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Track Insurance for HPDE type events.

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  • Track Insurance for HPDE type events.

    Hey guys (and girls although I don't think there are any on this forum), here is the info I have on automotive insurance for non competition track events.

    Although there has been several companies in the past that have done non competition track insurance for street cars, all of them have eventually stopped providing this coverage. Several months ago Chris Maume at Snelling Walters Insurance started a motorsports insurance program for this market. I first found out about this program here at Rennlist and have been following it closely. It has been discussed on many forums and although there are always skeptics, overall it seems like the real deal. I signed up two weeks ago.

    Just this last week the landscape changed when Chris Maume left Snelling Walters to offer this insurance on his own as an individual broker. He claimed that Snelling Walters would not be offering the insurance any more as he was the only motorsports specialist there. Snelling Walters then stated that they would continue to sell the policy and a new person (who is not experienced with motorsports though) would be taking over that program.

    Both companies are selling the same policy through the same underwriter. Your choice is between a company that has a larger infrastructure but limited experience, and an individual who is starting a newcompany and has specific knowledge and experience in this area. Chris has said that he will be launching a website within a few weeks that should have the same, if not better functionality than the Snelling Walters website so I will be interested to see that.

    My policy took effect with Snelling Walters before Chris left, but he said that there is a way to transfer policies over to him if people would like. I might do this.

    Now for the details of the policy:

    3% premium based on the actual cash value of the vehicle. For collector cars an agreed value must be established on the primary insurance coverage and must be corroborated on manheimgold.com, kbb.com, nadaguides.com and/or edmunds.com. An appraisal may be necessary to properly bind coverage for AV.

    The deductibles are as follows:

    $0-$25k - $1,000
    $25,001-$50k - $2,000
    $50,001-$75k - $3,000
    $75,001-$100k - $4,000
    $100,001-$125k - $5,000

    Any vehicle over a $125,000 value is referred to our Private Client Group and would need to call our office directly for personal service. These vehicles are underwritten individually on a case-by-case basis.

    There is a premium calculator on the Snelling Walters website and I am sure Chris will have one on his site soon.


    Contact Info:

    Snellings Walters Motorsports Insurance
    Lori Creed
    1117 Perimeter Center West 101
    Atlanta, Ga. 30338
    770.508.3033
    http://www.snellingswalters.com/motorSport/index.php



    Christopher S. Maume
    ProSure Motorsports Protection
    Mobile: 704.998.9078
    Office: 678.643.8415
    http://www.ProSure.net




    Right now I am personally leaning towards recommending Chris Maume's new company but if you are leery of a small company just starting out take a look at Snelling Walters. Just remember that both are just selling the same policy from the same underwriter and will be able to pay claims the same. More details about the split of Chris Maume from Snelling Walters here.


    I am sure more questions will come up, but hope this helps start the discussion on this forum.
    Aaron Kupferman | 2007 BMW Z4 M Coupe | Visual Effects Electric Reality | Motorsports Photography Motorsport Lens | Other Photography AaronKupferman.com

  • #2
    Alright Aaron!! Thanks for the valuable info.

    These guys also offer HPDE/Track Day insurance.
    http://www.laurelde.com/
    Their rates are on the high side though. For a 50k car, its around $2000 annually with 15% or $5000 deductible whichever is greater.

    Rates are important, but I think how the INS company handle the claims are equally or even more important. I wonder how these two companies compare in the claims department.

    Comment


    • #3
      Snellings Walters Motorsports Insurance Policy

      I got this off of a member from ET. Its the master policy from S-W.
      Attached Files

      Comment


      • #4
        Hey Manly, thanks for adding Laurel but I have come across this info that kept me from including it in the writeup above...

        The PCA has promoted Laurel, but it is not licensed as an insurance agent/broker in any state. The Georgia Insurance Commission has a pending criminal investigation of Laurel. Information on that can be had from Special Agent Sherie Lowell (Ins. Commission of GA) 404-651-7983.
        and
        Laurel DE, under investigation for insurance fraud, see legal issues noted above

        This comes from the Trackpedia page "Does my car insurance cover me at the track?"


