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Life Insurance for NHRA Drag Racers with Absolute Lowest Rates

Jack Venturi Drag Racing, NHRA, Term life insurance Leave a comment  

life insurance for nhra drag racersIf a drag racer has ever shopped for life insurance, they usually know that their drag racing hobby if they are an amateur or their professional occupation if they are a pro causes a red flag to go up because of the risk factor of the sport. The problem normally is not usually the worry of being declined but the increase in cost of their premium. If you personally worry about this or are concerned, stop right now because this blog post is dedicated to help you find very affordable rates for NHRA drag racers. I will show you how to shop for life insurance and get approved with a very affordable premium.

Most insurance agents do not have any drag racing experience so it is harder for them to relate to Motorsports racing. Since before I ever had a drivers license I was always fascinated with drag racing and all it’s classes of 1/4 mile race cars. As the years went by, I had accumulated a lot of mechanical experience and also pit crew experience all the way up to blown alcohol cars and I loved every minute of it. Let’s dive in to this blog post and find out exactly what purchasing life insurance for drag racers is all about. Right off the bat let me tell you this, purchasing life insurance is not a difficult process and it should be a simple and easy experience especially when you are using and experienced agent or broker.

If your class is pure stock or Top Fuel Dragster, we can help you find the best life insurance with the lowest rates possible.

Option #1 – There are basically two ways to go when applying for life insurance. The first way is normally purchasinglife insurance for nhra drag racers a Term life insurance policy that insures your life while you are driving a race car and the other choice is purchasing a policy that has a rider that would insure you for any cause of death accident or illness but excludes you from coverage when actually driving a car down the racetrack. If you choose the rider version, you would qualify for whatever rate class you would qualify for regardless of your drag racing participation.

The drag racing would be excluded but you would not pay an extra dime for your life insurance. This is the most inexpensive way to go but the side effect is you would not be covered while you are driving down the track. With some people this is fine but with most people they want to be covered while they are driving their drag car.

Option #2 – The second and most popular option is to apply for life insurance and be covered at all times which would included driving your 1/4 mile race car anywhere and at anytime. When going this route, the life insurance company would add a extra charge on to your base premium to cover the additional risk they are taking. This extra fee is referred to as a “Flat Extra” charge which varies in amount depending on the class you race in. The higher the risk class you are in is what dictates the dollar amount of the flat extra charge. For example, there will be a higher charge for someone that drives a Nitro Funny Car vs. a Pro Stock car.

How is a “Flat Extra” charge calculated?

 

Example – Let’s take a look at a simple example of a flat extra charge for a 30 year old male drag racer with a 20 year term policy and a face amount of $100,000.

In the affordable life insurance for nhra drag racersexample we are using we can use a simple life insurance premium of $800.00 per year for our make believe driver John Doe who drives a 800 horsepower Chevy Camaro that is gasoline powered, naturally aspirated and runs in the 8 second bracket at a normal 1/4 mile speed of 160 miles per hour. Here are the main factors the life insurance company is going to look at in order to calculate John Doe’s flat extra charge.

* Type of fuel used such as gas, alcohol or Nitro Methane.

* The top speed John’s car will normally reach in the 1/4 mile.

*The elapsed time the car runs in the 1/4 mile

* How many times a year does John race his car.

In this particular example Joe Doe will be usually looking at a flat extra charge of $2.50 for every $1,000.00 dollars worth of life insurance coverage.  With a $800.00 premium for the base policy itself there will be an additional $250.00 to cover the added risk in the form of a flat extra charge. The grand total will now become $1,250.00. The flat extra could be about $5.00 per every one thousand dollars worth of coverage if Johns car was faster, quicker and ran on alcohol instead of gasoline. It could go up to $7.50 for a Nitro Methane powered car such as a NHRA Funny Car or Top Fuel Dragster. Rocket and Jet powered cars can also fall into this $7.50 range also.

These are just basic examples of what to expect. Keep in mind that health conditions can also affect your final rates and have to be taken into consideration just like they always do when applying for Term life insurance or permanent insurance as well. We work with over 40 life insurance carriers to make sure our clients have the opportunity to receive the most competitive rate possible. With the many life insurance companies we work with, we have an advantage of choosing the most applicable carrier that will offer our applicant the lowest rates.

We normally pre-screen our applicants specific information to make sure there are no surprises that arise once the application is in underwriting.

Pre-screening your information will tell us what life insurance company will offer you the lolife insurance with low rate for nhra drag racerswest rates if you were to apply. By far, the most important factor to getting you the lowest rates is going to revolve around the specific company to choose. The company that is the most “drag racer friendly” will be the one that puts a lower risk factor on drag racing and will be the carrier most likely to offer the lowest rates. This process only takes a few minutes and we can usually have an accurate projection of your rates in less than an hour. Purchasing Term life insurance for a drag racing should be a smooth process if handled correctly.

Having actual drag racing experience gives me the advantage of shopping the market for the best rates for our clients. Drag racing is considered a hazardous sport with the life insurance industry but with our comprehensive experience, we have great success finding low cost life insurance for drag racers. Comparing the best life insurance quotes for drag racers is what we do on a regular basis.

Activate our quote engine to give you a good idea of what your life insurance will cost. The most competitive companies are displayed side by side.

Better yet, simply call our office toll free and I will give you a quote right over the phone in the matter of minutes. Keep in mind that there is no special life insurance policy for drag racers. The life insurance industry uses a conventional life insurance policy with the simple addition of a flat extra charge and that is it. Learn more about us and our business by visiting our About Us page. Thank you very much for taking the time to read our blog post. I hope it has answered a lot of your questions. 

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About the author

Jack Venturi

Jack Venturi is the owner of BestChoiceLifeInsurance.com and is a licensed Insurance Broker with more than 25 years experience specializing in all forms of life insurance products. You may learn more about him at BestChoiceLifeInsurance.com

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