Track day insurance... Claim?

On Holiday · 16 Aug 2016 at 20:35

Curious about this one.

When getting track day insurance they ask for a value of the car, now I'm just wondering whether, during a claim, they will dispute the value or go for a "market value" payout?

What's to stop somebody drastically overvaluing their car and then writing it off on track? As it doesn't affect car insurance premiums etc (apparently)

They don't ask about mods. Mileage, etc etc.

If anybody has been unfortunate enough to have had to claim off a track day insurer or know anybody that has then your input would be greatly appreciated. Thanks.

The reason I ask is I'm valuing it as car plus mods, but I'd be tempted to add a bit more to cover the labour costs of fitting said mods and remap fees etc.

I've had experience of claiming off standard car insurers and know the struggles of "my car is worth far more than you want to pay me", so really just want to know what the struggles is like with a track day insurer. Thanks.

[TW]Fox · 16 Aug 2016 at 21:08

The value simply helps set the premium. You will always get market value and if you want more than this you need an agreed value policy.

On Holiday · 16 Aug 2016 at 22:02

[TW]Fox;29908985 said:
The value simply helps set the premium. You will always get market value and if you want more than this you need an agreed value policy.

Alright thanks, wasn't sure how similar track day insurance was to car insurance.

alx · 17 Aug 2016 at 09:11

[TW]Fox;29908985 said:
The value simply helps set the premium. You will always get market value and if you want more than this you need an agreed value policy.

On the flip side, what's to stop people undervaluing their car to get a cheaper premium if they know they'll get the market value? Or is this something people do ....

roboffer · 17 Aug 2016 at 09:34

alx said:
On the flip side, what's to stop people undervaluing their car to get a cheaper premium if they know they'll get the market value? Or is this something people do ....

If you insure something for less than it's worth, you'll get that figure.

Marvin · 17 Aug 2016 at 21:17

That's not really true either, it's about what an ordinary person can be reasonably expected to know about their car's value. Although, in reality I don't think many (any?) mainstream insurers use it for rating.

andybird123 · 18 Aug 2016 at 08:54

Marvin said:
That's not really true either, it's about what an ordinary person can be reasonably expected to know about their car's value. Although, in reality I don't think many (any?) mainstream insurers use it for rating.

this, it makes sod all difference to quotes

On Holiday · 18 Aug 2016 at 13:23

Interestingly just had the following back from one of the companies I contacted.

Moris Trackday Insurers said:
The policy goes on the sum insured you provide to us. If you have verification on the mods (receipts etc) then all would be covered.

Hope that clarifies.

Marvin · 18 Aug 2016 at 18:11

Thinking about it, probably different for track day cover than normal policies. The last time I looked at track day cover was a while ago but IIRC it has a limit of liability/sum insured, which is what you're setting rather than the value of the vehicle per-se (although it's the same thing in this case really).