        It is a shame, because we need competition to bring up the level of customer support and bring down the prices.
        Aaron Kupferman | 2007 BMW Z4 M Coupe | Visual Effects Electric Reality | Motorsports Photography Motorsport Lens | Other Photography AaronKupferman.com

        Comment


        • #5
          Good to know. Guess there's only one then, eh. I agree, we need some competition in this segment, always good for the consumers.

          Comment


          • #6
            An insurance agent/broker is an insurance agent/broker. If they are both licensed and appointed to sell the policy by the company that underwrites it, I don't see what difference it makes which agency you use. It's the policy you are buying, not the agent.

            Thanks for the great info, Aaron!!!
            The deposed former Sheriff of trackHQ . . .

            2006 Porsche 997 Carerra Coupe 6-MT - daily driver
            1992 Honda (Acura) NSX 5-MT - classic investment I couldn't resist and occasionally drive
            2004 Honda S2000 AP2 6-MT - my last track day car (FOR SALE or not, depending on how I feel when I fall out of bed tomorrow morning)
            2006 Mitsubishi Lancer Evolution IX MR 6-MT - when I need a backseat, 4-doors, or a real trunk, and still want to haul ass . . .

            Comment


            • #7
              On that Rennlist link, it mentions they only cover non timed events. Even if your HPDE/Track event is being timed, will they still cover it since they won't really have a way of knowing that you were being timed?


              My car's kelly blue book price is $21,050. I have about $14,000 in modifications done to the car. Would I be able to insure it for about $25,000-30,000? Or is $21,050 the max I could insure it for.

              Let's say I insured it for $25,000 and I am paying a 3% annual premium on that. If I have an accident at the track and have $8,000 in damage, would I just pay a $1,000 deductible and they cover all of the damages? And if I roll the car and it is wrecked, does the insurance company hand me a $25,000 check?


              Thanks,
              Brian

              Comment


              • #8
                I'll answer what I know, and defer you to Chris Maume (contact info above). If an event is timed for education and reference, it is covered. An official time trial event like the NASA Time Trial class is not covered.

                The second statement about mods, I am unsure. I think that it will be covered but contact Chris for details.

                The third statement about how the insurance is paid sounds correct.

                Another question I had that Chris answered for me was if I my car would be covered if an instructor was driving my car. He said yes which made me very happy.

                I am just passing on what I know, but this is not necessarily correct. Before signing up for any policy you should ask your questions of Chris Maume.
                Aaron Kupferman | 2007 BMW Z4 M Coupe | Visual Effects Electric Reality | Motorsports Photography Motorsport Lens | Other Photography AaronKupferman.com

                Comment


                • #9
                  Thanks for the answers. I definately be contacting them for further information.

                  Comment


                  • #10
                    Update: Looks like there will be some changes happening with new DE Insurance policies. Existing policies will remain unchanged.

                    Thread detailing the changes here...
                    Last edited by imager993; 08-13-2007, 01:20 PM.
                    Aaron Kupferman | 2007 BMW Z4 M Coupe | Visual Effects Electric Reality | Motorsports Photography Motorsport Lens | Other Photography AaronKupferman.com

                    Comment


                    • #11
                      Well, everything on this thread is now useless as Chris Maume has gone off the radar- likely trying to find a new way to offer this kind of insurance - and all of the companies that were writing DE insurance are not longer writing new policies. All existing policies (like mine with Snelling Walters) are still valid for their remaining duration.

                      I did find this company that seems like they might write DE policies. http://www.wsibinsurance.com/ If anybody on here wants to call them and ask what their story is go ahead. I just don't have the time and already have a policy. John, it looks like they might even offer racing and motorsports insurance. Would be worth a call.
                      Aaron Kupferman | 2007 BMW Z4 M Coupe | Visual Effects Electric Reality | Motorsports Photography Motorsport Lens | Other Photography AaronKupferman.com

                      Comment


                      • #12
                        We have been talking to WSIB about their program and we should have more details this week on our web stie www.MVPTrackTime.com.

                        Good news is, it's underwritten by Lloyds of London!

