Purchasing term life insurance while drag racing is a simple process and in many of the cases there is no extra cost!
1/4 Mile NHRA Drag Racing:
The life insurance industry generally classifies drag racing, as a “hazardous sport” for the drivers of 1/4 mile vehicles. Therefore purchasing life insurance for drag racers sometimes may be a little more complicated. Throughout the years, the life insurance companies have relaxed their views on drag racing. It is now a simple process to buy life insurance, get affordable rates and drag race at the same time.
Here are the main concerns a life insurance company has when reviewing an application
- What specific class do you drag race in such as Top Fuel Dragster, Nitro Funny Car, Pro Stock etc?
- What is your average top speed in miles per hour?
- What type of racing fuel does your vehicle use?
- How many times do you race per year?
- How much racing experience do you have?
- What is your average elapsed time in the quarter mile?
The life insurance companies now have a very positive outlook on drag racing due to the fact the modern day statistics show that it is a relatively safe sport. This is thanks to the many new safety rules and regulations in place.
What could cause my rates to go up when I apply?
The main reason your rates could go up is due to health conditions or height and weight abnormalities. The carriers will be more concerned with your current health history than if you race any type of vehicle. It always pays to have your agent run a medical pre-screen you have any medical issues or if you are overweight before you apply.
Depending on what kind of a car you drive, a flat extra fee could be possibly be added on to the standard premium to cover the extra risk of drag racing. This mostly occurs with the more hazardous classes where there is a very high mile per hour speed.
You always have the option of purchasing your policy with an exclusion rider. An exclusion rider eliminates the actual racing coverage but covers you for all the other normally covered perils. This would totally eliminate any possibility of an added cost due your more radical race car such as a nitro funny car or a top fuel dragster.
NASCAR & Oval Track Racing:
NASCAR racing like other forms of stock car racing is big business in the United States. NASCAR racing has millions of dedicated fans nationwide. Life insurance for NASCAR drivers is handled virtually the same as Drag Racing with a possible flat extra being added. Many times there is no extra charge at all. If there is, a stock car driver can eliminate the extra fee by removing the coverage for driving the race car down a racetrack if need be.
There are many classifications of motorcycle racing the United States due to the fact motorcycles are so diversified in their designs and manufacturers. They can be as different as night or day but they would fall into the same basic category. It would be the same as when they are going down the track. Regardless of your specific version of motorcycle racing, your rates would depend on the usual rating factors. The factors would be class, top speed, experience level, type of fuel, and sometimes horsepower.
The various life insurance companies vary in the way they underwrite the life insurance applications. Just like the other classes of racing in the U.S. the life insurance policies can have an exclusion.
Drag Boat Racing:
Like the other racing sports you will see on the page, competitive boat racing is another popular sport in the United States and naturally race boat drivers needless to say have a need for life insurance just like the rest. Boat racing has made a big splash in this country in the last few years. In the past, boat racing had developed a reputation for being one of the most dangerous forms of racing. The modern boat racing is getting a much better track record than ever before.
Here is what we recommend
Contact an independent insurance agent (hopefully us!) to help you shop the market and answer any of your questions. If you have any medical concerns, get them pre-screened before you apply. Get a head start and compare plan designs on our quote engine by using the form on the right.
We are available 7 days a week to answer any of your questions and help you select the best policy for your specific needs and budget. Keep in mind that not all life insurance companies insure people that drive race cars. We work with over 40 top rated companies and know from experience which ones are the best for our clients that race.
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All the best,