Track Day Insurance Update
08 February 2001, 12:14 AM
#1
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Greg, sorry it was in the previous thread, the guy who organises the one I'm on (marcus at easytrack) has set up insurance himself.
So you get insurance based on the #no of claims at his events rather than the car you happen to be driving on the day.
Of course doesn't apply to SIDC days, I would suggest our own insurance, but given the number of Impreza accidents recently probably not a good idea, better left to Eggar Lawson et al
So you get insurance based on the #no of claims at his events rather than the car you happen to be driving on the day.
Of course doesn't apply to SIDC days, I would suggest our own insurance, but given the number of Impreza accidents recently probably not a good idea, better left to Eggar Lawson et al
08 February 2001, 10:13 AM
#2
Hi All
Those who were following the previous thread will know that I spoke to Richard Egger at length yesterday over the huge increase in track day insurance prices...
A quick refresh : In 2000 they paid out £113K for 22 track day accidents. In january this year (the quiet month) they have received claims of 22K!!!!!!!!!!!!!!
As a temporary measure Richard put the premiums up by 75% until he could find a solution.
He was up most of last night working on the figures as he knows it is an important subject to us all, and has come up with the following..
He has reduced the prices back down again, but still to an 11% increase (much more doable IMHO).
"However there is a snag. SIDC had a very special deal on the basis that they were well organised, civilised and well controlled."
This has now changed due to the level of scooby claims and SIDC will now have the same rates as any other track day.
It is worth noting that Richard emailed me first thing this morning after working all night to let me know what's happening. The reason for this is that, even though our business has become unprofitable (in fact a loss) for him, he still wants to support us, as he does the majority of club level (as well as top level) motorsport.
Best regards
Simon
Those who were following the previous thread will know that I spoke to Richard Egger at length yesterday over the huge increase in track day insurance prices...
A quick refresh : In 2000 they paid out £113K for 22 track day accidents. In january this year (the quiet month) they have received claims of 22K!!!!!!!!!!!!!!
As a temporary measure Richard put the premiums up by 75% until he could find a solution.
He was up most of last night working on the figures as he knows it is an important subject to us all, and has come up with the following..
He has reduced the prices back down again, but still to an 11% increase (much more doable IMHO).
"However there is a snag. SIDC had a very special deal on the basis that they were well organised, civilised and well controlled."
This has now changed due to the level of scooby claims and SIDC will now have the same rates as any other track day.
It is worth noting that Richard emailed me first thing this morning after working all night to let me know what's happening. The reason for this is that, even though our business has become unprofitable (in fact a loss) for him, he still wants to support us, as he does the majority of club level (as well as top level) motorsport.
Best regards
Simon
08 February 2001, 10:26 AM
#3
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Si,
That was good of you to try to find out what was happening. It is really interesting to note how many claims are actually going on. £113k is a LOT of money!
Good job. For those that are considering alternative cover, you may also find Tom reasonable. I go through him because unlike EL, Tom covers me for the entire value of the car, as opposed to limited cover.
Cem
That was good of you to try to find out what was happening. It is really interesting to note how many claims are actually going on. £113k is a LOT of money!
Good job. For those that are considering alternative cover, you may also find Tom reasonable. I go through him because unlike EL, Tom covers me for the entire value of the car, as opposed to limited cover.
Cem
08 February 2001, 10:38 AM
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Phew ! and well dones Simon / Eggar Lawson
Well I've already moved to someone else for the next track day, but that is a perfectly reasonable increase in any case. Interesting isn't it when you know some of the figures, you are far less inclined to whine about increases like that !
Will be going back to them by the looks of it.
Ps for the guys asking about getting a whole years track day insurance, I already asked Nik who's line was 'we will certainly look into this once you have built up a history with us' which sounded hopeful, I wonder if they would still consider doing this ?
Gary
Well I've already moved to someone else for the next track day, but that is a perfectly reasonable increase in any case. Interesting isn't it when you know some of the figures, you are far less inclined to whine about increases like that !
Will be going back to them by the looks of it.
Ps for the guys asking about getting a whole years track day insurance, I already asked Nik who's line was 'we will certainly look into this once you have built up a history with us' which sounded hopeful, I wonder if they would still consider doing this ?
Gary
08 February 2001, 11:35 AM
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blowdog,
Are you talking P1 Tom for track day insurance only, or is it part of your policy?
Gary - who are you with for track day?
ta!
greg
[This message has been edited by gregh (edited 08 February 2001).]
Are you talking P1 Tom for track day insurance only, or is it part of your policy?
Gary - who are you with for track day?
ta!
greg
[This message has been edited by gregh (edited 08 February 2001).]
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09 February 2001, 05:57 PM
#8
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Greg, sorry took so long to reply.
Its part of my standard policy, so good point. I still have to pay a premium each time I go on a track, so he may be able to do it independantly.
Cem
Its part of my standard policy, so good point. I still have to pay a premium each time I go on a track, so he may be able to do it independantly.
Cem
10 February 2001, 03:28 PM
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i have had a quote from eggar lawson for insurance which also includes cover for up to 6 track days for £1400, i am 30 with 3 points for speeding, 5 yrs ncb, my97 with ss exhaust and 4 pots, valued at £15k
mark
mark
26 February 2001, 05:32 PM
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Latest on this. The SIDC were getting a special aggregate policy ie £40k total cover for one event, which no-one else did, this is where the £75 for £12k cover came from.
