Racing gets the heart pumping, especially when you’re the one behind the wheel. Your passion for this might have been built when you were go-karting as a child or watching professional racing events.Â
As a race car driver, it's crucial to have insurance coverage tailored to your specific needs. Racing involves inherent risks, and accidents can happen on and off the race track.Â
This article will explore various insurance policies available for racing drivers, their coverage limits, and add-ons. We will also discuss the cost of racing driver insurance and introduce some of the best insurance companies in the industry.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance covers bodily injury and property damage caused to others during racing events. It safeguards you against legal claims and lawsuits. Coverage limits typically range from $1 million to $2 million. This insurance can help in the following situations:
Accidentally damaging someone else's property during a race
Spectator injuries caused by racing accidents
Being held responsible for bodily injury to another driver
Coverage for legal expenses in racing-related incidents
Accidents during practice sessions or training activities
Additional coverage for medical payments–Enhance your general liability insurance by adding coverage for medical expenses. This add-on ensures that individuals injured as a result of your racing activities receive necessary medical care without facing financial hardship
Hired/non-owned auto liability–Extend your general liability coverage by adding this add-on. It provides liability protection for vehicles you rent or borrow for racing-related purposes, giving you extra protection for property damage or bodily injury caused by these vehicles
| CoverWallet (Best) | NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Yes | No |
Errors and omissions (E&O) insurance is essential if you provide professional services such as driver coaching, training, or consulting. This NASCAR driver insurance policy protects against claims arising from errors, negligence, or omissions in your professional activities. Coverage limits typically range from $250,000 to $5 million. E&O insurance can help in the following situations:
Allegations of inadequate driver training or instruction
Claims of negligence resulting in accidents or injuries
Legal expenses for defending against professional liability claims
Financial losses incurred by clients due to your advice or services
Accusations of misrepresentation or false advertising
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $340,000 | $25,000/$500,000 | $35,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $35,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance covers the physical assets you own as a racing driver, such as race cars, trailers, tools, and equipment. This policy provides coverage against damages.Â
Coverage limits vary based on the value of your assets, normally from $500,000 or $1,000,000. Commercial property insurance can help in the following situations:
Theft or damage to race cars or equipment during transportation
Fire or flood damage to your racing facility or storage area
Vandalism or malicious acts targeting your property
Business interruption due to property damage
Coverage for rented or leased racing facilities
Business interruption coverage–Ensure financial support in case of property damage that interrupts your racing operations. The add-on covers lost income, employee wages, and other ongoing expenses if you need to close to renovate or relocate
Equipment breakdown coverage–It covers repair or replacement costs in case of equipment breakdown, minimizing disruptions to your racing operations
The insurance primarily covers your racing workshop and related assets. You may need additional policies such as event liability insurance or any other specialized coverage to cover racing events.Â
