On Track Insurance Programs
By Anthony Bevilacqua
As of 2008, there are now 9 insurance programs for collector, classic and exotic car owners. As all of you know that have purchased such a policy through organizations such as Hagerty, Grundy, Leyland West and others, there is no liability insurance or physical damage insurance provided by these policies while driving on a race track. It is also true almost all of these underwriters exclude protection when you are driving on public or private roads in connection with a rally or autocross event, too.
Good news!! As a specialist in the placement of collector car insurance, Anthony & Company has developed two forms of protection to fill this need. The first form of insurance is On Track Liability protection. T his insurance protects the car owner against lawsuits that arise from on track driving activity. When you have this protection, the car owner is covered for lawsuits brought by other drivers, passengers and spectators, for example. The policy would also pay for property damage to race track property that is damaged in the accident. This is a ‘blanket’ type policy that would cover 8-10 track events per year without having to schedule each one. Limits start at $1,000,000 and can go as high as $5,000,000.
The second type of protection is On Track Physical Damage protection. This insurance pays to repair or replace the car when involved in an on track collision, either alone or in conjunction with another vehicle. The policy provides ‘agreed value’ protection for the car, less the policy deductible. One difference from the On Track Liability policy is that On Track Physical Damage policies require events to be scheduled in order for coverage to apply.
Anthony & Company has listened to the needs of collector car owners to develop these products with insurance companies that specialize in protecting all forms of racing activities. These policies offer tremendous value and peace of mind to allow you the freedom to participate in club events, always knowing you have a safety net to catch you if something goes amiss.
Anthony Bevilacqua, CPCU is President of Anthony & Company, an independent insurance agency with special insurance and risk management services tailored to the needs of the commercial and residential development community. You can reach Mr. Bevilacqua at (908) 806-8844 or email him at email@example.com.