A&Q about Lotus
Q:
Originally Posted by e-Lise
IMHO, the insurance issue isn't whether you'll get your money back for a $50,000 car - it's the possibility of being at fault in an accident where some rich dude with a wife and kids ends up a paraplegic - and you get sued to cover his lost future income. No way your insurance co will step up to the plate for that!
The track has insurance, the event organizer has insurance, and your insurance company will in all likelihood defend you even if they don't initially admit that there is coverage (they are not going to let someone take a judgment against you that they may possibly have to pay). So even assuming liability, which will be hard to establish unless you do something really stupid, I don't see this as a major risk. The case will get settled by each insurance company chipping in a portion of the settlement.
Now, if you put your $50,000 car into the wall and the insurance co. denies coverage, you have to hire an attorney and sue them. There is a far greater likelihood that you'll be out money in this case.
A:
a company that goes by american car collector sells policies primary for collectible cars, but has a policy that covers 80% of the declared value of a given car for driving school events. It doesn't cover racing, but open track days should be fine, especially if you can prove the presence of instructors or professionals on the premises...
I forget the exact formula for the premium, but I paid $500 a year for a $25000 mitsu evo, and now expect to pay $1000 a year for my elise...
This is of course on top of the regular auto insurance policy which is required...
A:
Originally Posted by vasracer
a company that goes by american car collector sells policies primary for collectible cars, but has a policy that covers 80% of the declared value of a given car for driving school events. It doesn't cover racing, but open track days should be fine, especially if you can prove the presence of instructors or professionals on the premises...
I forget the exact formula for the premium, but I paid $500 a year for a $25000 mitsu evo, and now expect to pay $1000 a year for my elise...
This is of course on top of the regular auto insurance policy which is required...
Vasracer,
Not sure if this is the same company, but there used to be DE Insurance through American Collectors Insurance. The Company still exists but they stopped offering the DE Insurance program. I actually have it on my car, and they will cover the rest of the term, but will not be renewing any policies or issuing any new ones.
I would be interested in whether anyone knows of any other DE Insurance programs around. Anybody use Laurel DE?
The nice thing about American Collectors' program was that the premium was pretty low. Apparently too low
A:
Originally Posted by vasracer
I forget the exact formula for the premium, but I paid $500 a year for a $25000 mitsu evo, and now expect to pay $1000 a year for my elise...
This is of course on top of the regular auto insurance policy which is required...
That would boil down to a 2% rate.
A:
Originally Posted by Jason R
I would be interested in whether anyone knows of any other DE Insurance programs around. Anybody use Laurel DE?
The nice thing about American Collectors' program was that the premium was pretty low. Apparently too low
I think you guys are talking about the same thing. Unfortunately, I have done a bunch of searching, including Surplus Lines markets, and really other than Laurel DE, I don't really see anyone in the mix. You could check with K&K Insurance as I know they have an appetite for motorsports risks. I didn't see any mention of HPDE insurance on their site though. www.kandkinsurance.com
Edit: And you're right - I am sure that that line of business was not profitable and/or was troublesome and they discontinued the program in lieu of raising rates. Or, perhaps, the rates they really needed would never have been deemed reasonable by the market. Say the rate really needed to be on the order of 10-20% of the agreed value, would you be willing to pay $5K-$10K per year to insure your Elise for occasional track driving?
A:
the Company still exists but they stopped offering the DE Insurance program. I actually have it on my car, and they will cover the rest of the term, but will not be renewing any policies or issuing any new one
I guess I have to call, i think my policy is with american collector's, but I haven't received anything saying they weren't going to renew...haven't insured the elise yet...thanks for the info...
A:
Originally Posted by vasracer
I guess I have to call, i think my policy is with american collector's, but I haven't received anything saying they weren't going to renew...haven't insured the elise yet...thanks for the info...
Orlando is the guy that handles the DE insurance program at American Collectors, and he confirmed the rumors for me.
FYI, I had an existing DE policy on another car and I was able to transfer the policy to my Exige for the remainder of the term. Maybe you can do that with your Elise if that helps you.
Good luck.
A:
For what it's worth, contrary to what I've read in this thread, I've had a great experience with Geico. I've made a few claims, including a couple of windshields, a hit-and-run, and some vandalism. They cheerfully covered it all, and didn't raise my premiums. They also provide roadside assistance, which I've used a few times, with great results.
Q
A:
Originally Posted by blondie
For what it's worth, contrary to what I've read in this thread, I've had a great experience with Geico. I've made a few claims, including a couple of windshields, a hit-and-run, and some vandalism. They cheerfully covered it all, and didn't raise my premiums. They also provide roadside assistance, which I've used a few times, with great results.
Q
Check your mailbox, you've been dropped.
A:
Originally Posted by MyElise
Check your mailbox, you've been dropped.
...the cancellation notice is accompanied by two advertising flyers "sign up for Geico today!"
A:
Originally Posted by blondie
For what it's worth, contrary to what I've read in this thread, I've had a great experience with Geico. I've made a few claims, including a couple of windshields, a hit-and-run, and some vandalism. They cheerfully covered it all, and didn't raise my premiums. They also provide roadside assistance, which I've used a few times, with great results.
Q
But that's regular insurance. What About HPDE events? I have Geico right now, but looking for insurance that will cover HPDE events...
A:
Originally Posted by vasracer
I guess I have to call, i think my policy is with american collector's, but I haven't received anything saying they weren't going to renew...haven't insured the elise yet...thanks for the info...
I just renewed with American Collectors. Apparently, they are not issuing any new HPDE policies. They say it's not "profitable." But, they aren't dropping existing policies.
Mike
A:
Originally Posted by cpforyou
But that's regular insurance. What About HPDE events? I have Geico right now, but looking for insurance that will cover HPDE events...
Well, as mentioned earlier in this thread, there's nothing in Geico's policy that seems to exclude HPDE's. I haven't had to test that yet, thankfully. If and when that happens, well, I figure it's a crap shoot if they'll laugh me off the phone or not.
I'll certainly resist making an HPDE-related claim if at all possible. Short of totalling the car, I'd probably eat the damages myself, if I can.
Q