Supplemental Insurance?

[schmitty]

I'm curious if anyone has purchased supplemental insurance for their racing.  I have a wife and three kids, so an accident that causes lost time would be a disaster.  Is there such an insurance that would cover my expenses while I was off?  And if so, where do I get it from?  This may sound paranoid, but it's a concern for me.

Schmitty

[SHR]

Well you would have either life or disability Ins... Most policies do not cover racing.... But you can get high risk ins but it's not cheep. I will post contact for someone that can give more info and pricing....

Steve

[APP_Racing]

I have gotten a life insurance policy that will cover me regardless of activity.  It is more expensive but in the event of a race fatality I have the peace of mind that my family is covered.  I could only find 2 companies that would do the policy and a friend of mine (an agent) was able to work it out with them.   I did not ask about disability as I am covered through my current employer who doesn't have any stipulations.

But I do know that the AMA is working on a bill currently int he House that would not allow Healthcare discrimination against riders.

[Mongo]

AFLAC will do it I believe - contact Brandon Parrish at http://www.brandonparrish.com/ridersurancecom.html

[spyderchick]

AFLAC will do it I believe - contact Brandon Parrish at http://www.brandonparrish.com/ridersurancecom.html

Read all of the AFLAC literature carefully, and some of their supplementals specifically disallow motorsports.

[APP_Racing]

I had my lawyer review the policies I am referring to and they will cover my racing activities.  But it does cost more than typical life insurance.  About 3X is the best policies I was able to find that include the appropriate Riders for coverage.

[Mongo]

Read all of the AFLAC literature carefully, and some of their supplementals specifically disallow motorsports.

Which is why I suggested Brandon since he's an insurance agent and a racer.

[aflaim]

I found a company that issued a policy  to me as "Standard" no up charge for racing had to do 2 interviews to let them know how slow I really am. I will post up the info and contact when I find it. Before signing it I also had my attorney look it over and he gave it the thumbs up as well as my usual business insurance broker.  It good peace of mind knowing that if....all will be OK.

[bdomenz]

i'm in the same situation - wife and three kids.

i purchased an additional life insurance policy that specifically covers racing. it's expensive to have another policy but well worth the cost if it's ever (gulp) needed...

if interested contact greg koeberl at axa advisors.

gregory.koeberl@axa-advisors.com

i'm sure he could help you out.

- bob

[APP_Racing]

AFLAIM, if you could provide the insurance contact info I would appreciate it.  I am about ready to sign a policy that includes Racing Coverage.  But to get the amount of coverage I would want it more than my Tire budget for the year.  So only a couple options, less tires or less coverage.  But it does cover anything I ever decide to do.

Although I haven't been able to find a company that would do a standard policy with an exclusion.

[Jeff]

Life insurance, short & long term disability.

I have well enough insurance money to care for my entire family should I expire, and enough to cover everything I have should I not be able to work.

Policies need to be reviewed VERY closely to check for exclusions.  Ask questions, get things in writing.  There are BIG differences in how you present your question as well.  The racing we do is amateur hobby racing, it is not professional (unless you're one of the few doing this for a living, but if you were you wouldn't be sitting at a cube reading this now would you?).

A good financial advisor can help you determine how much insurance you need for life/STD/LTD.

<rant>

Another thing you need to do is CLEARLY understand your health policy.  What it covers, how much out of pocket, what are your maximums, etc etc etc.  I never imagined that so many people have NO CLUE what medical coverage they have until their spouse or family are trying to figure it out while they're in a medically induced coma.  I see this shit every day and it literally makes me want to cry/scream/hit something.

I guess I just don't get it.  How could you NOT know this stuff and still go out and race knowing you are potentially poised to ruin the lives of your entire family?

</rant>