Hey I have a quick question I wanted feedback on. How do you all deal with life insurance and track riding - NOT Racing. I have been going round and round with my insurance guy to get quotes for life policies that do not cover racing but would cover me if something happened on the track. Most all policies will have a question regarding high risk activities like sky diving and racing and getting folks to understand that what we do is not racing, is making my nuts. Anyhow, any help would be appreciated. Thanks
The only questions they asked me were if I did sky diving or something related to high altitude sports. I asked specifically about motorcycle track riding and they said it does not matter. They didn't mention racing. I have not read the fine print, though... insurance agents specialty is to sell insurance, not to understand it. I'm with State Farm.
Here is the section I had to complete for disability insurance, it was more thorough than life insurance. Track riding is not vehicle racing.
You might want to read the exclusions. Like Bigslow is finding out not all companies differentiate or know the difference between trackdays and racing. Last thing you want when you're hurt is to find out you're not getting any money. Then get it in writing.
You are not racing on trackdays, so under the questions above you would be able to say no. As it's been explained to me: Here's the rub...after 3-4 years, they have to cover you if you START any of those activities... If you say YES, then they are going to charge you a huge increase to cover you. If you say no, and then get killed doing same during that 3-4 year period, they will refuse to pay the policy and return the premium - but will pay if it's not one of those activities. For example, you say NO to flying, then 5 years later you decide start flying - they have to continue to cover you. Me: I skydive and have for 25 years. No normal policy will touch me because of it - or want to charge an ENORMOUS premium to do so. However, SGLI (Soldiers Group Life Insurance) which I converted to VGLI (Veteran's Group Life Insurances) does NOT have a War or "Hazardous Sports Clause" because they couldn't cover soldiers if they did... Lastly, Term Life is a little less restrictive.
That's what I tell my wife to justify the money I spend on track days. Honestly, though, I think it is a huge line of crap.
I think this is a really good question to be exploring, and not only for life insurance, but also for health, accident, and disability too. Knowing with certainty that you are protecting yourself and your family in the event that something happens to you (whether it's related to motorcycles or not), is a very responsible thing to do. I would also recommend ridersurance because Brandon understands exactly what we are doing with racing and trackdays. Years ago I decided to get supplemental insurance to cover life flights for me and my wife, and Brandon set me up with that. I've never let it lapse in about ten years now. Often times when it comes to air ambulance transports more than one is required, and they can run into the tens of thousands of dollars. The life insurance I have I put in place over fifteen years ago, and as I remember they were very interested in knowing about my motorcycle related activities at the time. After the first three years my policy would cover death for anything, even suicide. I'm not sure if that's still the case with new policies, but really the point I'm trying to make is to understand what you are covered for. This is a worthwhile topic.