Race track insurance is specialized coverage for circuits, drag strips, and other businesses that make money through motorsports. Read this guide to know the cost of premiums, the best companies, and the inclusions. Having the right coverage is very important since accidents can easily happen in your race track business.
General Liability Insurance for Race Tracks
| 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 |
This race track insurance policy protects your business against claims of third-party (your customers or clients) bodily injuries and property damages resulting from the use of products or services you sell or provide to them. It also shields you from paying legal fees in the event you are served with a copyright infringement or advertisement injury lawsuit by another race track company or any business entity. It’s important to note that professional mistakes, auto accidents, employees’ injuries and illnesses as well as damage to your business property are not covered under this insurance policy.
Coverage Limits for General Liability Insurance for Race Tracks
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.
Add-Ons for General Liability Insurance for Race Tracks
-
Spectator liability insurance–This add-on confers you with immunity of being liable to pay for medical expenses or fatal injuries to individuals who are spectating in your race tracks event
-
Participant accident insurance–This add-on protects you from incurring any medical expenses for participants who get injured, dismembered (loose one or both of their limbs) or who sustain fatal injuries while taking part in your race tracks event or activities
-
Product liability–This protects you from incurring costs arising from the use of a race tracks product that causes property damage or bodily injuries
Public Liability Insurance for Race Tracks
This race tracks insurance covers you from incurring costs of claims made by the public for accidents or incidents that occur due to your race tracks operations or activities. Claims covered under this policy are but not limited to third-party injuries, loss of or damage to property, and fatalities. This policy doesn’t cover your employees. Instead, it covers people visiting your race tracks such as spectators and event organizers.
Coverage Limits of Public Liability Insurance for Race Tracks
Insurers can pay you up to $10,000,000 as the coverage limit under this policy. The size of your race track, the number of participants and spectators attending your race track event, and the types of events performed are some of the factors an insurer uses to determine how much they pay you.
Get all the best quotes from leading providers in a click of a button!
_WOv8hMeM-.png)
Commercial Property Insurance for Race Tracks
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $320,000 | $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 |
This policy helps shield you from any financial constraints that you may be subjected to in the event your rented or owned commercial building and the contents are damaged by fire, theft, vandalism, and other covered perils. Under this policy there are two coverage options:
-
All risk–Covers all kind of perils covered under commercial property insurance such as fire, theft, vandalism, lightning, and winds
-
Named perils–Only covers the covered perils specifically scheduled/listed in the wording of commercial property insurance
Coverage Limits for Commercial Property Insurance for Race Tracks
It may be up to $100 million. The size of the race tracks, the market value of the property of the race tracks owners, the type of events that are to be held on the insured race tracks and the risks associated with the events to be performed on the race tracks are some of the factors that an insurer uses to determine the coverage limit under this policy.
Add-Ons for Commercial Property Insurance for Race Tracks
-
Business interruption insurance–This add-on shields you from negative financial consequences due to the inability of running your income-generating activities after the occurrence of an insured peril
-
Floods insurance–If your race track is located in areas prone to flooding, then you should consider purchasing this add-on. It protects you from incurring the costs of replacing and repairing your property in the event they are destroyed by floods
Business Owner’s Policy for Race Tracks
| 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 |
This is a bundled-up comprehensive insurance coverage that protects you from liabilities and property damage losses. This policy is not only cost-effective but it is also time-conscious as it helps you to manage 3 different policies which have been merged into one with more ease. Business interruption insurance, commercial property insurance, and liability insurance are the 3 business insurances that make up the BOP for race tracks.
Coverage Limits Under This Race Track Insurance
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 operations or activities carried out in the insured race track.
Add-Ons for Business Owner’s Policy for Race Tracks
-
Liquor liability insurance–This is an exceptionally important race track insurance add-on if you sell alcohol or any other alcoholic beverages
-
Cyber liability insurance–This protects you from incurring any legal expenses in the event you are served with a lawsuit due to a cyberattack that may cause your race tracks spectators’ and participants’ data to get leaked
Tools and Equipment Insurance for Race Tracks
| NEXT | 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 |
This motorcycle track insurance policy protects your rented or owned tools and equipment from accidental damage caused by fire, theft and acts of vandalism. Normally 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.
Coverage Limits for Tools and Equipment Insurance for Race Tracks
The risks associated with the use of the tools and equipment and the type of tools and equipment being insured are the determining factors of the coverage limit under this policy. Most insurance companies provide $2,500-$5,000 coverage for each scheduled items.
