Is Life Insurance for Motorcycle Drag Racers Hard to Get and Expensive?
The answer is, absolutely not! If you are active in motorcycle drag racing or dirt track racing. You probably know that this is considered a hazardous sport by the life insurance industry. Life insurance for motorcycle drag racers is readily available and it costs less than you would ever believe. Many times it does not cost a penny more!
This also holds true for the auto racing motorsports. Which would include NHRA drag racing and oval track classes such as NASCAR stock car racing and various others. All these drivers are in the same situation when it comes to purchasing life insurance.
Some people believe that finding life insurance for motorcycle drag racing is going to be hard to get and expensive. Nothing could be any farther from the truth. Motorsports racing is our specialty and I personally have been involved in drag racing for many years myself. Don’t worry, you’re in good hands!
Motorcycle drag racing rates will depend on these main questions:
Type of Motorcycle –
The type of bike you race will one of the factors life insurance companies will consider. As you know some motorcycle designs are safer than others and have statistics to show more or less accidents on the track.
Racing Classification –
What classification of motorcycle racing you are active in such as Motocross, Supercross, Pro Stock or Nitro drag bikes for example. It basically helps to tell the underwriters how safe or hazardous your involvement in motorcycle racing is.
Top MPH –
The maximum speeds you experience on your drag bike are a vital piece of information. Common sense will tell you that the faster your motorcycle, the greater the odds of having a fatal accident one day.
Type of Fuel –
The type of fuel you run on your bike will have an affect on your rates due to the fact that Top Fuel and Top Alcohol classes will usually spell a higher performance motorcycle than just gasoline.
Naturally the life insurance companies put a little emphasis of your level of experience. The more experience you have the better along with any driver training classes you may have taken. Also how many times you race in a given year is taken into consideration.
Regardless of what type of motorcycle you have or how fast you go, you can still get life insurance with very affordable rates. Many applicants involved in motorcycle drag racing are issued preferred rates as if they do not even race at all.
Flat Extra Fees
Depending on your specific information concerning driving your drag bike. A life insurance company may possibly add a flat extra charge to your base premium to cover the added risk of motorcycle racing. This would be in the case of a more volatile class of racing such as high speed bikes running alcohol or nitro. A flat extra charge would be a dollar amount such as $2.50 per every $1,000 of coverage you apply for (for example).
For example again, if you applied for a $100,000 term life insurance policy for 20 years that cost $750.00 per year. The flat extra charge would be $2.50 x 100 which would break down to $250.00. Your base premium is $750.00 and your flat extra is $250.00 for a grand total of $1,000.00 per year. Don’t worry about flat extra charges because many of the companies we use very rarely even use them! I just wanted to let you know they exist.
Your overall health history is more important than anything else when you apply for life insurance. If you have any health conditions, you rates may or may not be affected. This will alway depend on the type of health conditions you may have if any.
Your health will determine what health classification you will be placed in. The healthier you are, the lower your rates will be.
An applicants rates can also be affect if he has a danger occupation also. Having a dangerous occupation or a hazardous sport or hobby can have the exact same result when you apply for your new life insurance policy.
Working with an independent agent
I always recommend buying your life insurance through a independent agent such as myself. Independent agents are also known as brokers and they can shop the entire market for you. This is much better that using a captive agent like State Farm and only having one company to choose you life insurance from. 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 make sure our clients get the lowest rates everytime. You can use of instant quote rating system to get a good idea what your options are along with your projected premiums.
Getting the very best rates involves your agent locating the one life insurance carrier that will offer you the lowest monthly premium. Choosing the correct company to apply with is extremely important.
Apply over the telephone
Applying for life insurance is now a snap because you have a quick and simple option to apply over the telephone. The days of long 25 page paper applications are now just a bad memory.
You can review instant life insurance quotes for motorcycle racers compared side-by-side in less that a minute.
What type of life insurance should motorcycle drag racers consider applying for?
To cut through all the tire smoke, low cost term life insurance is going to be your answer. There are other options which I list below but they will all be more expensive. I would have to say that 95% of the people I talk to choose the very affordable term life insurance products. Here are all your choices available below with a link to the appropriate blog post on our website for more information:
- Term Life Insurance – learn more!
- Universal Life insurance – learn more!
- No Medical Exam life insurance – learn more!
- Return of Premium life insurance – learn more!
Wanting to purchase life insurance for motorcycle drag racing is not a problem at all. Their are a number of excellent companies we work with that will approve your application with preferred rates as long as you are in decent health. If you would like to read some more useful information. Check out our let’s get started page, it is full of valuable information so you have a better understanding of life insurance and how to apply for it.
All the best,
You can also setup a call at your convenience to get all your questions answered at no cost or obligation.