Life insurance when racing

[jimmyslr]

My current life insurer excludes competitive motorsport from my cover; I am after fairly chunky income protection type cover. This is a bit disquieting and I would happily pay a decent premium to get the same level of cover that I enjoy day to day. I do c5 races a year at a very "club" level, but this seems not to matter much. My broker has drawn a blank with normal insurers.

Has anyone got any suggestions for either insurers who will cover it as part of a wider policy or specialist insurers who will cover me for the relevant 5 days a year? There must ne a market for this stuff and I am hoping some of you club racers will have been through the same thought process!

Thanks, James

[Coxyjunior]

I got my life insurance through the following broker and they got me a great deal for European racing cover.

Bragagnini Associates Financial Solutions Limited
Tel: [phone]
Fax: [phone]
[e-mail]

[jimmyslr]

Coxyjunior said:

I got my life insurance through the following broker and they got me a great deal for European racing cover.

Bragagnini Associates Financial Solutions Limited
Tel: [phone]
Fax: [phone]
[e-mail]

Thanks. Was that racing cover only or full cover that happened to include racing?

[Racing Rod]

I don't know if this still applies but I had an existing life policy in existence before I started racing some 16 years ago and when I asked if I was covered for motorsport, they confirmed that as the policy was in force before I became involved in the sport, the policy would cover any misfortune that may occur as a result of my sporting activity. I asked them to confirm this fact in writing and a few weeks later I had a letter confirming the position. I think the key issue is linked to the date of the life policy and whether one was racing prior to contracting the policy, I seem to remember sending through a copy of my race licence with a letter from the MSA stating that this was indeed my first motorsport licence. I didn't have to pay any extra premium nor was I asked to, so it may be worth checking directly with your insurer. Mine was arranged via Barclays Bank.

[jimmyslr]

Thanks Rod. Alas, I was racing before I went after these policies so that won't apply to me. James

[pistol pete]

I got mine through the same broker that did our mortgage. He new who to talk to and it's more or less exactly the same as you need. It was more or less the same cost as other quotes we had that didn't cover racing...

Let me know if you are interested & I can PM you his details.

[pistol pete]

[taffyracer]

Scottish Widows for me, not cheap but peace of mind and all that

[456lbft]

My broker arranged cover with Oamps. I don't race anymore, but still have cover with them for arrive and drive karting and trackdays.

[cater_racer]

Racing Rod said:

I don't know if this still applies but I had an existing life policy in existence before I started racing some 16 years ago and when I asked if I was covered for motorsport, they confirmed that as the policy was in force before I became involved in the sport, the policy would cover any misfortune that may occur as a result of my sporting activity. I asked them to confirm this fact in writing and a few weeks later I had a letter confirming the position. I think the key issue is linked to the date of the life policy and whether one was racing prior to contracting the policy, I seem to remember sending through a copy of my race licence with a letter from the MSA stating that this was indeed my first motorsport licence. I didn't have to pay any extra premium nor was I asked to, so it may be worth checking directly with your insurer. Mine was arranged via Barclays Bank.

I have the same Prudential agreed that as I took the policy out long before I started racing it would remain in force.

[TimCrighton]

I have an exclusion on mine for racing. Not great, but I couldn't find anyone to cover it at a sensible rate.

[thunderbelmont]

What can Messrs Hancock got to add... they are usually very good.

[MMC Andy]

Thanks Rob!

I'm another vote for Bragagnini (as per a previous post above), great cover at a more than reasonable cost, but my advice would be to always try your existing Life Insurance provider first, particularly if you have had a long standing relationship with either Insurer, or your Broker.

Andy

[scratch pervert]

I'm a broker in this field and more than happy to provide no obligation quotes or advice. Feel free to PM me

[ginettajoe]

jimmyslr said:

My current life insurer excludes competitive motorsport from my cover; I am after fairly chunky income protection type cover. This is a bit disquieting and I would happily pay a decent premium to get the same level of cover that I enjoy day to day. I do c5 races a year at a very "club" level, but this seems not to matter much. My broker has drawn a blank with normal insurers.

Has anyone got any suggestions for either insurers who will cover it as part of a wider policy or specialist insurers who will cover me for the relevant 5 days a year? There must ne a market for this stuff and I am hoping some of you club racers will have been through the same thought process!

Thanks, James

I have cover which I find quite unbelievable!! Firstly the monthly premium payments are relative to proven earnings, or accounts if you are self employed. The cover is then relative to the premium, and is relatively good. The policy covers illness, hospitalisation, and there are no restrictions on activities, whether it be through work, or racing every weekend.
The policy has been ideal for me because I'm a full time circuit instructor, I race (cars) and I ride a 600 bike!!
The BAD news is that the cover is generally taken over a 12 year period, but the exceptionally GOOD news is, provided you don't claim, you receive every penny back at the end of the 12 year term!!! In other words, if it is based on or around £10 per week, £ 520 per year, at the end of your period you receive £6240 back!
I unfortunately, didn't start my policy until I was almost aged 60, and you can't continue cover beyond the age of 65. I spoke to the Insurance company the other day, because I reach 65 in February, and I will be receiving £1200 back, from a monthly premium of £37. They don't pay the full amount back, because I have only contributed for 5 years.
If you do claim, then you receive nothing at the end of the term, but there are no restrictions on how many times you claim!!
Hope this helps, and if you would like any more info, PM me and I'll give you their details!! Howard

[jimmyslr]

Thanks all. I ended up with UNUM via my broker. Same levels of cover as I have via Aviva, but with £10 extra premium per month. This will cover me for Caterham racing and using mt GT3 Cup on track days whcih were previously excluded. Good for my peace of mind.