Purchasing 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. This article will explain how to shop for life insurance for stock car drivers and 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 wrote this article to show you how simple it really is. 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 life insurance for stock car drivers is actually more simple than most people would believe
We are going to explain how this process works so you can see how simple and easy it is. The application process is simple and straightforward. 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 will be set by the life insurance companies. Race car drivers of any type of vehicle can still get low rates.
There are a lot of people looking for life insurance that drive very mild cars stock cars. In most of these cases, there is no extra charge at all. Working with an independent insurance agent is the way to go since they can shop the entire market for you. Captive agents such as State Farm can only show you one insurance company. The other problem would be that a company like State Farm would not even insure a stock driver.
Stock car drivers as well as 1/4 mile drivers will normally 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 life insurance. The first step is to answer some basic questions about what type of racing they participate in. Their experience level and racing classification (class of racing such as NASCAR). 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 more mild 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 life insurance is like falling off a log 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 when 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 are ready to 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. This would mean you would not be covered while racing. Most people do not want this exclusion and want to be covered while they are behind the wheel.
If you exclude the racing coverage, there would be no increase in premium because of the added racing exposure. 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 class in the sport actually is. If you remember reading the routine questions. The companies ask the questions to determine the statistics 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.
How can I make sure I am getting the lowest rates?
If you are looking to find the best life insurance for stock car drivers, we’ve got you covered. Our agency works with more than 40 of the best life insurance companies in the nation. This is to make sure our clients don’t spend a penny more that they absolutely have to. There is never any cost associated when applying for life insurance. The companies pay all costs themselves.
Our service to you is also always free and with no obligation to buy anything. We are here 7 days a week 9:00am – 9:pm to help you find your best options. We will guide you through the complete process from the very beginning to the end. Don’t hesitate to grab your phone and give us a call today. Complete the form on the right and compare instant life insurance rates from over 40 companies side-by-side.
All the best,
Jack Venturi