The last 4 SIDC days have had big claims,and they were losing money, so they have had to stop this aggregate policy, and put the SIDC events back to the same as all other clubs.
Hence it's now £132 for £12k of cover. Nik did say that the non-aggregate cost of this last year would have been £110.
They realise this is an issue and will continue to monitor the situation and see what they can do to help us out.
cheers,
greg
[This message has been edited by gregh (edited 26 February 2001).]
The last 4 SIDC days have had big claims,and they were losing money, so they have had to stop this aggregate policy, and put the SIDC events back to the same as all other clubs.
Hence it's now £132 for £12k of cover. Nik did say that the non-aggregate cost of this last year would have been £110.
They realise this is an issue and will continue to monitor the situation and see what they can do to help us out.
cheers,
greg
[This message has been edited by gregh (edited 26 February 2001).]
27 February 2001, 06:03 PM
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A few facts...
Track day claims AS A WHOLE have lead to the recent rise in rates, not SIDC events.
Eggar Lawson have only had TWO SIDC claims at ANY of it's events, Brands last November and Oulton this year. This is an exceptional record when compared alongside other track day organisers.
"However there is a snag. SIDC had a very special deal on the basis that they were well organised, civilised and well controlled."
This has now changed due to the level of scooby claims and SIDC will now have the same rates as any other track day.
This clearly gives the impression that the SIDC is directly responsible for the recent increase due to it's events no longer being 'well organised, civilised and controlled', which simply isn't the case. Last year, SIDC events amounted to 2.6% of claims and 3.9% of premiums, better than average. This year with the Oulton incident occuring so early on, things obviously aren't so attractive (34% of claims and 23% of premiums). You have to look at the year as a whole to get a true picture though.
Why do so many non-SIDC members see fit to get involved in club issues?
Greg.
I don't know where you got the information from about our last four events having big claims, but it's incorrect. Perhaps confirming information before posting would be useful?
Stef.
[This message has been edited by Stef (edited 27 February 2001).]
[This message has been edited by Stef (edited 28 February 2001).]
Track day claims AS A WHOLE have lead to the recent rise in rates, not SIDC events.
Eggar Lawson have only had TWO SIDC claims at ANY of it's events, Brands last November and Oulton this year. This is an exceptional record when compared alongside other track day organisers.
"However there is a snag. SIDC had a very special deal on the basis that they were well organised, civilised and well controlled."
This has now changed due to the level of scooby claims and SIDC will now have the same rates as any other track day.
This clearly gives the impression that the SIDC is directly responsible for the recent increase due to it's events no longer being 'well organised, civilised and controlled', which simply isn't the case. Last year, SIDC events amounted to 2.6% of claims and 3.9% of premiums, better than average. This year with the Oulton incident occuring so early on, things obviously aren't so attractive (34% of claims and 23% of premiums). You have to look at the year as a whole to get a true picture though.
Why do so many non-SIDC members see fit to get involved in club issues?
Greg.
I don't know where you got the information from about our last four events having big claims, but it's incorrect. Perhaps confirming information before posting would be useful?
Stef.
[This message has been edited by Stef (edited 27 February 2001).]
[This message has been edited by Stef (edited 28 February 2001).]
27 February 2001, 09:46 PM
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Norwich Union do cover the full value of the car for track days under there standard fully comp policy, but you must tell them which ones you are doing and they impose a £1000 excess.
NigeK
NigeK
27 February 2001, 10:14 PM
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>> I don't know where you got the information from about our last four events having big claims, but it's incorrect. Perhaps confirming information before >>posting would be useful?
Stef,
from the horses mouth. This is exactly what someone from Egger's told me. I'm sure they are more up on who has claimed what than either you or me.
Greg
Stef,
from the horses mouth. This is exactly what someone from Egger's told me. I'm sure they are more up on who has claimed what than either you or me.
Greg
28 February 2001, 02:02 PM
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Greg.
They were wrong. I spoke to Richard Eggar yesterday who confirmed that they have only ever received two claims from SIDC events.
You obviously spoke to the donkey!
Stef.
They were wrong. I spoke to Richard Eggar yesterday who confirmed that they have only ever received two claims from SIDC events.
You obviously spoke to the donkey!
Stef.
28 February 2001, 03:09 PM
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Greg.
It's being looked at, and Richard is developing a scheme whereby orgainsers can win/lose a no-claims bonus after each event, which sounds a great idea.
I will obviously keep you posted.
Stef.
It's being looked at, and Richard is developing a scheme whereby orgainsers can win/lose a no-claims bonus after each event, which sounds a great idea.
I will obviously keep you posted.
Stef.
28 February 2001, 03:52 PM
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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by Stef:
<B>Why do so many non-SIDC members see fit to get involved in club issues?
Stef.[/quote]
Stef, I think that's because people on this BBS sometimes forget that whilst it's a BBS for anybody who is likeminded - it is still the SIDC's BBS and we are always looking to "protect" the club first and worry about other issues 2nd.
Matt.
<B>Why do so many non-SIDC members see fit to get involved in club issues?
Stef.[/quote]
Stef, I think that's because people on this BBS sometimes forget that whilst it's a BBS for anybody who is likeminded - it is still the SIDC's BBS and we are always looking to "protect" the club first and worry about other issues 2nd.
Matt.
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