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.
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.
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
Get all the best quotes from leading providers in a click of a button!
| 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.
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.
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $35,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner's policy (BOP) combines general liability and commercial property insurance, providing comprehensive coverage for racing drivers.
Coverage limits vary depending on the insurance provider. However, BOPs are available with limits as low as $300,000/$600,000 and as high as $2 million/$4 million. A business owner's policy can help in the following situations:
Bodily injury or property damage claims arising from racing activities
Coverage for race cars, equipment, and racing facilities
Business interruption coverage due to property damage
Legal expenses for liability claims
Protection against theft or damage to property
Product liability coverage–Protects against claims arising from injuries or damages caused by products associated with your business. It provides financial protection in case of legal actions related to product defects or failure
Crime insurance–Takes care of financial losses in case employees commit theft, social engineering, and other dishonest acts against you
Commercial auto insurance is crucial if you use vehicles for racing-related purposes. This policy covers liability, collision, and comprehensive damages to your vehicles.
Commercial auto liability coverage per vehicle is typically set at a coverage limit of $100,000. However, it is advised to have a minimum coverage of $500,000, which can go as high as $1 million. Commercial auto insurance can help in the following situations:
Accidents involving your race car or support vehicles
Damage to your vehicles due to collisions or vandalism
Damage due to collisions
Coverage for rented or leased vehicles used for racing purposes
Medical payments for injuries sustained in racing-related accidents
Personal property coverage–Protects your personal belongings stored or transported in your commercial vehicles. It covers items such as racing gear, tools, and personal effects
Workers compensation insurance is crucial for racing drivers who employ staff members or have employees involved in their racing operations. This policy covers medical expenses, lost wages, and rehabilitation for injured employees. Coverage limits and requirements vary by state. Workers compensation insurance can help in the following situations:
Injuries sustained by employees during racing events or practice sessions
Medical expenses for work-related injuries or illnesses
Wage replacement for employees unable to work due to injuries
Rehabilitation and vocational training for injured employees
Disability income coverage–The add-on provides financial support in case of a racing-related injury that leaves you temporarily or permanently unable to work
Occupational accident coverage–Consider adding occupational accident coverage, which offers additional benefits and coverage for medical expenses, disability, accidental death, and dismemberment resulting from racing-related accidents
Travel insurance offers specific coverage tailored to the unique risks and circumstances you may encounter while traveling for your sport. This can help in the following situations:
Medical emergencies or injuries sustained during travel
Trip cancellation or interruption due to unforeseen circumstances
Lost or delayed baggage containing racing gear or equipment
Coverage for emergency medical evacuation
Assistance services for travel-related issues
Trip cancellation coverage–This provides reimbursement for non-refundable travel expenses if your trip is canceled or interrupted due to covered reasons, such as illness, injury, or unforeseen circumstances
Medical evacuation coverage–This add-on covers the costs associated with emergency medical transportation to the nearest appropriate medical facility in case of a racing-related injury or illness
Coverage for pre-existing medical conditions may vary among travel insurance policies for racing drivers. Some policies may provide limited coverage or exclude pre-existing conditions altogether. It's important to disclose any pre-existing conditions and review the policy terms to understand the extent of coverage.
Even if you're not a professional motorsport driver, it is still advisable to have racing driver insurance if you participate in racing activities. Accidents can happen whether you race as a hobbyist or a professional. Having insurance can provide important financial protection.
Race car driver insurance may have specific safety requirements or certifications that drivers must meet to qualify for coverage. These requirements can vary depending on the insurance provider and the type of racing involved. Some common safety requirements and certifications may include:
A valid racing license issued by a recognized motorsport governing body
Completion of safety training courses or programs
Compliance with track-specific safety regulations and protocols
Maintenance of a clean driving record on and off the race track
Adherence to race car specifications and modifications within approved limits
Compliance with any additional safety guidelines or recommendations provided by the insurance provider
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $54 | $648 | $0-$500 |
| Professional liability insurance | $56 | $672 | $500-$1,000 |
| Excess liability insurance | $65 | $780 | $500-$1,000 |
| Commercial property insurance | $67 | $804 | $1,000-$2,000 |
| Business owner’s policy | $106 | $1,272 | $1,500 |
| Commercial auto insurance | $97 | $1,164 | $500-$1,000 |
| Tools and equipment insurance | $64 | $768 | $500-$1,000 |
| Workers compensation insurance | $112 | $1,344 | $2,000-$5,000 |
The average race driver insurance cost is $54 per month or $648 per year for a $1 million general liability insurance. Factors that affect premiums are:
Racing experience–Insurance companies consider your racing experience and track record when determining the cost of insurance. More experienced drivers with a clean racing history may be eligible for lower premiums
Type of racing–The type of racing you participate in can impact the cost of insurance (e.g. NASCAR, MotoGP, MotorCross, or Rally)
Coverage options–The extent of coverage you choose for your race car driver insurance will also influence the cost. Different coverage options such as general liability, commercial property, tools and equipment, and commercial auto insurance will have varying costs associated with them
Value of assets–The value of your racing assets, including race cars, equipment, and tools, can affect the insurance premium. Higher-valued assets may require higher coverage limits, contributing to increased insurance costs
Location–The location where you primarily race can impact the insurance cost. Factors such as track conditions, safety regulations, and local laws may influence the level of risk and consequently affect the
Obtaining personalized quotes from insurance providers is recommended to get an accurate cost estimate. The table below shows the cost of a $1 million general liability policy from the best racing driver insurance companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $25 | $300 | Best overall; Fastest general liability insurance for race car drivers |
| CoverWallet | $30 | $360 | Comparing race driver insurance quotes online |
| The Hartford | $34 | $408 | Race car drivers seeking reliable coverage and excellent customer service from a well-established insurance provider |
| Tivly | $38 | $456 | Comparing sonographer insurance quotes over the phone |
| Thimble | $40 | $480 | Short-term general liability insurance for racing drivers |
| Hiscox | $42 | $504 | Racing drivers seeking comprehensive insurance coverage from a trusted and experienced provider |
Get all the best quotes from leading providers in a click of a button!
