mooty

usually DE insurance has a very high deductible.
10k 20k is pretty common.

LVDell

10-20K is more in line with RACE insurance not DE insurance.

The PCA sponsored track insurance is a deductible of 10% of the claim total with a $2K min and $5K max. The policy is roughly 6.5% of the stated value of the insurance.

So....for a GT3 with a value of 65K you are looking at about $425 for the weekend. Plan on your claim being 5K for the worst case so if you total your car you are out $5,425 of your stated value of 65K.

If you did 10 events in the course of a year, you would spend $4250 and if you totalled it on that last event, you spent $9,250 for the claim if the car was totalled.

**PERSONALLY, I SELF INSURE. IF I CAN'T AFFORD TO WALK AWAY FROM THE TOTALING OF MY CAR THEN I DON'T PLAY, SIMPLE AS THAT**

blake

Glad to hear that the PCA is now involved in DE Insurance. When I looked back in 2008, there were only a few options - and the options available had very high deductibles. A two year policy for DE was going to cost me $10K plus a $10K deductible (hence my $21K "wash" comment). I had contacted someone (Chris Maume???) on Rennlist who was selling a new type of policy...

I'll look into the PCA option, though will probably still self insure...

-Blake

LVDell

I bought one of the policies from Chris Maume when he was in business. IIRC, it was about $2500 for the policy and a ded. of about 5K. Thank God I never needed it

elh0102

Correct, we remain covered in NC for non-competitive DE events. My insurance agent is my old college roommate and I stay close to this. But all is not perfect. If you have a track-related claim, your company will probably cancel your policy along with paying your claim, and there is no assurance of how you will be treated by the next company. When I started the track stuff, I decided I would take the chance of allowing myself one claim. If that should happen, I would then quit, or consider myself self-insured from then on, probably with a less expensive car.

SH || NC

This is good to know. My policy was just renewed, and I have asked for a full hardcopy to be mailed to me. Why they can’t be made available online is beyond me when every other policy document is, but whatever.

I’d likely handle a claim the same way.

LVDell

Ed, the only problem with this is not only do you run the risk of your policy being terminated (then it's very tough to get a new policy at a reasonable rate) but North Carolina law mandates that an insurer add a surchargee to your rate according to the following table based on how many points you have on record:

One 25%
Two 45%
Three 65%
Four 90%
Five 120%
Six 150%
Seven 180%
Eight 220%
Nine 260%
Ten 300%
Eleven 350%
Twelve 400%

And in a situation like a GT3 being totalled on track (or even a small indicent) you would get hammered with 3 Points since each at-fault accident that results in property damage of $ 3000 or more earns 3 points. If it is less than $3000 then it is 2 points for 1800-2999 and 1 point for <1800. I have no doubt that nobody in the right mind would claim anything under $3000

So not only would your rates go up but then a surcharge of 65% would be tacked on. This is why track insurance is why I either self-insure or obtain track insurance. I would NEVER claim this on my policy.

Remember, the 65% is also not for just that one car......it applies to all cars and all drivers in the household (wife, kids, etc).

Marv

Yikes! The state can mandate what you pay on private property?

elh0102

If it is a claim paid by the insurance company, makes no difference where it happened, the company can add the points. This is not to be confused with DMV points, which are assessed against the driver, not the car. I think this is where private property can be a factor.

LVDell

Ed, drivers license points also factor into that equation. Whether it is an accident or a speeding ticket, in NC you will pay

AudiOn19s

This is pretty close to spot on. When doing your calculations remember that the 65% applies for 3 years though the surcharge gets a bit smaller after each 12 month interval.

North Carolina bureau makes my head spin sometimes they're so completely different than the rest of the states when it comes to insurance. I write insurance rating code and can tell you NC makes my life hell sometimes!

LVDell

It really sucks. My wife got hit by a gal in the day care parking lot a couple years ago at less than 5 mph. It was VERY minor. Since there was a claim by the other gal against our policy for a small dent in her fender that you could barely see (nothing on our car) our policy got dinged 1 point and since we have 6 vehicles on our policy we ended up paying in one policy renewal what we could have paid for the other lady's fender out of pocket! That stuck with us until this month when it finally was removed from our policy surcharge category.

I had never seen anything like this before (being from Texas) so I called USAA when my policy spiked several years ago after the incident. I was then given the lecture on how NC collects some serious cash through the point system.

I don't agree with it one bit (the property damage claim part). I do agree that you should be penalized for moving violations (speeding, DWI, school zone, etc) but not and ACCIDENT.

AudiOn19s

We'll sell you Accident forgiveness now Think of it...insurance for your insurance. If you buy the coverage then get in an accident your rates won't go up. Just another way to get our hands in your pockets. Sometimes I really resent teling people I work for an insurance company....but it pays the bills.

LVDell

Well that's a new one! Insurance for insurance? What's next.....insurance for your accident forgiveness insurance?

By the way, how is everything going? My wife asked about y'all recently. Y'all are always in our thoughts

AudiOn19s

Thank you for that. She's doing very very well. Spirits are back 100%, blood counts have been looking good and her hair is even long enough that she's somewhat happy with it now. All things positive at this point.

Andy