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      02-08-2021, 10:43 AM   #1
butraymond
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Track insurance/ daily car insurance

Hi, Just had a thought on switching full coverage daily car insurance to liability only( no comprehensive and collision coverage). Then adding a full year track insurance from Open Track.
Anybody using Open Track insurance? How's that?
Planning to do 1 or 2 HPDE events(4days max.)/ month during track season in DC area. Because of working from home, I barely drive m2c daily(100mi/ month).
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      02-08-2021, 11:28 AM   #2
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How many months is your track season? and how many events do you plan to do in a full year?

I did the math for full coverage track insurance, and it didnt make much sense unless i did a whole crap load of events. (it works out to about 16 events per season just to break even at the single event rate from ontrack)

I personally use on-track insurance as they seem to have the best rates.

Price is about $300 per event depending on your cars value. Keep in mind that this also covers a small amount of track damage and cleanup costs, which is an extra $1000 from opentrack. Yes, opentrack covers $1MM in track damage for that $1000.. But short of a multicar pileup and taking out the control tower, I highly suspect thats overkill.

Additionally, if you pay for multiple events upfront from ontrack, you get a discount. (15% off for 6+ events).

So lets say you do 12 events. Thats 2 events a month for 6 months. At a vehicle value of $50K (scale up accordingly).

Opentrack annual cost:
- $4,978.15 (with $1MM liability)
- $3,878.15 (w/o liability)

Ontrack cost:
- $3,121.20

So unless you're doing more than 16 or so events, it doesnt make much sense.

Just my 2 cents Hope this helps.
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      02-08-2021, 08:32 PM   #3
butraymond
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Quote:
Originally Posted by detroitm2 View Post
How many months is your track season? and how many events do you plan to do in a full year?

I did the math for full coverage track insurance, and it didnt make much sense unless i did a whole crap load of events. (it works out to about 16 events per season just to break even at the single event rate from ontrack)

I personally use on-track insurance as they seem to have the best rates.

Price is about $300 per event depending on your cars value. Keep in mind that this also covers a small amount of track damage and cleanup costs, which is an extra $1000 from opentrack. Yes, opentrack covers $1MM in track damage for that $1000.. But short of a multicar pileup and taking out the control tower, I highly suspect thats overkill.

Additionally, if you pay for multiple events upfront from ontrack, you get a discount. (15% off for 6+ events).

So lets say you do 12 events. Thats 2 events a month for 6 months. At a vehicle value of $50K (scale up accordingly).

Opentrack annual cost:
- $4,978.15 (with $1MM liability)
- $3,878.15 (w/o liability)

Ontrack cost:
- $3,121.20

So unless you're doing more than 16 or so events, it doesnt make much sense.

Just my 2 cents Hope this helps.
Thanks for the info about on track insurance, first time heard about them. I was looking at Hagerty and RLI, they're about $500-600/ event, and varies from different track.

My track season here is about 8 months, and probably I will do at least 10 events.

I'll consider the on-track insurance and good to know they do discount.

I'm thinking about to not have full coverage and only keep minimum state required insurance for my car. Since work from home, I don't drive the car that often.
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      02-08-2021, 08:59 PM   #4
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Quote:
Originally Posted by butraymond View Post
Quote:
Originally Posted by detroitm2 View Post
How many months is your track season? and how many events do you plan to do in a full year?

I did the math for full coverage track insurance, and it didnt make much sense unless i did a whole crap load of events. (it works out to about 16 events per season just to break even at the single event rate from ontrack)

I personally use on-track insurance as they seem to have the best rates.

Price is about $300 per event depending on your cars value. Keep in mind that this also covers a small amount of track damage and cleanup costs, which is an extra $1000 from opentrack. Yes, opentrack covers $1MM in track damage for that $1000.. But short of a multicar pileup and taking out the control tower, I highly suspect thats overkill.

Additionally, if you pay for multiple events upfront from ontrack, you get a discount. (15% off for 6+ events).

