Racer Insurance - Moved from Gate Fee thread from Hare Scrambles

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matt oatway

Guest
Would finding a insurance company willing to insure FTR racers with a one day insurance policy at signup be a good way to bring in extra revenue to the clubs and new membership to FTR while still charging a per person $5 gate fee and using wristbands as proof of signing those waiver papers to enter the property?
 
Dan Aitken

Dan Aitken

Hare Scrambles Ref
matt oatway said:
Would finding a insurance company willing to insure FTR racers with a one day insurance policy at signup be a good way to bring in extra revenue to the clubs and new membership to FTR while still charging a per person $5 gate fee and using wristbands as proof of signing those waiver papers to enter the property?
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Dont think that will work. Everyone on the property is insured under the current policy, not just the racers.
 
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matt oatway

Guest
Dan Aitken said:
Dont think that will work. Everyone on the property is insured under the current policy, not just the racers.
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I'm talking about racer health insurance. A one day policy that covers the rider if that rider elects to pay the fee.
 
Shaun Foutch

Shaun Foutch

Well-known member
matt oatway said:
I'm talking about racer health insurance. A one day policy that covers the rider if that rider elects to pay the fee.
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I like the idea of that, but it is a different topic. I think it would be cool to find a way to offer that though in some form. I'm sure some are racing without insurance which is a scary thought should they need an evac!
 
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matt oatway

Guest
Shaun Foutch said:
I like the idea of that, but it is a different topic. I think it would be cool to find a way to offer that though in some form. I'm sure some are racing without insurance which is a scary thought should they need an evac!
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I think it is on topic Shaun. Much needed REVENUE is ultimately the topic. The more folks understanding they can race and can get insured fully for a race at the track or online the more folks will be rolling through the gate. I also think it could be a positive factor for the one day membership racers as well.
 
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Ian Joubert

Well-known member
matt oatway said:
I think it is on topic Shaun. Much needed REVENUE is ultimately the topic. The more folks understanding they can race and can get insured fully for a race at the track or online the more folks will be rolling through the gate. I also think it could be a positive factor for the one day membership racers as well.
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People are complaining about the gate fee going from $10 to $20. You think these same people will cough up $25 for 1 day/weekend race insurance?
 
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Mike Belle

Well-known member
Does anybody have a realistic idea of what that type of insurance would cost? I would think $25 would be a bargain!

Mike
 
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Scott McGourley

Well-known member
I doubt you will find anybody who would write it. Insurance is all about signing up a group of people that probably will have no claims, to pay for the few that do. I think the experience ratio would be so high that it would be cost prohibitive. Just think one accident in a race can cost the carrier $50k.
 
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Mike Belle

Well-known member
Those sound like supplemental policies, kind of like Aflak. I think what we are talking about is for 1 day of primary medical coverage for a racing accident to a person who doesn't have a primary medical policy that will pay the medical bills if they get hurt. Supplemental policies pay you to help cover co-pays, loss of income etc., and are usually fairly low payout compared to a serious injury that usually runs in the 10-50K plus cost of medical expenses!

Mike
 
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matt oatway

Guest
$900 ambulance ride from Fish Memorial to Halifax. Been there done that.

Now that folks insurance plans have had total idiots wreaking havoc on them and you can't keep your doctor and you never got your insurance lowered $2500 and instead have had massive increases and had massive deductibles added as the coverage has lessened. I think folks are not finding it so easy to get insurance let alone race insurance. I totally believe this is putting a HUGE strain on our sport and FTR. Being as how FTR is America's largest offroad club in the USA I hope FTR leadership can figure out a way to address this very real issue now that it is all being thought about.
 
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Mike Belle

Well-known member
Matt, it's a legitimate question. Can you recommend a company that is willing to write these types of policies?

Mike
 
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matt oatway

Guest
Mike Belle said:
Matt, it's a legitimate question. Can you recommend a company that is willing to write these types of policies?

Mike
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Mike,

There are insurance companies that do provide these types of coverage. A few have already been brought to the table. I am sure the leadership will need to talk to these companies and figure out which options would work best for our needs as a club at the FTR races. Best bet would be having a FTR representative call around and discuss the matter with as many insurance companies as possible. I don't think this will be all that hard to get this accomplished. We need to adapt.
 
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matt oatway

Guest
Mike,

I will make some phone calls and see what I can come up with. I would recommend FTR leadership do the same.
 
Gary Wyatt

Gary Wyatt

Life Member
Moderator
Mike Belle said:
Matt, it's a legitimate question. Can you recommend a company that is willing to write these types of policies?

Mike
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+1

I called my insurance agent and ask him about this very subject. He indicated polices are available if a person wants to research companies for the cost. He also remarked that the price would be considerable and probably prohibitive for anyone less than a professional racer.

As Mike suggested; go do the research and come back with a quote and coverage liability/limits.
 
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