Race track insurance coverage is specialized coverage for circuits, drag strips, and other businesses that make money through motorsports. This article will help you understand more about race track insurance coverage, the cost of premiums, and the best companies.
Having the right coverage is very important since accidents can easily happen in your race track business.
General Liability Insurance for Race Tracks
This race track liability insurance policy protects your business against claims of third-party bodily injuries and property damages resulting from the use of products or services you sell or provide to them.
The coverage limits for this race track liability insurance generally varies depending on your insurance provider, the exclusions, and deductibles. The common coverage limits are $1 million-$2 million per occurrence and aggregate.Â
| 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 |
Public Liability Insurance for Race Tracks
This race track insurance coverage covers you from incurring costs of claims made by the public for accidents or incidents that occur due to your race tracks operationsÂ
Claims covered under this policy are but not limited to third-party injuries, loss of or damage to property, and fatalities. This policy covers people visiting your race tracks such as spectators and event organizers.
Insurers can pay you up to $10,000,000 as the coverage limit under this policy.Â
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Business Owner’s Policy for Race Tracks
This is a bundled-up comprehensive race track insurance coverage that protects you from liabilities and property damage losses. Business interruption insurance, commercial property insurance, and liability insurance are the 3 business insurances that make up the BOP for race tracks.
The coverage limits of business owners’ policy for race tracks range between $1 million to $5 million. This limit is determined by the size of the race track and the nature of events and the risks associated with the insured race track.
| 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 | $25,000 |
| 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 |
Tools and Equipment Insurance for Race Tracks
This insurance policy protects your rented or owned tools and equipment from accidental damage caused by fire, theft and acts of vandalism. The tools and equipment covered under this policy must be movable tools and be less than 5 years.
 Insurers will pay you for the cost of repairing and replacing the damaged or stolen goods. Most insurance companies provide $2,500-$5,000 coverage for each scheduled items.Â
| NEXTÂ | Thimble | Hiscox | The Hartford | |
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
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Workers Compensation Insurance for Race Tracks
This race track insurance policy compensates employees for lost wages, medical expenses and any on-going treatment costs resulting from work-related injuries or illnesses.Â
It also compensates an employee’s beneficiary in the event the insured employee dies due to work-related injuries or illnesses. An employee who accepts to be paid by the workers’ comp, he/she loses their legal right to sue their employer for negligence.
Race Track Insurance Cost
The average race track insurance cost is $83 per month or $996 per year for a $1 million general liability coverage. Factors that affect the cost of premiums are claims history, business history, deductibles, coverage limits, and annual revenues.
| Cost per Month | Cost per Year | Deductible | |
| General liability insurance | $83 | $996 | $0-$500 |
| Commercial property insurance | $90 | $1,080 | $1,000-$2,000 |
| Business owner’s policy | $170 | $2,040 | $1,500 |
| Tools and equipment insurance | $92 | $1,104 | $500-$1,000 |
| Workers compensation insurance | $140 | $1,680 | $500-$1,000 |
Best Race Track Insurance Coverage Companies
NEXTÂ
Despite NEXT being founded in 2016, it has over the years dominated the insurance industry due to its affordable, claim policies. Next is rated as an A+ by AM Best.Â
Average cost: $50 per monthÂ
Our rating: 10/10
Pros
- Best overall
- Issues an online proof of insurance instantly
- Fastest general liability insurance for race tracks
- Great customer service and reputation
- Excellent rates
- Outstanding value for money
- Get a 10% discount if you buy two or more policiesÂ
Cons
- Couldn’t find any
The HartfordÂ
The AM Best rated this 213 years old insurance company an A+. This financially able insurer primarily provides its auto insurance policies to race trackers who are aged 50 years and above. The Hartford provides special benefits to its customers due to its partnership with AARP insurance company.
Average cost: $55 per monthÂ
Our rating: 10/10
Pros
- Unmatched customer service
- Â It has locally available insurance agents
Cons
- Mostly suitable for over 50 years old and above
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CoverWalletÂ
CoverWallet is an online insurance broker that has partnered with a number of highly-dependable and top-rated insurance carriers such as Hathaway, Chubb, and Berkshire Hathaway. It’s rated as an A+ insurance broker by the Better Business Bureau (BBB).Â
Average cost: $60 per monthÂ
Our rating: 10/10
Pros
- Compare quotes onlineÂ
- Its website is easy-to-use
- All its coverages are organized in one location
Cons
- Not an insurance company but an insurance broker
TivlyÂ
This time saving insurance agency is BBB accredited. Despite not underwriting its own policies, Tivly can help you get access to affordable race tracks coverage through its 200 partnered insurance providers.
Average cost: $62 per monthÂ
Our rating: 9/10
Pros
- It matches its customers with the best insurance company
- Its cost-effective
- Its quotation process is easy and speedy
Cons
- It has no mobile app
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HiscoxÂ
Hiscox is ranked as an A+ insurance provider by BBB and an A insurance carrier by AM Best. Some of the race tracks policies that this financially stable and dependable insurer provides its clients with are business owners policy, general liability insurance, workers’ comp and professional liability insurance.
Average cost: $70 per monthÂ
Our rating: 9/10
Pros
- It’s has over 100 years of insurance experience
- Â It provides its customers with multiple race tracks coverages
- Â Its coverage can be found in 49 states
- It provides its clientele with FREE quotes
Cons
-  It’s yet to be accredited as a BBB business
ThimbleÂ
This is an A+ rated insurance company which is backed up by a financially stable insurance firm, the Markel. This resourceful insurance has its headquarters located in New York, USA.Â
Average cost: $75 per monthÂ
Our rating: 9/10
Pros
- Speedy insurance application process
- Has a fully functional mobile app
- You can purchase temporary and extremely flexible coverages
Cons
- Â Not applicable
