Tracking/ Autocross and Life Insurance

[ScotcH]

I'm with Chris on that, it's very easy to be insured while racing. I filled out the supplemental risk form back in 2002 or something when I got additional life insurance to cover our road racing specifically. No biggie. I don't think it affected our rates much at all - if it does, then you need to find a different broker/underwriter.

Can you point me to your broker/company? I just did this, filled out the form, and got hit with a $1000/year "bonus" for it.

[Protege2886]

I was straight up denied and that was just for auto-x and occasional track outings.

[el_torpedo]

My brother has life insurance and he hang-glides.

[GoesFilled]

My investment & insurance guy never had any problems. My life policy is written as per what I do now... future road racing won't change my rates. On my policy after a 2 year period - it's fine anyway. He said even if there was fraud on the application (i.e. lied about health problems etc) the insurance would still cover everything after I'm 2 years into the policy.

He's with World Financial Group... though I can't remember the underwriter for the life insurance.

If anyone has been thinking about it - I can pass along his name... if anyone cares he's a former drag racer (NO2 Mk 1 Jetta; Saturn Sky Redline; Mitsu Ralliart). I'm trying to talk him into AutoX

[Protege2886]

MCO should approach some brokers to sponsor the club. That would make some sort of a statement I'm sure. Plus it would help out all of us who are on the outside of the life insurance bubble looking in.

[Robin2]

ha! going through this right now too...

broker was asking all the questions and then "racing" came up. i told her about autox and then got RBC "racing" form to fill out.

that was a little less than 2 weeks ago.

it had everything on there from auto racing (open wheel, stock cars, etc... or even paid driver and even unsantioned events) but no autox. I used the autox definition from CASC site / provided a link
http://www.casc.on.ca/autoslalom

if i get denied for this, it's stupid..... might as well start hang gliding i guess.

[schmoo]

Manulife Financial does our work insurance and they covered me after I fully disclosed autox and lapping.

[ScotcH]

Manulife Financial does our work insurance and they covered me after I fully disclosed autox and lapping.

Without a rating (as in open wide and lube up?)

[schmoo]

Manulife Financial does our work insurance and they covered me after I fully disclosed autox and lapping.

Without a rating (as in open wide and lube up?)

No, I didn't have to pay anything extra.

[robert_ve3vpl]

This is decades old info but jic it's useful.

In 1985 I got a Regional B license (Spenard-David school at Shannonville). I changed jobs at that time, applied for extra group life at the new company, had to fill out a detailed form about F2000 racing, max speeds, etc. and I was given the extra life insurance.

About 10 yeas after that I was competing in TSD rallies, on open roads at less than legal speeds. I changed jobs, applied for extra group life, didn't mention the TSD rallying, but did mention that I occasionally marshal at performance rally events, which is safer than shopping at Loblaw's, imo. My additional coverage was denied. Go figure.


The perennial confusion is bizarre. Car racing has been going on for decades, insurance companies and banks have sponsored Formula One, so why isn't there a standard way to handle this by now? A better question might be why organizations like the ASN-Canada, or their equivalents over the years, haven't sought out exactly the kind of expert legal advice that's required to settle the issue?

We seem to always approach insurance companies like shy school boys who have done something wrong. Maybe, in actual fact, we're a damned good client base to have.

Has anyone collected and analyzed the kind of statistical evidence that their actuaries require to determine rates? Are people who race on weekends actually greater risks or are they not?

Why do people who are caught speeding on the 401 have their insurance rates increased? Is there any statistical evidence to justify that?

How can it be that these questions weren't settled decades ago?

And if the insurance industry really is a competitive business, why hasn't there been a company out there yet that has done these kinds of analyses? If there had been, and they decided to actively advertize to racers, all they'd have to is advertize the fact in one racing magazine, the info would spread like wildfire so fast that they couldn't handle all the applications.

Sorry, rant over.