Trackday Insurance

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SteveD
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Re: Trackday Insurance

Post by SteveD »

I've been quoted £118 for Blyton by REIS, £7000 value, 10% excess and 2 drivers.
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Re: Trackday Insurance

Post by warpc0il »

I've decided against it, given the nature of the track, though I hope I don't live to regret it.

That said, I find going through insurance to get a car fixed or, god forbid, if it's a write-off, is a hassle I can do without.

If she does get damaged I'd rather just focus on getting her fixed rather than having to negotiate and being limited to "approved" repairers. Anyway, if the nose gets bent it might be the justification for something different...

I understand that the balance is a bit different if you've got a nearly new R3 but for a '04 it's a no-brainer.

Am I correct in assuming that track insurance is only for your own vehicle and there isn't any 3rd-party liability or cover requirement?

So if two (or more) cars come together, there is no judgement as to who may have been at fault, each has to deal with their own damage.
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Re: Trackday Insurance

Post by Naz »

yes, each person has to sort their own.
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Re: Trackday Insurance

Post by casey »

warpc0il wrote:Am I correct in assuming that track insurance is only for your own vehicle and there isn't any 3rd-party liability or cover requirement?

So if two (or more) cars come together, there is no judgement as to who may have been at fault, each has to deal with their own damage.
Exactly right. Dave, if I were to crash into you (God forbid) and it was clearly my fault, even if I have cover, it would only cover my car, not yours. Trackday insurance covers your car, not any 3rd party.

Car to car contact on a trackday is extremely rare. I think NickD says he's only seen it happen once on all the trackdays he's been to over 6 years, but the risk, however small, is always there. The higher the value of the car, the more sense it makes to take insurance.

Naz beat me to it :D
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Re: Trackday Insurance

Post by SteveD »

I considered not getting any, then I worked out the cost of a like for like replacement :(
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Re: Trackday Insurance

Post by RX8Head »

Just a small question re the track day insurance is it like standard insurance where they look at the market value of the car and pay out on that and not what you feel it might be worth/said it's worth when insuring it. It's just I can see Steves got his insured for 7k and we know it's worth this due to the new engine but we also know this isn't the Market value of the car and if it was to say get stolen he'd won't get any where near this.
This doesn't apply to me as I've got an agreed value on mine with REIS but people might think twice if they think they're covering there car for X but in fact they'll only be paid the market value which will be a lot less than X.
Just something that might be worth checking as we know all insures love taking your money but aren't as happy to give it back to you :roll: .
Oh and hope you don't mind me using your car as an example Steve but most of us feel our cars are worth more than the insurance companies do.
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Re: Trackday Insurance

Post by warpc0il »

When I checked for cover I was told that the premium is ~2% of "market value", which you determine.

Any pay out is limited to this amount or their determination of "market value", which they check if there's a claim.

So you can set the value at what you like but it would just increase the premium, not the payout.
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Re: Trackday Insurance

Post by RX8Head »

That doesn't surprise me it's one of the reasons I was asking this as people could end up paying more than they need to if they value the car a lot higher than the market value, plus they might be a bit pissed off when they don't get anywhere near the payout they were thinking they were going to get.
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Re: Trackday Insurance

Post by NicKD »

This would all depend on if you have an agreed value policy or not. Most track or competition insurance is based on fixed value as competition cars don't exactly feature in Glasses Guide. If you just have standard road insurance and your value is defined as market value, then that is what will be taken into account.
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Re: Trackday Insurance

Post by NicKD »

Oh, and to add to that, insurance companies are not silly, or at least the ones providing track cover. If you try to insure your car that has a market value of £7k for £12k they are going to ask you for proof of why that is. If you have a Quaife sequential box then you would have of course declared that on the description of the car.
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Re: Trackday Insurance

Post by RX8Head »

As I've said I've got an agreed value on my car and it's insured with REIS who including 4 track days in the price, the reason I've got this is because of the mods I've got on my car these are not just track mods but are styling mods as well and if it should get stolen/written off I want to get more than the market value for it as it's worth more than that to me. I had to give them a full list of all my mods as well as 6 photos of the car to prove all the mods.
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Re: Trackday Insurance

