Purchasing affordable life insurance for NHRA drag racers should be a simple and straightforward process every time
Finding the lowest rates is not complicated at all when you apply with the correct life insurance company and the right agent
Purchasing life Insurance for NHRA Drag Racers should be a smooth easy process. Drag racers usually know that their sport causes a red flag to go up due of the risk of the sport. Normally the concern is not being declined but the increase in cost of premiums. There is no need to worry because this article is dedicated to help you find the lowest cost life insurance for 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. This makes it harder for them to relate to Motorsports racing. Since I had a drivers license I always loved drag racing and many classes of quarter and eighth mile race cars. As the years went by, I had accumulated a lot of mechanical experience. I have pit crew experience all the way up to blown alcohol cars and loved every minute of it.
Your premiums should be like your ETs, as low as possible
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 for drag racers is not a difficult process and it should actually be simple. Especially when you are using an agent with drag racing experience.
Activate our websites quote engine and compare immediate life insurance quotes from over 40 trusted life insurance companies. These modern quoting tools make it easy to locate the best life insurance rates. Drag racing is normally considered high risk life insurance. But don’t worry, you can easily get life insurance at very affordable rates.
What kind of life insurance should I apply for?
Low cost term life insurance will be your best choice. Your two main choices will be term life insurance and the permanent universal life. Universal life is a permanent from of life insurance that never terminate like term does. Affordable term life insurance will be you best choice by far. You can purchase term life insurance with the normal underwriting process. Many people also purchase term with a no medical exam version that has very fast turnaround times after you apply. Quite a few people purchase no medical exam life insurance if you want life insurance with no medical exam required. The approval times for no medical exam products could be as short as 24 hours or less.
You can even exclude the actual racing coverage
Most people want to purchase life insurance for drag racers with on-the-track coverage. This is for if anything happens while they are in the process of racing when an accident occurs. If you want to save money and you need life insurance but are not real concerned with track coverage. You can apply with a company that will exclude the racing coverage where you would then have a standard life insurance policy. Some drag racers need life insurance but are not worried about a fatal crash at the strip.
What insurance companies would offer me the best rates?
Anytime someones asks for life insurance for drag racers we shop the complete market for them. We collect the basic information for their class of racing and send the information out for quotes. The life insurance companies change from time to time and we always search for the very lowest rates. Depending on your health and racing class, there will be a specific company best for you.
Getting the best life insurance rates takes experience and skill shopping the market. We always compare Term life insurance quotes online to make sure we cover all the best life insurance companies available. Many companies will not offer life insurance to drag racers. Some of the best rates we find are from:
- Banner Life
- Transamerica
- Prudential
Even if your class is Top Fuel Dragster, you can still receive life insurance with affordable premiums
There are basically two ways to go when applying for life insurance. The first way is purchasing life insurance that insures your life while you are actually driving a race car. The other choice is purchasing a policy that has an exclusion rider. This would exclude you from coverage when actually driving a car down the track. If you choose the rider version, you would qualify for whatever rate class you would normally qualify for with the risk exposure of racing.
Most people that apply for life insurance for drag racers want to be covered while they are on the track
The most popular option is to apply for life insurance and be covered at all times. This would included driving your 1/4 mile race car anywhere and at anytime. When going this route, the life insurance company would add an extra charge on to your base premium. This is to cover the additional risk they are taking. This extra fee is referred to as a “Flat Extra” charge.
These additional fees vary in amount depending on the class you race in. The higher the risk class determines the 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. The Funny car is normally more hazardous than the Pro Stock.
How is a flat extra charge calculated by the insurance companies?
Here is an example – Let’s take a look at a simple example of a flat extra charge for a 30 year old male drag racer. This will be for a 20 year term policy and a face amount of $100,000.
In the example we are using, we can use a simple life insurance premium of $800.00 per year. Our applicant drives an 800 horsepower Camaro. The car is gasoline powered and naturally aspirated. The car runs in the 8 second bracket at an average 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 our applicants flat extra charge.
- Type of fuel used such as gas, alcohol or Nitro Methane
- The top speed of applicants 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 the applicant race his car
Here is an example of a flat extra calculation
In this particular example, our applicant 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 the applicants car was faster, quicker and ran on alcohol instead of gasoline. It could possibly 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 sometimes fall into this $7.50 range also.
There are companies that do not charge any additional premiums because you drag race
These are just basic examples of what to expect. Keep in mind that health conditions an 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. Many times we find that one of our favorite companies will not charge a flat extra fee to the policy. This company would normally add an extra charge only if the racing class was more volatile such as nitro funny car or top fuel dragsters.
Pre-screening an applicants information is a good way to eliminate unwanted surprises later
Medical pre-screening your information for health conditions and your racing class works well. This information will tell us what life insurance company will offer you the lowest rates once you apply. The most important factor to finding the lowest rates is going to revolve around the specific company to apply with. The company that is the most “drag racer friendly” will be the one that puts a lower risk factor on drag racing. This 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 it is not, you are using the wrong agent.
There you have it!
Here is all you have to remember. Connect with an independent insurance agent right from the very beginning. This way you can be directed to the best choice for life insurance with a matter of minutes. Your independent agent will do almost all of the work for you and it won’t cost you a dime. Also remember purchasing life insurance is easy and you will never be turned down because you race even on a professional basis.
You may call us 7 days a week for all the help you need with no cost or obligation. I hope the blog post answered most of your question and it shed some light on the subject of applying for a new life insurance plan.
All the best,
Jack Venturi
Read some of our other racing posts such as life insurance for drag boat racers, motorcycle racers and stock car racers
