How to Apply for Life Insurance for Drag Boat Racers & Secure the Best Rates in 
If you participate in drag boat racing or any other boat racing event, you probably know that this is considered a hazardous sport by the life insurance industry. However, life insurance for drag boat racers is readily available, costing less than you would probably expect. Using the right life insurance company makes all the difference in the world.
It also holds for auto racing motorsports such as NHRA drag racing and oval track classes, including NASCAR stock car racing. All these drivers are in the same boat when purchasing life insurance products.
Table of Contents
- What Boat Racing Questions Will My Rates Depend On?
- What Are Flat Extra Fees for Boat Racers?
- Can My Health History Affect My Rates?
- Should I Work With an Independent Agent?
- Can I Apply Over the Telephone to Save Time?
- What Type of Life Insurance Should I Apply For?
- How Can I Compare Rates for Drag Boat Racers?
- In Conclusion
Some people believe that finding life insurance for drag boat racing will be hard to get and expensive. Nothing could be any farther from the truth. We also regularly help NHRA drag, motorcycle, and stock car racers.
What Kind of Questions Will My Rates Depend On?
Type of Boat:
The type of boat you race will be one of the factors life insurance companies will consider. Some boat designs are safer than others, and statistics show more or fewer accidents on the water. There are also statistics to show what type of boats were more common for drivers to be hurt or killed.
The classification of drag boat racing you are active in, such as Blown Alcohol or Blown Nitro, is also a concern. Again, it helps to tell the underwriters how safe or hazardous your involvement in boat racing is.
Your Average Top MPH:
The maximum speeds you experience in your drag boat are vital information. Common sense will tell you that the faster your boat, the greater the odds of having a fatal accident one day. Unfortunately, the bad part about high-speed racing is the lack of brakes on a drag boat.
What Type of Fuel:
The type of fuel you run your boat on will affect your rates because Top Fuel and Alcohol classes will usually spell a higher-performance boat than just gasoline.
Your Experience Level:
Naturally, life insurance companies slightly emphasize your level of experience. The more experience you have, the better, and any boat racing training classes you may have also taken.
How Many Races Do You Attend Each Year:
Life insurance companies also consider how many races per year you participate in. The more you race, the greater the odds of having an accident. On the other hand, the more you race, the more experience you build up to improve your skill as a drag boat racer.
Regardless of your boat type or how fast you go, you can still get life insurance at very affordable rates. Fortunately, many drag boat racers are issued preferred rates as if they did not even race.
What Are Flat Extra Fees for Boat Racing?
Flat extra fees do not always apply to a policy’s premium. This can depend on what life insurance company you apply with. We try to use companies that don’t often add these extra fees.
Depending on your specific information concerning driving a drag boat, a life insurance company may add a flat extra charge to your base premium to cover the added risk of drag boat racing. This could be in the case of a more volatile class of racing, such as high-speed boats running alcohol or nitro. A flat extra charge would be a dollar amount such as $2.50 for every $1,000 of coverage you apply for (for example).
For example, applying for a $100,000 term life insurance policy for 20 years costs $750.00 per year. So the flat extra charge would be $2.50 x 100, which would break down to $250.00. So your base premium is $750.00, and your flat extra is $250.00 for $1,000.00 per year. Don’t worry about flat extra charges because many companies we rarely use even use them. But you need to know these fees exist and can be added to a base premium.
Can My Health History Affect My Rates?
Your health history is the single most crucial aspect of your application.
When applying for life insurance, your overall health history is more important than anything else. Your rates may or may not be affected if you have any health conditions. Your premiums will always depend on the type of health condition you have.
Your health will determine what health classification you will be assigned. The healthier you are, the lower your rates will be.
An applicant’s rates can also be affected if he has a dangerous occupation. For example, a hazardous profession, sport, or hobby can have the same results when you apply for your new life insurance policy.
Should I Work With an Independent Agent?
I always recommend buying your life insurance through an independent agent such as ourselves. Independent agents, also known as brokers, can shop the entire market for you. This is much better than using a captive agent like State Farm and having only one company from which to choose your life insurance. In addition, most captive agents don’t even offer life insurance for people with hazardous sports or occupations.
We work with over 40 of the highest-rated life insurance companies to ensure our clients get the lowest rates at any time. In addition, you can use an instant quote rating system to get a good idea of your options and your projected premiums.
Getting the best rates involves your agent locating the one life insurance carrier that will offer you the lowest monthly premium. Therefore choosing the right company to apply to is extremely important.
Can I Apply Over the Telephone to Save Time?
Applying for life insurance is now a snap because you have a quick and straightforward option to apply over the telephone. The days of long 30-page paper applications are now just a bad memory. Even online applications used to be another good choice. Still, we found that applicants were sometimes confused with the application software, and some people did not have a computer with a fast internet connection.
What Type of Life Insurance Should a Drag Boat Racer Apply for?
Simply put, low-cost term life insurance is going to be your answer. I will list other options below, but they will all be more expensive. I have to say that 95% of the people I talk to choose affordable term life insurance products. Below are all your choices available below, with a link to the relevant blog post on our website for more information:
- Term Life Insurance
- Universal Life insurance
- No Medical Exam life insurance
- Return of Premium Life Insurance
How Can I Compare the Best Life Insurance Rates for Drag Boat Racing?
By activating our instant quoting system, you can quickly and easily compare rates from over 40 top-rated companies. In less than a minute, you will see life insurance quotes from the most competitive carriers compared side-by-side. Your other option is to call us and we can give you a premium quote over the phone.
Wanting to purchase life insurance and, at the same time, driving a drag boat is not a problem. Many excellent companies we work with will approve your application with excellent rates if you are in good health. However, remember that some companies will exclude race coverage if you choose to do so.
This is just an option for you to eliminate the concern of higher rates due to racing. Thank you for reading this blog post; I hope it helped you understand the life insurance application process.
All the best,
If you have questions about life insurance for Drag Boat Racing, please contact us today and let us help you with no cost or obligation. We are brokers that work for our clients, not the insurance companies. Our mission is to help you get the best policy for your needs with the lowest rates possible. You can also set up a time that is convenient for you.