Post by SteveD »

When I rang REIS for a quote I asked about this and explained about the engine rebuild and why I needed the extra cover. The impression I got what that it was something they deal with all the time. I will confirm this when I ring them to take it up later today.
@RX8Head did that cost you much more than standard Chris? I must admit that worries me, some numpty rams you up the ass and ending up getting 'market value'
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Re: Trackday Insurance

Post by SeanP »

@SteveD - see This Thread which applies equally to Trackday insurance as Road insurance :-)

If you want something different, you need to have an "Agreed Value" policy with your insurers - which I believe is what Chris (RX8Head) has.
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Re: Trackday Insurance

Post by Shagrington »

I just insured mine for Saturday with REIS. £3.5k value, £500 excess, 1 driver and it cost me £73.37 which, for all I know, seemed very reasonable. :)
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Re: Trackday Insurance

Post by casey »

^^ I was told their minimum "one-off" trackday policy was £70.37 when I enquired about cover for Japfest last year, so sounds like you couldn't have got it much cheaper then that, certainly from REIS anyway. Looks reasonable to me, based on past experience of several companies I've used in the past too :thumleft:
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Re: Trackday Insurance

Post by GreySilver Beast »

I will be sorting out Track Insurance tomorrow with REIS,so will be interesting to see what they charge for the R3 :roll:
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Re: Trackday Insurance

Post by GreySilver Beast »

Just Insured the R3 for tomorrow =D> ,so the cost is a touch over £170.19 :lol:
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Re: Trackday Insurance

Post by casey »

^^^ Not bad Nigel, quite reasonable, given the value of the car :D

As usual for me, last minute decision, I called REIS yesterday and put the car of cover for £50 - I've run out of my inclusive days so have to pay an add-on.
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Re: Trackday Insurance

Post by GreySilver Beast »

Well I thought it would be a wise idea to Insure the R3,seeing I spent quite alot on the car since getting it :!:

Anyway see you at 2.30pm :P
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Re: Trackday Insurance

Post by warpc0il »

But Nigel, nothing you've spent on it would have added to the market value :roll:
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Re: Trackday Insurance

Post by GreySilver Beast »

Sorry Dave :? don't get your comment :!:
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Re: Trackday Insurance

Post by casey »

Just renewed my insurance with REIS at £421.88.

This includes 4 trackdays, protected no claims, 7000 miles limit, Social & Domestic use only, excess £300, £5000 trackday value declared (they can't offer me "agreed value").

I look at it this way, with the 4 trackdays worth ~£75 each (so that's £300) the road part is just £121.88. Happy with that.

I did get a quote from CCI which was slightly more expensive, even accounting for their 5 trackday cover, so decided to stay with REIS for a 3rd year.
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Re: Trackday Insurance

Post by duffbyname »

Just renewed my insurance with LV for £355, unfortunately REIS has increased my premium to £606 which when you take into account the fact that I only do a maximum of 2 trackdays a year then works out quite expensive. They say that the increased costs of windscreens has caused the premium increase, funny how it doesn't seem to affect other insurers.

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Re: Trackday Insurance

Post by Bulldog »

My insurance with REIS is 525 all mods declared. I have got a 500 quid excess tho which ive only just noticed. 7 years protected ncb. I was paying 80 a trackday so 525 is 205 for the road and 320 for the track. I couldn't insure a 600cc smart car for that. My msport 320d is 435 a year with liverpool vic 200 excess with 9 years protected ncb.

REIS want me to send them ..

Proof of ncb
Cars millage
a colour photo of my car (never been asked for that before)
A photocopy of my license (never been asked for that before)
A copy of my owners club card (never been asked for that before)
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Re: Trackday Insurance

Post by GreySilver Beast »

Got my Track Insurance sorted with REIS at lunchtime for the Mazda 3 MPS =D> ,so already for Snetterton 8)

The cost is £213.38 at a value of £16,000 with a excess of £1,600 :P
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