NY Times article about track insurance coverage

[Russ]

http://www.nytimes.com/2008/10/19/automobiles/19INSURE.html?_r=1&hp&oref=slogin

Worth a read. Here's an excerpt:

"Many insurers have redefined the term 'racing.' Policies have long had exclusions for racing, but it was defined as a 'timed event.'

High-performance driver education neatly avoided that definition. Although cars may take laps at top speed, they aren’t timed.

That loophole did not escape the attention of insurers...so the industry began to add a new exclusion to its policies in the late 1990s, with most companies adding it within the last few years. Instead of trying to define racing, policies exclude damage at any location that could accommodate racing, timed or not. That eliminated coverage during high-performance driving schools and track days."

 

[NSXDreamer2]

As an insurance underwriter for Chubb insurance in Whitehouse Station, N.J., you’d think Eugene Lim would be averse to risk, and he is. But he is also a driving aficionado who is qualified as a high-performance driving instructor. After 40 track days in his Acura NSX, Mr. Lim discovered he was uninsured on the track. So he bought what is essentially a disposable car. “When I got really serious, I bought a turbo Miata. Six thousand dollars would still hurt, but it’s not my NSX,” which was worth about $45,000.

who is this Eugene Lim? He must be prime member right?? Where does he find a $6000 turbo miata?

 

[docjohn]

He's a good man ,check out his posts in our NE forum through the years.

 

[NSXDreamer2]

just wondering if he posts on here at all...

What's your take on the track insurance?

 

[Hrant]

Please, can someone define "accommodate racing" to me? I see loopholes in that one that would match a black hole!

 

[nsx13]

Hi everyone,

I still come on Prime fairly regularly even though I have not had an NSX for about 1 1/2 years. The interview was about 1 hour but they only quoted me for a small portion of it. Interestingly, I no longer have either one of those cars and have been tracking my Porsche GT2 since May '07.

That turbo Miata I found on Autotrader.com and was very well built (1990 with 125k miles when I bought it, hence the price, complete with suspension, rollbar, etc.). Always drove to and from the track - it was a great car in my learning curve as an "Intermediate" student. Once I became more comfortable and got to know how much more there was TO know, it was back to the NSX and ultimately intended to buy a dedicated track / race car. The GT2 came along, and I'm still at a street/track car but it's very well sorted for track use. I would buy that turbo Miata back again if it ever came back on the market - was unbeatable bang for the buck in my opinion. Now, I trailer the Porsche everywhere because of the distance to the tracks, track tires, etc. and it somewhat becomes a production.