                        Mark "Feff" Pfeffer - MVP Track Time
                        Last edited by Feffman; 01-14-2008, 05:46 AM.
                        MVP Track Time

                        Comment


                        • #13
                          update:

                          Originally posted by Christopher S. Maume
                          Good Afternoon,



                          It is with great pleasure that I announce to all of you that I have continued the development of the on-track insurance program I began in early 2007 with Snellings Walters Insurance. The company that I started after leaving Snellings Walters, ProSure, was recently acquired by The Furman Insurance Agency in Pompano Beach, Fl. I am working with the Furman Agency as a motorsports insurance advisor continuing to operate out of my Atlanta based office.



                          We are launching a new and improved on-track insurance program for HPDE’s with enhanced offering such as LIABILITY and Storage, Transport & Paddock coverage. Over the past year nearly 30% of the inquiries about this program were questions concerning liability coverage. I have spent the entire off-season working with carriers to offer this coverage and now we can. I have attached our newest application that captures the information necessary to quote you both STP and On-Track Physical damage for your car. *(registered vehicles will not qualify for STP).



                          In the coming days my email address will change to [email protected], but please feel free to send correspondence back to me at this address until such time. If you have any questions please email or call me at the contact information below. If you are interested in a quote just complete and send the attached application back to me and we will get you started.



                          I look forward to working with each of you this year. See you at the track!



                          Regards,



                          Christopher S. Maume

                          Motorports Insurance Advisor

                          Furman Motorsports Insurance

                          678.643.8415-Atlanta Office

                          www.furmaninsurance.com

                          Comment


                          • #14
                            you guys always asked about HPDE insurance. just got this e-mail from BMWCCA today. I am not affiliated.

                            ---------------------------------------------------------------

                            WHEN YOUR PERSONAL AUTO INSURANCE
                            doesn’t cover you, there’s an option that will...for as little as $125 (auto valued at $20,000)


                            The HPDE Insurance Program offers an a la carte, single-event policy, providing affordable physical damage coverage to vehicles used in BMW CCA high-performance driving schools at race tracks across the United States.

                            Over 1,000 enthusiasts have used our program and are enjoying the feeling of having reliable coverage while they drive on-track. We encourage you to look at your primary street insurance policy and make sure you have the coverage you need. If you don't, visit our website for an affordable, single-event policy.

                            The HPDE Insurance Program is administered by Lockton Risk Services,
                            an affiliate of Lockton Companies, LLC, the largest independently-owned commercial insurance broker in the United States.

                            www.HPDEins.locktonaffinity.com
                            866.582.4957

                            -----------------------------------------------------------------------

                            there is an additional 9% discount for BMWCCA events.




                            ________________________________________ ______________________________
                            S1 Supermiata - 220whp
                            13 Tesla, ma: no engine !!
                            17 GT350R
                            03 Miata Club Sport
                            96 NSX
                            06 EVO MR
                            15 Mini Cooper S
                            Beck 550 Spyder

                            Comment


                            • #15
                              Originally posted by bellwilliam View Post
                              you guys always asked about HPDE insurance. just got this e-mail from BMWCCA today. I am not affiliated.

                              ---------------------------------------------------------------

                              WHEN YOUR PERSONAL AUTO INSURANCE
                              doesn’t cover you, there’s an option that will...for as little as $125 (auto valued at $20,000)


                              The HPDE Insurance Program offers an a la carte, single-event policy, providing affordable physical damage coverage to vehicles used in BMW CCA high-performance driving schools at race tracks across the United States.

                              Over 1,000 enthusiasts have used our program and are enjoying the feeling of having reliable coverage while they drive on-track. We encourage you to look at your primary street insurance policy and make sure you have the coverage you need. If you don't, visit our website for an affordable, single-event policy.

                              The HPDE Insurance Program is administered by Lockton Risk Services,
                              an affiliate of Lockton Companies, LLC, the largest independently-owned commercial insurance broker in the United States.

                              www.HPDEins.locktonaffinity.com
                              866.582.4957

                              -----------------------------------------------------------------------

                              there is an additional 9% discount for BMWCCA events.




                              ________________________________________ ______________________________



                              This probably also carries a 10-20% deductable.


                              Oli
                              To the right of The Sheriff. Isn't everyone?

                              Comment

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