Life Insurance Coverage and Racing

[DeadVic]

I like to drag race at the track where it is much more safe than running the streets.

I have life insurance through my employer, but only about $250K.

I am getting another million in coverage and the question of racing came up.
I have a quote with and without racing. One is ~$1500 a year, the other is many times that.

So, the question now is do I give up the racing for my family? I know this should be a done deal and I know I have to hang it up, but I'm struggling with this.

I don't think the risks at the track are any higher than the general population on the streets (hell, risk is probably lower) but the insurance company is using anything they can to bleed joe public dry. Either way, I have to give up something.

[Agent M79]

I am getting another million in coverage and the question of racing came up.
I have a quote with and without racing. One is ~$1500 a year, the other is many times that.

Typically a claim is denied if the activity leading to the claim is specifically excluded on the policy. So if racing is a no-no and you end up with a circumstance that would lead to a claim on your policy, there will be no pay out.

[Paul T. Casey]

If you think there's a chance of dying while racing, look into a supplemental type policy to cover that time. Take the policy with no racing as your primary, and insure yourself separately for racing. I think the NHRA offers insurance for their sanctioned events, and I believe the IHRA does the same.

[magindat]

Make a plan with your near and dear ones to haul your body from the wreckage (god forbid) and put it on the side of the road somewhere!

That's bull****nit!!!!!

[Hotrauder]

Dead Vic, find another insurance company. At the level we are typically racing you should be able to find coverage without much of a premium penalty if any at all. Oh, and change your name...dead vic may be a problem for them:rofl: Dennis

[sailsmen]

@43 I purchased 25 year $500K term for $500.

I recc term and placing the balance in an IRA every year or just increase your 401K. You will prob do far better than a non-term life policy.

[DeadVic]

I know. This isn't a dilema for me. I either pay the $$ to have coverage, stop racing, or race knowing I'm not covered.

The part that pi**es me off is that I can do more dangerous stuff on the road way and they would have to payout should I experience the worst.

[ckadiddle]

IMHO, I would really have to work at it to kill myself while properly seat-belted in a Marauder at the dragstrip. I am not worrying about it.

[magindat]

IMHO, I would really have to work at it to kill myself while properly seat-belted in a Marauder at the dragstrip. I am not worrying about it.

Dude, don't talk like that. You'll jinx yourself.

I've seen one of our most experienced racers damn near lose it on a test and tune night in an improperly cleaned oil slick.

Always take racing very seriously.

[Mike Poore]

I believe you're talking about recreational drag racing, and at competition levels far below what is considered formal racing. Go to another agent, and don't even mention your recreational pastimes.

What are the chances of your getting killed at a drag strip, making a run in your Marauder? Zero to none, I'd say; hell, it's far more dangerous driving to the strip, statistically, or taking a bath, for that matter. I'd think, it's more dangerous to be sitting in the stands, and being hit by a metior or a runaway camel.
In my view, this isn't an issue you should be discussing with an insurance agent.

[merc406]

Interesting, as far as I thought racing at the track or on the street is not covered if anything happens you or your family's on there own.