Motorsports Insurance?
Discussion
Depends on the value of the car but my previous cars were circa £4500 and £10,000 and I didn't bother with insurance. As far as I remember the excess was so high it wasn't worth it. However know someone who had their 997 insured and they did pretty well out of it after a few big shunts and a reshell they definately saved money.
We insure many teams at GP2, LMS, FIA level, through to Carrera Cup, BGT, WSR etc. And these teams /drivers have to insure to protect their investments.
At club racing level, it's purely a personal choice - and we will never try to convince you to insure; the purchase decision has to be self motivating. I'm afraid insurance isn't the cheapest part of motorsport, but you do go out on track knowing that your pride & joy is fully protected - and don't forget we are carrying the risk each & every time you go out on track (for just one annual payment).
Motorsport Insurance can be compared to all the common commodities in life and you find people drink different quality lager & wine, and eat at either Fast Food or posh resturants - it's personal choice. Just as there are Companies in our Industry who market themselves as "the cheapest" and "save money on motorsport". We will never be as cheap as some, but our product, service & knowledge is the most comprehensive around; as you know we also race (with you in the CSCC) & so our product is designed by racing drivers for racing drivers, and unique to the UK, we settle claims in-house - within 24 hours often.
Look forward to seeing you at Snetterton next week & good luck for the season. You will really enjoy raicng with the CSCC, it's cracking fun!
Andy
At club racing level, it's purely a personal choice - and we will never try to convince you to insure; the purchase decision has to be self motivating. I'm afraid insurance isn't the cheapest part of motorsport, but you do go out on track knowing that your pride & joy is fully protected - and don't forget we are carrying the risk each & every time you go out on track (for just one annual payment).
Motorsport Insurance can be compared to all the common commodities in life and you find people drink different quality lager & wine, and eat at either Fast Food or posh resturants - it's personal choice. Just as there are Companies in our Industry who market themselves as "the cheapest" and "save money on motorsport". We will never be as cheap as some, but our product, service & knowledge is the most comprehensive around; as you know we also race (with you in the CSCC) & so our product is designed by racing drivers for racing drivers, and unique to the UK, we settle claims in-house - within 24 hours often.
Look forward to seeing you at Snetterton next week & good luck for the season. You will really enjoy raicng with the CSCC, it's cracking fun!
Andy
Cheers Andy I wasn't saying your product isn't worth it, just the cost is another thing for me to bear in mind right now.
Will see you at Snett and look forward to having a chat. I know you guys are in FC races, and my car is John Mawdsley so you must know it
Go so much on right now with getting everything sorted for the weekend. Many thanks again for taking the time to reply, I do appreciated the product.
Alex
Will see you at Snett and look forward to having a chat. I know you guys are in FC races, and my car is John Mawdsley so you must know it
Go so much on right now with getting everything sorted for the weekend. Many thanks again for taking the time to reply, I do appreciated the product.
Alex
MMC Andy said:
We insure many teams at GP2, LMS, FIA level, through to Carrera Cup, BGT, WSR etc. And these teams /drivers have to insure to protect their investments.
You might not want to say but whats the size of the excess in something like GP2 or LMS, it must be HUGE? I don't know how much a GP2 car costs but if your talking about prototype class in LMS they must be around half a million and up to replace so have an equally massive excess?In BGT we carried a £10,000 excess with a sum insured (i.e. rather than the whole car value) of £90,000 on the basis that the majority of damage would be covered under the £90,000 sum insured.
That was a few seasons ago, but I would expect it to be much the same - you have to take a view with it, it may not for example be worth insuring a GP2 car for knocking a front corner off as it would be a much higher risk event, and hypothetically a corner costs £20,000 so it makes sense to agree a £25,000 excess which then covers you for damage above that and presumed decreases the risk of a claim? I'm sure Andy will educate as to how it actually works!
That was a few seasons ago, but I would expect it to be much the same - you have to take a view with it, it may not for example be worth insuring a GP2 car for knocking a front corner off as it would be a much higher risk event, and hypothetically a corner costs £20,000 so it makes sense to agree a £25,000 excess which then covers you for damage above that and presumed decreases the risk of a claim? I'm sure Andy will educate as to how it actually works!
vauxh al said:
Cheers Andy I wasn't saying your product isn't worth it, just the cost is another thing for me to bear in mind right now.
Will see you at Snett and look forward to having a chat. I know you guys are in FC races, and my car is John Mawdsley so you must know it
Go so much on right now with getting everything sorted for the weekend. Many thanks again for taking the time to reply, I do appreciated the product.
Alex
Alex, see you there - I'll come over and say hi. Or pop and see us - you will not be able to miss the van & car (might say MMC once or twice on them) !!Will see you at Snett and look forward to having a chat. I know you guys are in FC races, and my car is John Mawdsley so you must know it
Go so much on right now with getting everything sorted for the weekend. Many thanks again for taking the time to reply, I do appreciated the product.
Alex
Very best of luck for the weekend though.
Andy
TimCrighton said:
In BGT we carried a £10,000 excess with a sum insured (i.e. rather than the whole car value) of £90,000 on the basis that the majority of damage would be covered under the £90,000 sum insured.
That was a few seasons ago, but I would expect it to be much the same - you have to take a view with it, it may not for example be worth insuring a GP2 car for knocking a front corner off as it would be a much higher risk event, and hypothetically a corner costs £20,000 so it makes sense to agree a £25,000 excess which then covers you for damage above that and presumed decreases the risk of a claim? I'm sure Andy will educate as to how it actually works!
Tim, as you say really. Just like our competitor you work with, the trick/plan/ideal is to balance as manageable an excess as possible, with the most sensible level of cover, at the right price for all. Some of us are better/luckier at it than others! That was a few seasons ago, but I would expect it to be much the same - you have to take a view with it, it may not for example be worth insuring a GP2 car for knocking a front corner off as it would be a much higher risk event, and hypothetically a corner costs £20,000 so it makes sense to agree a £25,000 excess which then covers you for damage above that and presumed decreases the risk of a claim? I'm sure Andy will educate as to how it actually works!
To be honest, GP2 cars are fairly straight forward to insure (and to repair), with large excesses and Sum Insureds between £50 and £150k depending on the team. It's now more complex in the world of GT's because of the technical and mechanical advancement of the modern day GT car. With a GT3 spec Ferrari 458 costing 330,000€'s, and the cost of parts so expensive, what looks like a relatively straight forward repair can run into the tens of thousands of £'s before you realise it.
Incidents like the start at Paul Ricard this weekend don't help!
MMC Andy said:
Incidents like the start at Paul Ricard this weekend don't help!
What happens in cases like that? I understand the risks you take of you crashing, or someone else crashing into you, but what about damage caused by an error with race control? Is there no way you can claim against them?Glyn84 said:
MMC Andy said:
Incidents like the start at Paul Ricard this weekend don't help!
What happens in cases like that? I understand the risks you take of you crashing, or someone else crashing into you, but what about damage caused by an error with race control? Is there no way you can claim against them?Gassing Station | UK Club Motorsport | Top of Page | What's New | My Stuff