Why Racing and Motorsports Coverage Is Important

Racing can be an exciting sport, but it also entails numerous risks. That is why your clients require proper insurance policies to safeguard themselves, their cars, and others involved in the sport.

Racing cars require significant investment to build and maintain. While waivers can help cover some expenses, adequate coverage should always be considered essential.

Auto Insurance

Racing is an activity which poses substantial risk, potentially damaging vehicles. Therefore, amateur racing (such as drag races and autocross events ) is usually excluded from standard auto insurance policies.

Drivers looking for coverage for their racecar, tools, trailers and facilities should invest in racing insurance policies that specialize in covering these assets. Most policies have rates determined based on established values of cars as well as competition schedules; companies like K&K Insurance Group and Chizmark Larson even offer spectator and liability coverage too!

As these policies are commercial in nature, insurers require specific details about your racing vehicle(s), additional parts and tools as well as where they’re stored (your shop) as well as their transportation from and to tracks or other locations. A Jones Birdsong broker can assist in selecting an optimal policy tailored specifically for your situation – providing motorsports coverage can keep you competitive on track! Contact us now to explore your coverage options!

Workers’ Compensation

Experts estimate that most race car drivers work as independent contractors and may not be covered by workers’ compensation. They might, however, have personal health insurance which covers them outside of racing events once their deductible has been reached; and many also take out short-term and permanent disability policies for added peace of mind in case their jobs require them to return after injury or illness.

Trainers that engage in significantly hands-on work and are at increased risk of injury may wish to consider operating through a company and designating themselves as working directors in order to be covered by Racing NSW’s Workers’ Compensation policy, which also offers public liability, property damage and loss income coverage as well as 24/7 claims network and loss control services. Its premiums vary based on factors like claims history, deductibles and size of training establishment. It should not be seen as a replacement for general business insurance.

Liability Insurance

Even though racing has never been safer, it still carries risks that should not be underestimated and participants and spectators need protection in case an accident does happen. Insurance can help ease financial burden in this event.

Racing insurance provides specific coverage that will safeguard both a car and its owner in case of an accident.

Insurance policies can also provide financial protection for the trailers and tools used by teams in their preparation of cars, providing financial protection from theft and fire as well as losses caused by weather-related events such as tornadoes or hurricanes.

Motorsports teams operate in an intricate, high-risk environment both on and off the track, which our agents understand intimately. Together we can work to develop an insurance portfolio tailored specifically for your team that will address its risks effectively, which could make a crucial difference in terms of success and profitability. Contact us now for an initial consultation session.

Event Insurance

Motorsports involve serious risks that even minor accidents can turn into expensive lawsuits, making adequate coverage essential. Some venues even require you to have liability insurance in place before allowing an event on their property.

Nicholas Hill Group offers endurance events a selection of tailored event insurance programs, with their Event Liability policy offering coverage of $2 Million with participant accident and medical expense coverage as well as separate volunteer medical coverage options.

Other options for insurance coverage may include an operations policy which covers damage, destruction and theft to equipment (timing equipment, laptops and fixed structures) during an event. This may be purchased as an extension to your general business insurance policy or it could even be added onto event liability coverage. Furthermore, an event cancellation policy provides compensation should an event need to be postponed or cancelled.

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