I know there's a few guys off here who already race and there's a few more looking into it for next year. Do any of you have race insurance incase you have a spill and can't work? How much is it and what sort of cover do you need. As most of you are more than happy to point out on every thread I post, I'll probably need it. Cheers
Not something I have taken out as yet, but it is something I think I may do for next year. The only contacts I have are Hoyl insurance Copy of HIA - Home and the guy tospeak to is Simon Farquhar (Ryan's cousin/uncle/sister.....) or Locktons. Not sure on costs, but it is probably worth looking into.
Summat most insurances steer away from i think mate as soon as "motorsport" is in title they see £££££ i am gonna look into this myself over winter so will be interested in answers on this one
The guys mentioned specialise in it, I believe it is classed as extreme sports cover. Quite a few lads I race with have done it through either Simon Farquahr or Locktons.
Covered for something like 50/month and thats for everything, not just racing. Covers me for 75% of my annual pay for 12 months after any injury. Starts paying out after being off work for 14days. Its through April insurance.
Work round the corner from Locktons in Manchester - depends on your work sick pay / benefits - mine is very generous and even has a policy to pay a lump sum if I was never able to work again. For anyone self employed and looking to race (or even ride a bike full stop) I think a policy like this is well worth having - your savings reduce mighty fast if your income stream is turned off overnight. I'll try and pickup some proposal forms / information tomorrow lunchtime (as said I am prob. 2 minute walk or less from their office)
Got the PDF today of the benefits on teh locktons policy, waiting on quotes for different categories (Trackday riding, circuit racing, road racing) - Will try and upload over weekend - and they are not 5 but 2 mins from my desk!
Looks like Trophy Cover is the one to have as that has the £500 a week payment if off work , paid for 26 weeks Will hope to get quotes / prices next week
OK, Got quote as below: Formatting gone a bit odd, the keyfacts document has been updated from the one I posted - will try and add the revised one Page 1 L OCKTON C OMPANIES LLPM OTOR S PORTS R ISK S ERVICES 6 th Floor, 19 Spring Gardens, Manchester M2 1FBTel: 0161 828 3300 / Fax: 0161 828 3335 Home | Lockton Companies Alimited liability partnership registered in England &Walesat Discipline: Road RaceOccupation:Inception Date: TBA Please find a copy of the policy wording and key facts document attached for your reference, this details the standard Policy terms conditions and exclusions.Quotation – all premiums are inclusive of 6% Insurance Premium Tax Cover TrophyPremium: £212.40 per annum or 10 instalments of £22.74. If you only require the basic COMP cover, this is available for a premium of £132 per annum or 10 instalments of £14.70. The quotation is based on the information you have provided to us in answer to the questions asked.It is important that you provided accurate and complete answers to those questions.As a consumer, you no longer have a duty of disclosure, but you do have a duty to take reasonable care (this is, the care a reasonable consumer would take) not to make any misrepresentations to the insurer in answering any questions. This applies both upon entering into a new insurance contract or on renewal or if the contract is being varied. This duty means that you must answer all questions completely and truthfully. Page 2 L OCKTON C OMPANIES LLPM OTOR S PORTS R ISK S ERVICES 6 th Floor, 19 Spring Gardens, Manchester M2 1FBTel: 0161 828 3300 / Fax: 0161 828 3335 Home | Lockton Companies Alimited liability partnership registered in England &WalesatThe StBotolph Building,138Houndsditch,London EC3A 7AG. Company number: OC353198Authorised and regulated by the FinancialConductAuthority and aLloyd’s BrokerAlistofthedesignated members and individual membersofLocktonCompaniesLLP isavailable for inspectionatthe registered office If the insurer relies on your answers when accepting to insure your risk and/or setting the terms and the premium, and they obtain evidence that suggests you deliberately or recklessly provided incomplete or untrue answers to questions, the insurer will not pay out on any claims and may in fact demand repayment of any claims already paid. In some cases, the insurer may not return the premium to you.Alternatively, if the insurer obtains evidence that you were careless in answering questions, you may be required to pay more for your insurance, the insurer may change the terms of your insurance or give you notice that they intend to cancel the policy. In the event of a claim your insurer may deal with the matter on the basis of the terms that would have applied had there been no misrepresentation, or pay proportionately reduce any settlement in line with the premium that would have been charged.Finally, we enclose our Lockton Statement on Capacity, Markets used and Earnings, along with our ‘how we get paid’ document and our Business Principles. This contains important information including details of the principles we uphold, client money handling arrangements and details ofcomplaints and compensation schemes. Please read this document carefully and contact us if there is any section of this agreement that you do not understand.We now await your confirmation cover is required; however please do not hesitate to contact me if you have any queries.Yours sincerely,James GunnAccount AdministratorDirect Dial: 0161 828 3325Email: [email protected] Page 3 L OCKTON C OMPANIES LLPM OTOR S PORTS R ISK S ERVICES 6 th Floor, 19 Spring Gardens, Manchester M2 1FBTel: 0161 828 3300 / Fax: 0161 828 3335 Home | Lockton Companies Alimited liability partnership registered in England &WalesatThe StBotolph Building,138Houndsditch,London EC3A 7AG. Company number: OC353198Authorised and regulated by the FinancialConductAuthority and aLloyd’s BrokerAlistofthedesignated members and individual membersofLocktonCompaniesLLP isavailable for inspectionatthe registered office Lockton Statement of Capacity, Markets and Earnings Important information We have separately provided a Business Principles document which sets out the basis on which we agree to act for you as a client and contains details of our services to you. The following specific information is in relation to the policies of insurance you have asked us to arrange for you. Advanced Personal Accident Insurance QuotationThe capacity in which we are acting In our dealings with you we will generally be acting as your agent but there are certain functions we may undertake on behalf of other parties such as insurers. In relation to the policies we arrange for you we detail below the capacity in which we act for certain key functions: FunctionCapacity In selecting Insurers and policy coverage We will act as your agentIn placing the insuranceWe will act as your agent and also act as agent of the insurerIn collecting and holding PremiumsWe act as collecting agent for most insurers we deal with subject to Risk TransferIn the event of a claimWe will act as your agent How we made our selection of insurer This statement confirms the basis of selection for each particular policy and whether by fair analysis or our approaching a limited number of insurers or a single insurer or use of a special facility or delegated authority arrangement with insurers. You can ask us at any time for a list of the insurers we have considered. Cover is provided under an exclusive binding facility arranged by Lockton with selected Insurer, W R Berkley.Our Earnings and Conflicts of Interest We are remunerated either by a fee agreed with you or through commissions paid to us by the insurer as a percentage of the premium charged. We may also earn additional income from other activities. We may undertake arrangements with insurers or others in arranging cover to meet your requirements, where we will also be remunerated by insurers or others under a services agreement to act in the capacity of their agent and owe duties to them in addition to you. In these situations we will take care to ensure that such conflicts of interest or any other conflicts that may arise in handling your insurances are properly managed so we continue to act in your best interests. Information on how we manage conflicts of interests is set out in our Business Principles document. Further details of how we may be remunerated are provided in the separately issued “How do we get paid?” document. You are entitled, at any time to request information regarding the income we earn as a result of placing your insurance business.
The contact details are all on there - just working on something at the moment and my email not playing ball to upload them. The cost of the main cover is about 1 track day - everyone has different individual circumstances which mean it will be not needed, too little for too short a period. To me the lump sum payouts for permanent injuries look too low to make up for the injury sustained, its more than nothing but hardly enough to pay the mortgage off or similar
Why you say dead duck, it pays you £500 a week for 26 weeks , have a read of the key facts document and decide
