The policy we offer through the HPDE Insurance Program is underwritten by Mt Hawley Insurance Company (A+ AM Best Rating), part of the RLI Group. This is a simple policy format that provides broad coverage. With some exceptions, it is written so that everything is covered except for what is excluded.
Our policy does include "specified perils" coverage - this is very similar to comprehensive/other-than-collision coverage under a standard auto policy. Since some standard policies include broad exclusions (coverage excluded while "at a racetrack facility"), this is an important coverage enhancement to include. Although it is rare, we have already paid a claim for damage that occurred in the paddock.
For on-track incidents, there is one major exclusion that can limit coverage - "mechanical breakdown." This section of the policy is directly copied from a standard auto policy and clearly states that a "mechanical breakdown" isn't covered. This is not a vehicle warranty, so the Company does not intend to pay for blown engines, broken control arms, etc. I do want to clarify that the Company does pay for damage resulting from a "mechanical breakdown." If a control arm or shock breaks and the participants hits a wall as a result, the broken part is not covered but the damage from hitting the wall is covered. They include the "resulting" language to make sure that they don't pay for new valves when an engine is over-revved. I should mention, coverage does not apply while a vehicle is participating in a competition event.
This is a non-admitted policy (forms and rates are not filed with the state insurance department) so Excess and Surplus Lines taxes do apply. The rate including tax works out to be about $57 per $10,000 of coverage and we charge a $10 administration fee for each policy.
This rate is constantly being evaluated and is subject to change.
The deductible is 10% (of total value) with a $2,000 minimum and $5,000 maximum. This is subject to change as well.
In our first 12 months we have had 10 claims and the average claim settlement period was about 2 weeks. The claims are handled directly by the Company, although they do contract individuals to inspect vehicles. A few notes about claims:
Knowing that enthusiasts are passionate about their vehicles, we give our customers flexibility in determining an appropriate amount to insure their vehicle for. We suggest that they use Kelley Blue Book, NADA, Edmunds, or another reliable source to come up with an appropriate value for the base vehicle (without modifications). If they choose to insure for a higher amount, they need to have an appraisal or other means (for sale ads, etc) that justify the higher value. The unwritten rule is that we want documentation of value (in the event of a claim) if the selected value varies more than ~5% from a trusted source (KBB, NADA, etc).
In addition to the base vehicle, customers can add to the value by scheduling their modifications on the policy. They can include as many as they would like and declare their own value. Participants can insure their Motons for $5k, Performance Friction calipers for $3k, etc.
We do have a maximum limit of $100,000. Vehicles higher than that limit can be insured, but we will only insure the first $100,000.
Purchasing a Policy
Purchasing a policy from the HPDE Insurance Program takes less than 5 minutes. Go to hpdeins.locktonaffinity.com, click "Apply Online", select your event, and fill out the short application. After completing the application your premium will display, then "add to cart", enter your payment information, and submit your order. In a few seconds after your payment has processed your policy will be available for download...it's that easy!!!
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All of BJR's products are intended for off-road (racing) use only. The buyer assumes all responsibility for proper installation and use of products purchased from BJR. BJR warrants all products to be free of manufacturing defects for 30 days from purchase, and some items may have a longer warrantee. BJR does NOT warrant its products against damage from mishandling, improper installation, racing mishaps, or other incidents or accidents beyond the control of the manufacturer. [ if this wasn't enough then CLICK HERE ]
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