insurance and Policy Exclusions

Race car insurance coverage does not provide protection in all circumstances. For example, a race car is not insured if it is on the street. These vehicles are not street legal and a separate policy must be purchased for the car being used to tow the trailer transporting the car to the race track.

The race car insurance policy will only cover medical bills that stem from injuries related to the accident. The driver must have separate health insurance coverage to pay for medical bills unrelated to a track-related event.

Where to Buy Race Car Insurance

Race car insurance is a specialized type of coverage, and it is sold by car┬áinsurers who specialize in this niche market. Look for a company that regularly insures other specialized vehicles, such as school buses, tour buses and limousines. Going online and conducting a search for “race car insurance” will bring up results for companies that offer this type of coverage.

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As with any other type of insurance coverage, the key to getting the best rates is to shop around. Even within this niche market, there is more than one company offering coverage and the rates can vary significantly between providers.

Before you choose an insurance company to provide coverage for your race car, take the time to investigate the company itself as well. You will want to choose one that has been in business for several years and that is well established. Along with choosing a quality company, you will want to find one that has the financial resources to pay out on a claim, if you ever need to make one.

Race car insurance coverage is highly specialized protection for high-performance vehicles that are used for a specific purpose. Consider the type and level of coverage you need, and then start looking for a company that can provide the protection you need at an affordable rate.

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