So lets say you do 12 events. Thats 2 events a month for 6 months. At a vehicle value of $50K (scale up accordingly).

Opentrack annual cost:
- $4,978.15 (with $1MM liability)
- $3,878.15 (w/o liability)

Ontrack cost:
- $3,121.20

So unless you're doing more than 16 or so events, it doesnt make much sense.

Just my 2 cents Hope this helps.
Thanks for the info about on track insurance, first time heard about them. I was looking at Hagerty and RLI, they're about $500-600/ event, and varies from different track.

My track season here is about 8 months, and probably I will do at least 10 events.

I'll consider the on-track insurance and good to know they do discount.

I'm thinking about to not have full coverage and only keep minimum state required insurance for my car. Since work from home, I don't drive the car that often.
Ontrack has been good to me. Though I've never had to make a claim, knock on wood!

Keep in mind that even with full time track insurance, it's not likely to cover you on the street. So you're still running a risk by driving locally.

Not to say it's a bad idea, but just want to make sure you understand the risk.

Good luck!
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      02-09-2021, 07:34 AM   #5
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Definitely keep your street insurance, and max it out (doesn't cost much more than basic usually); better still is to add an umbrella policy to yr homeowners. One moderate accident can easily rack up hundreds of thousands in bills if somebody feels injured, and driving an M-car says "I can afford to pay you and your lawyers".
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      02-09-2021, 12:32 PM   #6
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https://f87.bimmerpost.com/forums/sh....php?t=1531718

Here's a post from another user who drove his $60K+ BMW around without comprehensive insurance. I will summarize from my fuzzy memory, but I encourage you to read it in full.

He got hit by a poor (in the literal sense) lady whose insurance coverage wasn't nearly enough to cover the cost of his vehicle repairs. His own insurance didn't help (obviously) and his lawyers dropped him when he wanted to try squeezing blood from a stone to make up the ~$55K difference. It left off with this guy suing the lady in small claims court (limited to what, like $10K usually?) to maybe get her pathetic wages garnished. She had a panic attack and quit her jobs (no wage garnish for you!), not that I blame her.

Keep your comprehensive, even if you barely drive the car right now.

And if you don't and you get hit by someone who works for minimum wage at Walmart, don't be a dick and ruin their lives because of your poor decision making, even if the accident is their fault.
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      02-09-2021, 05:13 PM   #7
butraymond
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Quote:
Originally Posted by chiefsubjugator View Post
https://f87.bimmerpost.com/forums/sh....php?t=1531718

Here's a post from another user who drove his $60K+ BMW around without comprehensive insurance. I will summarize from my fuzzy memory, but I encourage you to read it in full.

He got hit by a poor (in the literal sense) lady whose insurance coverage wasn't nearly enough to cover the cost of his vehicle repairs. His own insurance didn't help (obviously) and his lawyers dropped him when he wanted to try squeezing blood from a stone to make up the ~$55K difference. It left off with this guy suing the lady in small claims court (limited to what, like $10K usually?) to maybe get her pathetic wages garnished. She had a panic attack and quit her jobs (no wage garnish for you!), not that I blame her.

Keep your comprehensive, even if you barely drive the car right now.

And if you don't and you get hit by someone who works for minimum wage at Walmart, don't be a dick and ruin their lives because of your poor decision making, even if the accident is their fault.
Good call. Definitely don't want be in that situation and causing trouble for others.
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      02-11-2021, 08:40 AM   #8
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I got my umbrella policy right after seeing a patient have to sue his friend in order to get medical coverage for a very bad fall that occurred on friend's property (Many health insurance policies will force this upon the patient if there is a potentially liable person to recover from). Medical bills make taking your car to a repair center seem cheap. Ambu ride and ED clearance can easily run >10k per person, even for somebody who is mostly OK; if they have back pain, chest pain, or actually need a surgery, you can often add a zero to that. I'll skip the service warranties on the washing machine, but this is just cheap protection in my book, well worth it (1mill umbrella only added a couple hundred IIRC).
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      08-11-2022, 08:52 AM   #9
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Thank you all for your advice, it was helpful information. None of my friends took out insurance from Ontrack, and I was surprised to see such a positive review here and a calculation of the difference in cost. Although, choosing car insurance always seems like such an easy task. Every third person here chooses Hagerty to never think about it again, haha. Maybe someone can suggest an insurance company for multi-ton trucks? I have read everything posted on https://www.truckinginsurance.org/coverage/box-truck-insurance-guide/. But I need someone's direct advice too.

