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Lockton go so far as to have a discount or surcharge based on the track’s history, so a location with a high number of incidents on a regular basis might have coverage which is a bit more expensive, but as the incident rates go down, so too do the insurance rates.
Having signed up for the program’s policy several times myself, I can say that the rates are surprisingly good, especially for the peace of mind of knowing that you're covered if something does happen.
Of course, as the value of your car goes up, the premium does as well, but the program is based upon agreed value. In the event of a total loss, you get the total value back.
Speaking of total losses, once everything clears, the car itself ends up going up for bid on Copart.com. There’s a bidding timeframe on the salvaged vehicle, and once the highest bid comes in, the former owner of the car has the option of matching or beating the highest bidder to get the car back as a project or parts car.
If you haven’t gone to the copart.com site before, go check it out. Some cars are beyond recognition, but several would actually make great projects if you have the time and resources. Most of the prices are entertainingly low enough to make you think, “Hmm…”
While there is obviously no coverage for race events, they do offer Racers Insurance with STP (storage, transit, paddock) coverage for race cars, as well Track Insurance for track owners and event organizers, and Collector Car Insurance for those with cars much nicer than mine.
When asked what advice he would give to HPDE drivers simply trying to avoid on-track incidents all together, Staub answered,
Unfortunately, I have more intimate knowledge about incidents that occur at HPDE events than probably any other person in the country. Over the last 5 years I have reviewed the details of over 100 on-track incidents. It seems like 80% of the incidents I’ve seen start with the driver missing the exit of the turn (too wide).
Typically one of two things happen from there: either the car slides to hit the outside wall, or they spin and come across the track to hit the inside wall. So many incidents could be avoided if drivers prepared for this type of situation.
My advice is to not fight the car in an attempt to keep it on track—let the car go 2 or 4 wheels off under control, don’t abruptly lift or brake, and use smooth steering inputs to get the car back on track. Being able to come in for a black flag after dropping a couple wheels off is a far better outcome than potentially wrecking your car and injuring yourself or others.
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would be good insurance