Here are some of the best racing driver insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Excellent rates
Responsive customer service
Fastest general liability insurance
Competitive rates and customizable policies
Comprehensive coverage for drivers, vehicles, and racing equipment
Get a 10% discount if you bundle two or more policies
Couldn’t find any
NEXT offers comprehensive race car driver insurance policies. With their expertise in the racing industry, they understand the unique risks associated with racing and provide insurance solutions to protect drivers, their vehicles, and racing equipment. NEXT offers customizable policies to suit your needs.
Best for: Best overall; Fastest general liability insurance for race car drivers
Average cost: $25 per month
Our rating: 10/10
Wide range of coverage options, including liability insurance, commercial property insurance, and commercial auto insurance
User-friendly platform for comparing quotes and customizing policies
Dedicated support team to assist with insurance inquiries and claims
Not an insurance company but an insurance broker
CoverWallet is another reputable insurance company that offers specialized insurance options for race car drivers. They provide a range of coverage options, including liability insurance, commercial property insurance, and commercial auto insurance. CoverWallet's user-friendly platform makes comparing quotes and customizing policies to fit specific requirements easy.
Best for: Comparing race driver insurance quotes online
Average cost: $30 per month
Our rating: 10/10
Strong reputation and presence in the insurance market
Comprehensive coverage options tailored to race car drivers' needs
Excellent customer service and support
Competitive rates
Limited add-ons to general liability insurance
The Hartford has a strong presence in the insurance market, and their race car driver insurance policies are designed to provide comprehensive coverage and protection. They offer liability insurance, commercial property insurance, and other essential coverages tailored to the unique needs of race car drivers. The Hartford is known for its excellent customer service and competitive rates.
Best for: Race car drivers seeking reliable coverage and excellent customer service from a well-established insurance provider
Average cost: $34 per month
Our rating: 10/10
Specialization in insurance solutions for motorsports enthusiasts, including racing drivers.
Comprehensive coverage for accidents, property damage, and bodily injury.
Flexibility to customize policies to meet individual needs.
Knowledge of the unique risks associated with racing.
Not much information on the company financial status
Tivly specializes in insurance solutions for motorsports enthusiasts, including racing drivers. They offer race car driver insurance policies that cover a wide range of risks, such as accidents, property damage, and bodily injury. Tivly's policies are flexible and can be customized to meet the specific needs of individual drivers and their racing teams.
Best for: Comparing race driver insurance quotes over the phone
Average cost: $38 per month
Our rating: 8/10
On-demand insurance coverage
Convenient mobile app for policy purchase and management
Flexible options to align coverage with individual racing schedules
Simplified and hassle-free insurance process
Limited coverage options compared to traditional annual policies
Thimble is a popular choice for race car drivers looking for flexible insurance options. They provide on-demand insurance coverage, allowing drivers to obtain coverage for specific racing events or periods. Thimble's policies can be purchased conveniently through their mobile app, offering hassle-free insurance solutions for race car drivers.
Best for: Short-term general liability insurance for racing drivers
Average cost: $40 per month
Our rating: 9/10
Strong financial stability and reputation as a reliable insurance company
Dedicated support and customer service team knowledgeable in race car driver insurance
Wide coverage options, including liability, property damage, and other racing-related risks
The specific policy terms and conditions may have certain exclusions or limitations that could affect coverage in certain situations
Hiscox is a reputable insurance company that offers specialized insurance coverage for race car drivers. They provide comprehensive policies that cover liability, property damage, and other risks associated with racing. Hiscox understands the unique needs of race car drivers and offers tailored insurance solutions to ensure drivers are adequately protected.
Best for: Racing drivers seeking comprehensive insurance coverage from a trusted and experienced provider
Average cost: $42 per month
Our rating: 9/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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