Life Insurance and Racing

[doctorpepper]

Ok... bout to take the plunge and go racing and someone suggested that I check my policy to see if racing is excluded, I havent checked yet but in case it is who do people use to get life cover including racing?

thanks..

[jacobyte]

Both my personal endowment policy and my Key Man policy require additional premium to cover regular racing.

If it's just occasional (say 1 or 2 races a year) then they don't need to be declared. I suggest you call your life/term provider, just to make sure, as different insurers have different definitions.

[stockhatcher]

i'm fairly certain that life cover based around mortgages etc, only covers death and not critical illness.

if you're first thought regards racing is about dying - do you think you should be doing it?

[doctorpepper]

Its far from being my first regard... its on the list AFTER do I need to check that there isnt an MSA spec fro my glasses!

[daydreamer]

My DIC / disability cover from work limits my payout in the event that injury's are caused by motor sport. I also have to declare that I take part in a dangerous sport (although some how skiing is not considered dangerous at all).

For me it isn't too bad - the policy is based on salary, and the cut off salary that motorsport payouts are restricted to is only about 5% below what I actually earn - so no big deal.

Insurers will look at things differently when you take the plunge - but are not normally unreasonable, so you should be able to come to some agreement.

[GarrettMacD]

doctorpepper said:

Its far from being my first regard... its on the list AFTER do I need to check that there isnt an MSA spec fro my glasses!

You're quite right to place it high on your list. If Michael Schumacher insures himself for $50million should the worst happen, then £250k (or whatever) for your family in case of accident is only common sense.

The same goes for racewear. Get the best available, regardless of cost, and you WILL go faster. It's called 'Risk Compensation' by Psychologists, i.e. the more safety equipment you have, the more likely you are to push the car, and ultimately go faster.