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How to Insure Your Race Car

So you like to drive fast, and you’re good at it. Even your friends and parents reluctantly admit you've got some talent. You’re ready to step up to the big leagues. You want to race professionally. The first thing you need is a final sanity check, then excellent health insurance. greenNext is the right vehicle, and then, finally, some race car insurance.

Of course Jeff Gordon doesn’t pay for his own insurance, but for every Sprint Cup Series champion there are tens of thousands of drivers toiling away on smaller circuits across America hoping to land sponsorship. So then what’s the best course of action for a driver looking to insure his or her race car?

For better or worse, most traditional car insurance carriers -- Geico, Allstate, State Farm -- want little to do with that level of risk. There are, however, insurance firms that do cater to high-risk ventures such as race car driving. A few examples are Hot Rod Insurance and Heacock Insurance.

It should go without saying that insuring your race car will cost a lot more than will insuring a regular car that you use to drive the kids to school. But there a still a few ways you can contain costs.

You should definitely ave your affairs in order when you approach a carrier for race car insurance. Because the inherently high-risk nature of your chosen pursuit, insurers are going to ask for a great amount of information. Be prepared to share the maintenance history of the vehicle, your health and criminal history -- and obviously your driving history.

It’s also important to know what you need. Do you need to insure other parts of your dracing operation? Do you have a truck full of equipment? Do you have crew members? You can roll all or some of your parts into the same policy, which will be less expensive the insuring each of them independently.

Lastly, you should know the different types of race car insurance producs. Most carriers will distinguish between covering the vehicle when it’s parked in the garage and insuring it while it’s on the track (often call key-on) insurance. You’ll likely want both, but obviously that’s personal difference.

As mentioned earlier, race car insurance is extremely pricey. Insurance can cost up to $10,000 per race. But chances are that if you’re reading this, you either already know about the almost-prohibitive costs of insurance, or love the sport so much you’ll find a way to make it happen. Best of luck.

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