Last edited by Siripont; 08-15-2022 at 10:44 AM..
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      09-04-2022, 10:55 AM   #10
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I have used OnTrack for a while - all good, no claims, but know of some.

RAy
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      09-05-2022, 09:18 AM   #11
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I also have been using ontrack, no claims either knock on wood, but they have been good on customer service and fast to get the insurance. Price is similar to some competitors but does have a few more things like up to either $500 or $1000 if any oil spill on track and a few more things. They also give you a discount if you sign up for x amount of events as mentioned before.
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      09-08-2022, 11:08 AM   #12
medphysdave
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I just paid for a 3 event policy. As an FYI you don't have to have all the events set at the time of purchase. They have place holders to use for the multi event discount. Then call them when you have an event planned. I had two planned events, so a 3rd will be easy to add. It yields a 10% discount, but you are prepaying. If you can find any longer events like 3 day. It doesn't seem to cost anymore. 1 to 4 days is the same price. 95k coverage was $1550 for 3 events.
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      09-09-2022, 04:13 PM   #13
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I've only ever used ontrackinsurance and Open Track. Open Track tends to be slightly cheaper, but then they have "annual policy exclusive" tracks like Sonoma where you can't buy a single day policy for that track. Which sucks.

Open Track keeps emailing me trying to get me to sign up for an annual policy. I do about ~6 HPDEs/yr and their break even was about 10 days when I last calculated it. Unfortunately not worth it.
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      09-09-2022, 05:54 PM   #14
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Ontrack does have a 6 pack deal too
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      09-09-2022, 06:22 PM   #15
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First world problem, but OpenTrack is the *only* place I've been able to find track insurance in CO. Nobody seems to know why.
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      09-10-2022, 04:05 PM   #16
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Quote:
Originally Posted by medphysdave View Post
I just paid for a 3 event policy. As an FYI you don't have to have all the events set at the time of purchase. They have place holders to use for the multi event discount. Then call them when you have an event planned. I had two planned events, so a 3rd will be easy to add. It yields a 10% discount, but you are prepaying. If you can find any longer events like 3 day. It doesn't seem to cost anymore. 1 to 4 days is the same price. 95k coverage was $1550 for 3 events.

This is good to know, I thought had to know events ahead of time but it makes sense, as long as you paying for 3 events. Season is almost over and I have 2 more days, one monday and one in Oct but for next year I will do the 6 event discount at beg of season.

For my comp at 55k I pay $340 all in for 1 event.
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      09-11-2022, 09:10 AM   #17
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I'm realizing that it only takes a few years of full coverage and you could have a dedicated track car. Not as nice as what Ill track with insurance, but I'm sure would still be fun. But then, what's the point of the CS.
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      09-11-2022, 06:04 PM   #18
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you could get a cheap miata for a couple of years of full coverage and then not insure. It would still be pretty damn fun, I have definitely though about it. Where you would save big is on tires and brake pads
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      09-11-2022, 06:11 PM   #19
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Quote:
Originally Posted by MooMooM2 View Post
you could get a cheap miata for a couple of years of full coverage and then not insure. It would still be pretty damn fun, I have definitely though about it. Where you would save big is on tires and brake pads
Absolutely. Years ago I built a miata for HPDE and kicks. It was putting down 300hp at the wheels. It was nuts. If I could do it over again I'd leave it NA. My instructor took me out in his spec Miata car. It was insane. Way faster than me in my turbo car, and lower running cost. I could build another nice one pretty cost effectively if I didn't decide to build a 2.0 motor for it.
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