Workers Compensation Insurance for Race Tracks
This race track insurance policy compensates employees for lost wages, medical expenses and any on-going treatment costs such as occupational rehabilitation costs resulting from work-related injuries or illnesses. It also compensates an employee’s beneficiary in the event the insured employee dies due to work-related injuries or illnesses. It’s only in Texas and Wyoming where this policy is not mandatory. Employees do NOT pay for this insurance policy.
Important to note is that an employee who accepts to be paid by the workers’ comp, he/she loses their legal right to sue their employer for negligence. Employees who get injured while traveling to their area of work or due to being under the influence of drugs or any other intoxicating substance are deemed to NOT be eligible for coverage.
Help others make better decisions
Race Track Insurance Cost
| 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 |
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. Below is another table showing the cost per month and the cost per year of race track insurance coverage as provided by some of the companies we recommend:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $50 | $600 | Best overall; Fastest general liability insurance for race tracks |
| CoverWallet | $55 | $660 | Large-sized race trackers companies who have or deal with valuable race tracking assets. |
| The Hartford | $60 | $720 | Comparing race track insurance quotes online |
| Tivly | $62 | $744 | Comparing race track insurance quotes over the phone |
| Thimble | $70 | $840 | Race trackers who are faced with high-risks of eventualities |
| Hiscox | $75 | $900 | Race trackers looking for short-term or temporary race tracks insurance coverage |
Get all the best quotes from leading providers in a click of a button!
Best Race Track Insurance Companies
Below are the reviews of the top-rated companies. This reviews also provides you with details about the race track owner insurance cost for a $1 million general liability insurance and what each company is best for.
NEXT Race Track Insurance
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 policies
Cons
-
Couldn’t find any
Despite NEXT being founded in 2016, it has over the years dominated the insurance industry due to its affordable, easy to apply and claim policies. This online insurance provider which is rated as an A+ by AM Best underwrites its race trackers insurance coverages which are: Tools and equipment insurance, commercial property insurance, general liability insurance and business owners’ policy.
Best for: Best overall; Fastest general liability insurance for race tracks
Average cost: $50 per month
Our rating: 10/10
The Hartford Race Track Insurance
Pros
-
Unmatched customer service
-
It has locally available insurance agents
Cons
-
Mostly suitable for over 50 years old and above
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.
Best for: Large-sized race trackers companies who have or deal with valuable race tracking assets
Average cost: $55 per month
Our rating: 10/10
CoverWallet Race Track Insurance
Pros
-
Compare quotes online
-
Its website is easy-to-use
-
All its coverages are organized in one location
Cons
-
Not an insurance company but an insurance broker
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). This business insurance aggregator offers general liability insurance, commercial property insurance, workers’ compensation insurance, tools and equipment insurance, and business owners policy for race tracks.
Best for: Comparing race track insurance quotes online
Average cost: $60 per month
Our rating: 10/10
Tivly Race Track Insurance
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
This time saving insurance agency is BBB accredited. Despite it not underwriting its own policies, Tivly can help you get access to affordable race tracks coverages through its 200 partnered insurance providers. Some of the race tracks coverages that this adroit insurance agency deals with are commercial property insurance, general liability insurance, workers’ comp insurance, tools and equipment insurance, business owners policy and professional liability insurance. Call now to compare quotes over the phone.
Best for: Comparing race track insurance quotes over the phone
Average cost: $62 per month
Our rating: 9/10
Hiscox Race Track Insurance
Pros
-
It’s has over 100 years of insurance experience
-
It provides its customers with multiple race tracks coverages
-
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
Having been founded in 1901, Hiscox has over the years amped its customer care services as well as its provision of discounted insurance policies making it to be 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.
Best for: Race trackers who are faced with high-risks of eventualities
Average cost: $70 per month
Our rating: 9/10
Thimble Race Track Insurance
Pros
-
Speedy insurance application process
-
Has a fully functional mobile app
-
You can purchase temporary and extremely flexible coverages
Cons
-
Not applicable
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. Some of the race tracks coverages provided by Thimble are general liability, tools and equipment insurance, workers’ comp insurance, and business owners policy.
Best for: Race trackers looking for short-term or temporary race tracks insurance coverage
Average cost: $75 per month
Our rating: 9/10
