First of all, apologies for not posting this under the insurance heading - however as I think you will all agree I am more likely to get a response by posting on the General Questions.

As quite a few of you are aware I am a Partner of a Regional Independent Insurance Brokerage specialising in all sorts of Commercial Business - in addition to this I have arranged a special scheme to insure P1's.

I have recently been approached by a few of you asking whether we can cover Track Days? and the answer to date has been no, unless we hold your existing motor policy.

However I would advise that I am now looking into the possibility of setting up a scheme - just for Impreza's at present - for official trackdays.

Please could you all post your comments with this regard - afterall I would be setting this up for all our benefits;

What annual premium would you be prepared to pay? - I thought I would start at £300.00 per year.

What excess would you be prepared to pay? £750? or £1,000?

Ideally we would set up the policy on a 12 month basis, being non renewable (i.e. a new policy every year) with premiums being paid by either switch or credit card.

I would appreciate all your comments in order for me to approach differrent markest on all of your behalfs.

Obviously if the feedback is negative I will not bother to pursue.

However if I can get 250, 500, 750 interested parties then I will have a good bargaining chip to use against a prospective insurer.

Thanks Tom

tom@schofieldinsurance.co.uk

 

This is rather interesting...

I do a fair number of trackdays each year...along with quite a number of others on this bbs.

At present my trackday cover is part of my policy (NU). I have to pay a £50 brokers fee for them to issue me a cover note for the day. I have tried to book these in bulk and they have said they will give me a brokerage discount.

I know some brokers do not charge this fee...but at the same time they also do not disclose the limitations of the NU policy. Most brokers say unlimited trackdays...NU say up to 4 a year. It would be interesting to hear what others have been told by their brokers who have the NU policy.

My trackday excess currently stands at £1000.

I would say I did an average of 6 trackdays a year. Based on the above (and not booking them in bulk) this would come to £300 a year (obviously).

I'll watch this topic with interest

Cheers

IanG.

 

Tom,

How about considering offer a special SIDC insurance scheme that does day to day cover and also covers track days?

I pay £800 odd a year through NFU Mutual and they have said that will cover my airfield day, with a very low excess.

So I wouldn't want to pay £300 on top of my insurance for track days.

Cheers,

Greg

 

Gregh,

I'm prepared to consider anything - I would suggest that it would be restricted to UK Impreza's - it would be nice to have it as an exclusive SIDC policy - however I appreciate that there are many owners who for whatever reason are not SIDC members as yet.

To date I have not discussed this with P1WOC, SIDC or any other associated clubs etc etc - if there is enough interest I will.

The cost element is the main thing - in order to discuss with insurers I need to know what sort of numbers we are talking about - if there are only 100 interested owners then it would be difficult to negociate a realistic deal! 100 x £300 = £30,000 - i.e. just covering 1 total loss of a P1 or similar! However 500 x £300 = £150,000 - now thats a different ball game - on those numbers we would/should be able to get a premium of nearer £200!! etc etc etc.

I would not however be prepared to cover a single trackday - it would have to be for 12 months to make it worth while - tho obviously you would be able to buy the day before cover was required and hopefully over the net or similar.

I will wait with interest to see what further responses I get and whether I persue further.

All the best.

Tom

 

Rum*

Poss would be interested. I don't yet know of the potential no. of Track Days I would do. I'm just up for my second this year, but it is a question of Time Off for Dad & that is quite hard to wrangle (Bluewater trip last time ). Against you is Eggar Lawson @ £130 a pop (She makes me pay for max cover!). So this year (to-date) £260 & that might be all I do this year.

How about something that covered you for a certain number of Track Days in a year (by negotiation of course) with a premium for extra ones if required? Eggar Lawson cover everything except transmission/engine.

 

Puff,

Thats interesting re the existing premiums etc...I thought a single payment for unlimited track days was a good idea...seems sort of easier than paying for 2.....then a 3rd....then a 4th etc etc. If we could get the price right, with enough interest then the price would be competitive enough for all to be happy.

Maybe £150.00 for unlimited!!!....500 policies means the insurer should have sufficent funds to pay claims and still make a profit...which, afterall, is what they are aiming at.

I hope more people/members post a view - it would help if they just put a premium and an acceptable excess figure - that would be enough to sort of see what the interest is.

All the best

Tom

 

Tom,

I am interested - all I need now is a car (still a couple of weeks away).

If you're looking for 500 people, I think you may be better limiting the number of days, or allowing people to pay for say 3, 5, or 10 days. With unlimited, there will be a few people who see it as a complete bargain, but the majority wouldn't get enough use out of it (I'm assuming that it would be more than £150) - an insurer is less likely to be happy with the possibility of 500 people going on track every month (I know they won't but the insurer will want a limit, like you're limited by the amount of miles you do on standard insurance).

PS If it's only UK cars, you'll get less interest, starting with me.

[This message has been edited by Triggaaar (edited 27-06-2000).]

 

Oh ****ing bollox!!

i just spent 20 mins typing a long reply, and ******* IE4 just deleted it
what a prat

anyway,
yes, id love to,
£150-£200 max per year, £750 excess

Cem

 

Too tired to type a long reply

I haven't done any track days yet but I am looking forward to Trax2000!

£150 sounds good, £750 excess

Kevin

PS Tom, will have to mail you for a quote for my P1

 

Hey Blowdog..... I'm glad its not just my system that scr@ws up!!!

Keving re the quote for the P1...best thing is to mail me at tom@schofieldinsurance.co.uk...so far the quotes have been going fairly well....judging by those more than satisfied customers.....the more the merrier! thats what I say....

All the best

Tom

 

Tom is the man,

He managed to save me over 1k (£1,000!!!!) on my policy and he has rated best for me from over 15 insurers I rang.

Cem

 

Thanks Tom for the chat, speak to you in November

 

Yup....will do Keving...

I take it from the lack of posts that Track Day cover, on an annual basis.....hasn't really interested everyone. SO I will knock it on the head....

Cheers for those of you that did react.

Tom

 

Craig, you've lost me...if you are talking about the track day cover - that would be for UK owned cars...imports whatever.....all ok so long as you are UK resident.

If you are talking about car insurance...the reason it is presently restricted to P1's, is because I am mainly a Commercial Broker, dealing in Liability, Transits, Material Damage, Business Interruption, Fleet etc...the P1 scheme was set up as an interest and a way of getting my own premium down. The underwriters have basically said that they are looking for drivers over 30, with previous experience of driving similar cars and obviously all the standard security in place. Unfortunately away from the scheme the rates I have access to are not as competitive as the likes of NFU etc....alas I am not a motor specialist, and as such do not have access to all the available rates.

I hope that explains it...

Cheers Tom

 

Tom,
Why UK cars only? Loads of members have imports - you may as well not include P1s then!!

 

Craig, I've just spotted the thread that I think you were referring to....

As I said above...what I mean is UK owned Imprezas....so Imports...P1's...standard spec whatever would be OK.

Also I was intending to restrict it to just Imprezas to start with and not Evos, Alfas etc...

Sorry if the 1st thread was misleading.

Tom