What happens if your track day ends with a wrecked car? It depends a lot on what kind of insurance you have. Insurance from Lockton Motorsports exists to protect you from just such a risk.
Here are two examples of track day claims that illustrate what can happen when you’re out on the track and how we handle these kinds of claims for our customers.
Claim Example 1: A New 340i Spins
Imagine that you are out at a popular regional track, enjoying the event with your new 340i. Before you know it, you miss the apex of a turn and two wheels end up in the grass, spinning you around and clipping a barrier. Seeing the new 340’s bumper and quarter panel scraped and the taillight damaged has you worried, but luckily you do have track day insurance with Lockton Motorsports.
Later that day, you visit the Lockton Motorsports Claims Forms web page and follow the instructions to submit your personal info, insurance policy number, event details, and an incident description using the online form. A confirmation message tells you your claim has been submitted and to wait for a call. When the call comes, a friendly insurance representative goes over your information to make sure everything is correct and complete, and schedules a claim adjuster to come out to view the damage to the car.
Luckily, the 340’s damage is mostly cosmetic. Still, this fender-bender isn’t cheap. Repairs are expected to total about $8,000. You hear back from the insurance rep that your claim is approved and that you will receive a check for the agreed amount, minus your deductible. You schedule the repairs and before you know it, your 340 is as good as new.
Claim Example 2: An E46 M3 Wrecks
Imagine that you are making your way around one of your favorite technical tracks in your E46 M3. You encounter fluid on the track just where you need to brake and the car pitches sideways into a tire barrier at a high rate of speed taking a tough hit. After you have the car towed to a local shop, you submit your claim online and wait for a call from your insurance. An adjuster finds that the damage is substantial, with suspension, engine component and frame damage. It’s tough to hear the M3 is a total loss, but your HPDE Insurance covers these sorts of losses as well as just the minor scuffs and scrapes.
HPDE Insurance uses an agreed value basis for coverage, so you were able to specify at the time of purchasing your policy that you believed the current value of your M3 with upgrades was about $30,000. An adjuster largely agrees, and they just ask for some documentation detailing the cost of modifications made to the car. To complete your claim, you’re guided through the necessary steps to sign forms, submit your title and receive a check for the agreed amount, minus the deductible. While it’s a disappointment to lose the M3, you are grateful to recoup a lot of your investment.
Track Day Insurance Is Crucial
Whether you have a minor fender-bender or a major wreck, the cost to repair or replace your track vehicle can be high, so it’s important to make sure you have insurance. While your daily driver may already have personal auto coverage from a major carrier, it may not apply on the track. Most insurers exclude track day events in their policy language.
Unlike other insurers, Lockton Motorsports offers insurance specifically designed to protect your car while you’re participating in HPDE, track day and time trial events. Our policy covers:
- Street-legal cars and non-licensed track cars
- Modifications you’ve made to your car
- Two drivers at each event at no additional cost
- Any demonstration laps your instructor drives
Along with HPDE Insurance, we also offer Off-Track Insurance to protect your non-licensed car when it’s not on the track, AutoCross with Off-Track Insurance for autocross enthusiasts, and more.
Get coverage fast at LocktonMotorsports.com or call (866) 582-4957 to speak to our motorsports insurance experts.
The Lockton Motorsports Insurance program is administered by Lockton Affinity, LLC d/b/a Lockton Affinity Insurance Brokers LLC in California #0795478. Coverage is subject to actual policy terms and conditions. Policy benefits are the sole responsibility of the issuing insurance company. BMW Car Club of America will receive a royalty fee for the licensing of its name and trademarks as part of the insurance program offered to the extent permitted by applicable law. Not available in all states.
This information was provided to BMW Car Club of America members on behalf of Lockton Affinity, LLC, a licensed insurance producer. Any recommendation or advice provided is based upon the opinion of Lockton Affinity, LLC and not the BMW Car Club of America.