Motorsports car insurance

If you’re looking to insure a race car of any kind, whether it’s a drag racer, a rally car or anything else, you’ll know better than most that it’s not easy. However, there are several options out there, depending on the vehicle and the situation.

As a general rule of thumb, you’re unlikely to find any insurance to cover damage to a vehicle while it’s racing in a competitive event or otherwise going around a track at high speeds.

However, you can find insurance to cover a vehicle at all other times, including when it’s in storage, in transport and even while it is being driven elsewhere on the site, such as between the pit and the track.

Track-day insurance

There are several providers who will insure vehicles for track-day use, but the cover provided by them can differ greatly, so it’s important to understand the policy differences and consider whether you’re getting value for money.

Other ways to insure a racing vehicle

The right option depends on what kind of car you have, and what kind of motorsports you do. Whether it’s a street-legal vehicle is generally the dividing line which determines what to look for.

Insuring street-legal racing vehicles

To insure a street-legal vehicle that you use for racing, you may want to consider prestige vehicle car insurance. This is comprehensive car insurance with some key added benefits:

• You can get cover for performance-enhancing modifications.
• You can retain salvage rights if the car is totalled.
• Lay-up periods and limited-use discounts are relatively common policy features.
• The cost of importing parts may also be covered.
• You can choose your own repairer instead of using the insurers.
• Certain insurers can offer some cover while participating in approved motorsports events.

Drag car insurance, rally car insurance and other special vehicles

Dedicated racing vehicles can cost a lot to repair. Generally, standard insurers will not cover these vehicles, and you will need to get cover through insurance brokers. Brokers can access policies which may not be available to the general public and can liaise with insurers on your behalf.

Alternatively, there are some insurers who may be able to offer more affordable options by leaving out on-the-track cover while still insuring a vehicle during transport, in storage and generally for everything but damage incurred while racing or competing. Policies can also include cover for items related to racing activities, including tools, spare parts, car transporters, crew uniforms, merchandise and other associated items.

Round-up: Picking the right cover

The key to finding value for money with your motorsports car insurance is largely working out what you do and don’t need. At the higher end, cover is largely tailored to individual needs through insurance brokers.

• If you have a street-legal vehicle, getting cover for everything but racing might be a cost-effective option with general high-end prestige car insurance.
• Compare the increased cost of getting insurance that covers racing damage with how much it will cost you to get the damage fixed out of pocket.
• Get quotes from multiple brokers, and be proactive with trying to get a policy tailored for the cover you need.