How to Buy Life Insurance for Drag Racers With the Best Rates in 
The life insurance industry considers drag racers involved in a risky sport. Regardless of what you drive, it is a snap to buy life insurance as long as you are relatively healthy, even if you drive a nitro funny car, rocket car, or jet car.
You can still buy drag racer’s life insurance without any snags or issues. Throughout the years, life insurance companies have relaxed their views on drag racing and all the other types of motorsports racing.
It is now a simple process to buy life insurance, get affordable rates, and drag race simultaneously. We often find that there is no extra charge for the additional risk of drag racing when you apply with the correct life insurance companies.
I have a lot of drag racing experience, and I try to help eliminate all the mysteries and rumors that life insurance is hard to get and expensive.
Table of Contents
In short answer, yes, drag racing is covered by life insurance. If you have a policy you purchased before your racing involvement; your racing will be covered.
If you purchase life insurance while racing, you will state that you race when you get to the hazardous sports questions on your application. You will be fine if your new life insurance company fully knows your motorsports racing.
There may be a 5-minute supplemental questionnaire that will have to be completed when you apply for new life insurance. Regardless of whether or not you are an NHRA member, the life insurance process works the same.
- What class do you race in, such as Dragster, Pro Modified, 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 have a much more relaxed outlook on Motorsports than they have in the past. This is thanks to the many new safety rules and regulations that make it a much safer sport.
The lower the ETs and the faster the MPH increases the risk, which could increase your rates accordingly.
There is a possibility your standard base rates may increase. This will depend on the type of racing you do. Your rates could go up due to health conditions and other essential criteria such as height and weight. The carriers will be more concerned with your current health history than your participation in drag racing.
It always pays to have your agent run a quick medical prescreen if you have any medical issues or are overweight before applying. We will cover possible additional fees for drag racing life insurance and other motorsports in the next paragraph below.
A flat extra is an added fee that could be added to your base rates to cover the additional risk the insurers are taking.
There are two different ways your rates can be increased. The first way is with your health classification. This is usually connected with health conditions, height, and weight issues. Also, a family history of early death before age 60 due to Cancer or heart disease runs in the family.
A flat extra fee may be used for high-risk occupations or risky sports and hobbies. Sometimes there could be a change in a health classification and a flat extra fee simultaneously. A “flat extra” fee adds a flat dollar amount to each $1,000.00 face amount coverage.
In most cases, if a flat extra is used, it will not be very costly unless you’re looking for a very high face amount and your car is in the nitro, jet, or rocket classes. Flat extra fees are not always added to a drag racers policy.
Let’s look at two examples of flat extra fees for drag racers with two types of 1/4-mile cars.
Example Number 1:
Our first driver is 35 years old and drives a Supercharged Pro Modified car that runs low six-second ETs. This driver is applying for a $100,000 term life insurance policy. Considering the fuel, ETs, top MPH, and the Pro Modified class. The insurance company determined a $2.50 flat extra fee be added to his policy.
The average base premium for his policy would typically be $680.00 per year. The flat extra fee that will be added will be calculated by multiplying the $2.50 flat extra fee for each $1,000 in face amount; in this case, it would be 100. Here is the breakdown of the fee.
$2.50 x 100 = $250.00 (flat extra fee). Now, the flat extra has to be added to the base premium of $680.00 for a total of $930.00 per year.
Example Number 2:
Our second driver is 38 years old and drives a Top Alcohol Funny Car. He is applying for a $150,000 term life insurance policy. Considering that this driver has a car that is blown alcohol, running lower ETs and MPH than our first example. The insurance company decided to add a $3.50 flat extra fee to this policy.
The base premium for his policy would typically be $740.00 per year because he is a little older. The flat extra fee that will be added will be calculated by multiplying the $3.50 fee for each $1,000 in face amount; in this case, it would be 150. Here is the breakdown of the fee.
$3.50 x 150 = $525.00 (flat extra fee); now, the flat extra has to be added to the base premium of $740.00 per year for a total of $1,265 per year.
Exclusion riders are an option at your discretion. They would exclude coverage for the racing exposure, eliminating any possible increases in your premiums.
Suppose you are faced with an increase in your premiums based on your participation in racing. Some companies will issue an exclusion rider allowing you to have conventional rates with no extra cost for racing.
The side effect of these exclusion riders is you will not be covered for being killed in racing. This can be acceptable with some racers but not with others.
Most of the time, they buy life insurance for their family’s sole purpose is financially protected if they are killed on a race track. This is something you have to give considerable thought to.
As you will see below, applying for life insurance for the other classes of racing, such as stock car, motorcycle, and boat racing, are clones of what is involved when you apply for your 1/4 mile drag car life insurance.
Even though stock car racing is not a form of drag racing, the application process works the same.
Like other forms of stock car racing, NASCAR 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 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. Life insurance for stock car racers is straightforward regardless of what stock car class you race in.
There are many classifications of motorcycle racing in the United States because motorcycles are diversified in their designs and manufacturers. They can be as different as night or day but fall into the same primary 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, fuel type, and horsepower. The various life insurance companies vary in how they underwrite life insurance applications.
Like the other U.S. racing classes, life insurance policies can be excluded. Thanks to much more relaxed underwriting and safety equipment purchasing life insurance for motorcycle racing is no problem.
Boat racing can easily be more hazardous than auto racing due to not having brakes and drowning in a wreck.
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 need 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. Modern boat racing is getting a much better track record than ever before.
There are many classes of boat racing in the US, and obtaining life insurance for boat racers is a simple process and not costly.
The most crucial concern the life insurance companies have is your overall health. This is much more important than the risk of drag racing. If you’re in good health, you can qualify for excellent rates.
You can contact us to help you shop the market and answer any questions. If you have any medical concerns, we can run a quick medical prescreen before you apply. Get a head start and compare plan designs on our instant quote engine or by using the form on the right.
We are available seven days a week to answer your questions and help you select the best policy for your specific needs and budget. Remember that not all life insurance companies insure people who drive race cars. We work with over 40 top-rated companies and know from experience which ones are the best for our clients who race for recreation or professionally.
Applying for life insurance for drag racers is faster than ever with simple telephone applications. All you have to do is listen to the questions and answer the questions over the phone, and your application will be completed in about 15 minutes or less.
No more time-consuming 30-page paper applications or confusing online applications that require the use of a computer along with a fast internet connection. We use the SnapApp system, which makes applying a breeze.
Purchasing life insurance for drag racers is not hard to get, nor is it expensive. Don’t hesitate to contact us by phone or email to get your questions answered immediately. Applying for life insurance for drag racers is a snap when you work with an experienced Broker.
Don’t hesitate to take advantage of our website’s instant quoting system and compare quotes from over 40 top-rated companies in less than a minute. You may contact us seven days a week from 9:00 am – 9:00 pm for a quote over the phone.
All the best,
If you have questions about life insurance for drag racers, contact us today and let us help you with no cost or obligation. We are brokers and work for our clients, not insurance companies. We help you get approved for the best policy and rates. You can also set up a time at your convenience to talk.