Like they always say, there is nothing better than the smell of nitro methane in the morning. If this sounds like yourself and you’re shopping for life insurance for drag racing, motorcycle or boat racing you are reading the right blog post to help you gets the lowest rates possible. This blog post will give you the knowledge you need to purchase life insurance for Motorsport Racing along with drag racing and all the other forms racing classifications. Even if you are a professional racer driving a NHRA Nitro Funny car on a regular basis, you can still purchase life insurance covering you for driving down the track for affordable rates with a simple telephone application that takes about 20 minutes.
Purchasing affordable life insurance is a simple process when you’re working with a broker that specializes in life insurance for Motorsport racing.
Many racers have shopped for life insurance and ended up with nothing less than news resulting in high premiums or they could not even qualify for life insurance with their racing related sport on their application. This scenario could be reality if the racer walked into a direct writer’s agency such as State Farm, Farmers, Allstate or one of the other carriers that specializes in auto and homeowners insurance.
This is like walking into Pep Boys to buy a Keith Black aluminum engine block. Life insurance for a Motorsports racer is a specialized product that would fall into a high risk category rating in the minds of the life insurance industry. I have spoke with many people that raced as an amateur and others that were professionals and they thought that purchasing life insurance while involved in a racing sport would represent a serious problem, but nothing could be farther from the truth.
There are 2 primary types of life insurance policies offered for racers to choose from depending if you want to be covered or excluded from racing.
The most simple way to look at what is involved in this type of insurance is the remember that this is a simple process where all you are doing in reality is purchasing a conventional life insurance policy with just a simple charge to cover the life insurance company for the extra risk that they are undertaking. That is all there is to it in a nutshell, nothing complicated at all. One form of life insurance that will cover you while you are behind the wheel driving down the track and the other is a conventional life insurance policy that functions like any other life policy but does not cover you when you are actually driving the vehicle. The first type would add a rate-up which is a dollar amount for every $1,000 of coverage you apply for. Check out the example below;
Let’s use Term Life insurance with $100,000 face amount and a “Standard” class rating” with a annual premium of $400.00.
Add the base premium plus $2.00 for every $1,000 dollars of coverage. This extra fee is referred to as a “Flat Extra” charge which is based on intensity of you vehicle. A simple example of this would be if you drove a 1/4 mile drag car in the Super Stock class or do you drive a Top Fuel Dragster. Here is an example premium breakdown: The flat extra is $200.00. the base premium is $400.00. You add the flat extra to the base premium and you have a total premium of $600.00 per year. In this scenario the total premium is now $600.00 and the driver is covered in the act of racing. Keep in mind that health conditions and height and weight can also affect an applicant’s premium. I have seen many cases when there was no increase for racing which would eliminate the flat extra charges all together.
Life insurance for the competitive racer is offered for all forms of racing from a Nitro Funny Car to Motocross motorcycle racing.
If you are a professional or an amateur, you can buy life insurance at affordable rates. There are tiers that you would fall into depending on how extreme your vehicle is and your experience level can also be taken into consideration. Naturally a person who races a Super Stock ¼ vehicle would pay less than a driver that operates a 20,000 HP Jet car.
I am sure you get the idea, the rating system is not very complicated and at the same time it is very fair. If you decide not to be covered while driving the race vehicle an exclusion rider is applied and whatever rate class you would normally fall into you would receive. In this case your life insurance would not cost a dime more than a person that does not race a competition vehicle.
Choosing the correct life insurance company is the key to getting the lowest life insurance rates.
We use over 40 highly rated life insurance companies to choose the correct company for the applicant’s needs. All carriers underwrite their applicants differently so it is crucial to choose the right company for the job. Some companies work well for insuring competitive drivers and some do not. Whether you drive a vehicle in the NHRA, NASCAR or any other motor vehicle affiliation, the life insurance industry has a policy to fit your exact needs and budget. If you need help determining how much of a face amount you need you are welcome to use our face amount calculator. Also feel free to use and compare life insurance quotes from over 40 companies on our consumer quote engine.
Feel free to contact us 7 days a week for advice on how to get the lowest rates on life insurance for racing with no cost or obligation.
Call us toll free (800)-897-5699 and we will show you how simple it is to purchase Motorsport related life insurance and give you a quote right over the phone. You will be surprised how easy it is to purchase life insurance and how reasonable the premiums will be. Using the correct companies that are “racing friendly” makes all the difference. Thank you for reading our blog post Low Cost Life Insurance Rates for Motorsport Racing. Check out our About Us page and learn more about us and our services you can benefit from. Thanks again, we look forward to hearing from you.