When you think about it, life insurance for NASCAR & stock car drivers sounds expensive doesn’t it? It’s not if you apply with the right company!
Motorsports racing is still considered high risk but due to modern safety regulations, the sport is much safer than ever before
If are shopping for life insurance for stock car drivers we can get you pointed in the right direction. We will go over everything you need to know to successfully purchase the best plan for your needs and budget. Also, we want to make sure you are totally confident if you decide to apply.
You can easily purchase low cost term life insurance for race car drivers at very affordable rates. I have written this article to show you how simple it can be. Especially when you are using an experienced agent with an auto racing background. I have always been a big fan of stock car racing but I have years of active drag racing experience.
Finding the best rates for race car drivers is actually much more simple than most people believe
We are going to explain how this process works so you can see how simple and easy it is. This application process should be to purchase life insurance for stock car drivers. Thanks to all the safety rules and equipment the cars and drivers have to comply with. The rates have gone down due to a very low claims history. The lower the risk, the lower the premiums. Race car drivers of any type of vehicle can still get the best rates. There are a lot of people looking for life insurance that drive very mild cars stock cars. In most cases of these cases there is no extra charge at all.
Stock car drivers as well as 1/4 mile drivers will have no problem receiving very affordable rates
Stock car racers and drag racers are both in the same classification when it comes to life insurance. When a stock car driver wants to apply for Term insurance. The first step is to answer some basic questions about their auto racing sport, experience level and racing classification. Here are some of the simple questions you will need to answer when applying. This list will be the same for actual professional NASCAR driver and other forms of stock car racing.
- Name of actual racing class.
- Top speed MPH achieved when racing.
- How many times do you race annually?
- Type of fuel used by your race car.
- Experience level.
- Professional or amateur.
That is basically it for the questions you will find on a hazardous sports questionnaire. The companies we use for the racing sports are no strangers to this type of underwriting. They offer the lowest rates with the simplest type of application. The easiest and quickest applications are completed right over the telephone. It does not get any simpler than this. Nobody likes to have a long drawn out process when applying. Purchasing your insurance is a snap today.
Applying for life insurance for stock car racers is a very simple and straightforward process with no hidden costs or exclusions built into the policies.
Your current health history is going to be the most important factor on your life insurance application
If you have any health conditions, they will be reviewed closely by the medical underwriter processing your application. Height and weight is also a very important factor also. If you are overweight or obese, your rates could easily be increased. If you smoke cigarettes or use any tobacco products your rates will also be effected by a tobacco rating. Take a moment to read our article about understanding the application process. It will help you know what to expect when you apply. We use the modern telephone applications to apply which are simple and quick. Learning how to apply for life insurance is very simple with todays technology.
You have the option of excluding the racing coverage
You have one important option to consider. If you want to apply for life insurance and you drive a stock car on the amateur or professional level. You could apply with a company that will allow you to exclude the actual racing coverage for actually driving your race car. This would mean you would not be covered while racing.
If you exclude the racing coverage, there would be no increase in premium. I would always recommend not having an exclusion.
Do the companies charge more for stock car drivers than non-racers?
Yes, normally they do, but the final premium will depend on just how hazardous your particular phase of the sport actually is. If you remember reading the routine questions. The companies ask the questions to determine the probability of being killed in a racing accident. This is basically common sense that people can perfectly understand. We can run a quick medical pre-screen to be able to give you an accurate premium quote. This eliminates unwanted surprises after the insurance company processes your application.
How additional fees could be calculated by the underwriters
As a standard procedure with auto racing cases. An extra charge referred to as a “flat extra” will be applied to the base premium. For example, if a racer applies for a $100,000 face amount policy. An example of a $2.50 flat extra could be applied to each $1,000.00 worth of life insurance coverage. If the base premium was $1,000.00 per year and the flat extra was $250.00 the final premium would be $1,250.00.
Sample rates using flat extra fees
Here is how the premium breakdown would look. Base premium: $1,000.00, flat extra fee of $2.50 per thousand $2.50 X 100 = $250.00. Grand total $1,000.00 plus $250.00 = $1,250.00 per year. If you purchase life insurance will an additional premium for racing and you decide to quit driving. The flat extra premium can be removed from the policy which would lower your premium.
The actual racing could be excluded from the policy if you would rather go that route also. This is a very simply process and usually the life insurance is still very much affordable to purchase. Even with the racing coverage built in to the policy. Your typical rate class such as preferred will usually be changed. It can be changed to a “standard plus” or a “standard” rate class due to the racing coverage being included on the policy.
Some companies will just modify a rate class instead of adding a flat extra charge
Some companies will change your life insurance rate classifications and add on a flat extra charge at the same time. They could possibly do one or the other. This will always depend on the specific information on your life insurance application. This is just a standard procedure the companies use to charge just enough of an extra premium.
This is to cover the added risk they are undertaking with your policy. Many of the drivers I talk to are not professionals. This usually means the amount of times they race per year is going to be limited.
They also usually don’t drive cars that hit the higher speeds of the NASCAR drivers on the pro circuit. This will lead to a lower flat extra rate added on to the conventional life insurance rates.
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All the best,
Jack Venturi
