Correct. $50K car, 10% deduct. If you have a $7K "off", you pay $5K, the ins pays the remaining $2K. Your 10% comes off first.I assume it means the first 10% of the value of the car, not the first 10% of the damage being repaired. Can anyone confirm?
This is not true, at least for Tennessee. Insurance policies vary based on state law. I have read my full-text policy in TN, and it excludes any incident occurring on a racing surface, period. I guess it is possible other states vary on that point, but I would read your policy if I were you; I bet the agent is wrong.Here is a tip, but first, are there any options besides Lockton, On Track Insurance and RLI?
The tip: Nationwide Insurance's current policies exclude use in a track environment for "racing, preparing to race, or engaging in speed contests." Thus it does cover HPDE now, though my agent tells me the policy will change in 12 - 18 months. We changed from Farmers, a suck-*** company, and Nationwide paid the full claim when my wife's turbo Miata slid over coolant dropped by a Corvette and was totalled into a wall. Off track, they covered a total loss to a BMW X6 that got water in the air intakes and froze the engine. In both cases, the adjusters seemed to be going out of their way to increase the settlement! Best of all, Nationwide saved us enough on premiums that we bought a new tractor. This all may be that it is a mutual company, not a profit-driven one. I sing its praises when I can, so HPDE coverage at no extra cost, and probably lower premiums than you pay now.
Back to special HPDE insurance and this post. I'm getting a track car that Nationwide won't insure at all, so I need both regular and HPDE policies. My wife get the Cayman S as her new track car and we'll occasionally swap off.
It is generally per car per event; co-drivers may be named on the same policy and both be covered. I have done this in the past.Can anyone who uses HPDE insurance comment, if you buy a policy for the day I know it covers an instructor but does it cover two drivers? My wife and I drive together and I wonder do we need separate policies each?
As far as I know there are no Insurance companies which cover HPDE in their normal policies. Hence specific HPDE coverage which can be purchased at a premium. The language that you cite is so vague that it could easily exclude any high speed event. The language that you want in a policy is one which specifically covers HPDE.The tip: Nationwide Insurance's current policies exclude use in a track environment for "racing, preparing to race, or engaging in speed contests." Thus it does cover HPDE now,
Exactly right, but even beyond that, nearly all have specific exclusion of HDPE ("any incident occurring on a surface used for racing," etc.) I have read my Nationwide policy and can confirm it contains that language, which would actually even exclude coverage if an incident happened during parade laps at lunch!As far as I know there are no Insurance companies which cover HPDE in their normal policies. Hence specific HPDE coverage which can be purchased at a premium. The language that you cite is so vague that it could easily exclude any high speed event. The language that you want in a policy is one which specifically covers HPDE.
What concerns me is that there are some who cite conversations with their Insurance agent which confirms that they are covered. Just wondering if the agent will recall that conversation when there is a $60K+ claim. Moreover, the written language in an Insurance contract will always trump someone's recollection of a conversation.To be fair Insurance rates are calculated based on a vehicle's public road usage where the maximum speed is 70 MPH in most areas, and not on a track were 100 MPH + speeds are the norm.Exactly right, but even beyond that, nearly all have specific exclusion of HDPE ("any incident occurring on a surface used for racing," etc.) I have read my Nationwide policy and can confirm it contains that language, which would actually even exclude coverage if an incident happened during parade laps at lunch!
Yup. Many agents probably don't know. An assurance from the agent verbally is basically worthless when the policy clearly excludes coverage. I wish I had gotten in the sport back when standard insurance covered track! But OnTrackInsurance works well for me so far, albeit at a price equal to 2-3 months of road coverage per event.What concerns me is that there are some who cite conversations with their Insurance agent which confirms that they are covered. Just wondering if the agent will recall that conversation when there is a $60K+ claim. Moreover, the written language in an Insurance contract will always trump someone's recollection of a conversation.To be fair Insurance rates are calculated based on a vehicle's public road usage where the maximum speed is 70 MPH in most areas, and not on a track were 100 MPH + speeds are the norm.
And the premium that we pay for HPDE is appropriate given the increased risks. If you go back many years ago, there were no racing exclusions in a typical policy. Today there are exclusions in every policy that I have read. Apparently the popularity of HPDE has risen a great deal in the last 20 years, and Insurance companies began getting too many claims for damages which occurred on race tracks.Yup. Many agents probably don't know. An assurance from the agent verbally is basically worthless when the policy clearly excludes coverage. I wish I had gotten in the sport back when standard insurance covered track! But OnTrackInsurance works well for me so far, albeit at a price equal to 2-3 months of road coverage per event.
There shouldn't be an issue with under-insuring. You've decided to cover the uninsured cost. They don't care. They're just on the hook for up to $54K in your example.Does anyone know if there is a "penalty" from underinsuring the car (apart from a limited payout). For example, if my car is worth 70K, could I insure for 60K to save some premium cost.
The car is not financed, so it wouldn't be a disaster if I receive less than market value in the event of a total loss.
I use OnTrack, and I think they stipulate at least 70% of value.Does anyone know if there is a "penalty" from underinsuring the car (apart from a limited payout). For example, if my car is worth 70K, could I insure for 60K to save some premium cost.
The car is not financed, so it wouldn't be a disaster if I receive less than market value in the event of a total loss.