Life Insurance for Race Car Drivers

Life Insurance for Race Car Drivers“And if you no longer go for a gap that exists, you’re no longer a racing driver because we are competing, we are competing to win.” – Ayrton Senna

So you’re a race car driver, one of the few people on this planet who “take that gap” that the beloved Senna consistently mentioned. Race car drivers have a dangerous occupation so it’s no wonder that there is a concern for life insurance. While technology has helped decrease the dangers, they’re still very much there. So how do life insurance companies view motor vehicle racing? Can race car drivers get coverage? Let’s answer all your questions.

In summary, here is what you will learn about life insurance for motor vehicle racing:

  1. You can get coverage at preferred or standard rates with most companies. A very few amount of companies will decline you outright.
  2. Most likely there will be a flat extra attached to your annual life insurance premium payment. This is a surcharge per every $1,000 of coverage. For example, if your flat extra is $5 and you want $100,000 in coverage, your flat extra fee is $500 on top of your annual premium.
  3. Life insurance companies will take many factors into your qualification and rate. Those pertaining to racing include:
  • Vehicle size/type
  • Type of Fuel
  • Frequency
  • Speeds Attained
  • Type of course
  • Location(if outside of U.S and Canada)
  • Concurrent Avocations

*You should work with an independent broker who is familiar with the companies that will provide the most favorable results to those with high risk occupations. (InsureChance)

That’s the gist of it, feel free to contact us if you’re a race car driver looking for life insurance. However, if you want to learn more, let’s discuss some of these highlights in detail.

What Rates Can I Qualify for as a Race Car Driver?

Life insurance companies hate risk. But despite the risk associated with the occupation, life insurance companies are willing to insure race car drivers. The type of rate you get will depend on the company and other factors outside of your avocation. For the most part you can expect a standard or in the best case, a preferred rate. But before you happily go compare quotes, remember that there will be a flat extra attached to your annual premium.

What’s a flat extra? A flat extra is a surcharge that life insurance companies add on to those with dangerous occupations or hobbies. For race car drivers, the flat extra will range from $5 to $15 per thousand of coverage depending on the company and the factors companies use to qualify you.

What Life Insurance Companies Will Look At?

When it comes to motor vehicle racing, it isn’t one size fits all. There are different race car drivers operating different vehicles. These are things life insurance companies will take into consideration. Your life insurance agent should ask you the following questions before applying with a company. If they don’t, then you know you are working with an inexperienced agent. The agent needs to know what the companies will ask and which company will provide the most favorable result based on your answers. Here is what the companies will ask.

  1. What is the type of racing?
  2. What is the vehicle size/type?
  3. What type of fuel is used?
  4. What is the frequency of the racing?
  5. What is the average speed?
  6. What is the highest speed attained?
  7. What type of course?
  8. Where do you travel? How often?
  9. Any other dangerous avocations?

All of this will be taken into consideration along with the typical life insurance guidelines. The company will also look into your health, family history, driving record, and lifestyle.

Best Case

The best case scenario is that you qualify for a preferred rate with no flat extra or a low end flat extra charge. For this you’d have to be racing under ideal conditions and have good overall health and history. To get the best outcome, it’s best to opt for traditional term or permanent insurance that requires an exam. No exam coverage tends to be more expensive and is usually capped at a certain amount of coverage. To get adequate coverage, you would have to consider standard underwriting.

Worst Case

The worst case scenario is that you’ll pay a $15 flat extra and be given a standard rate if all factors outside of your career are good. If there are other factors like health issues, there may be a possibility for a decline if the health problems are severe enough. But it wont be solely due to your racing.

Work with Professionals

The best professional advice I can give, is to work with professionals. Each life insurance company weighs risk differently so when you’re considered a high risk, the lowest rate on the quoter isn’t the lowest rate for you. It will take an agent familiar with each company’s underwriting guidelines to put you with life insurance carrier that will provide the most favorable rate. The good news for you, is you’re at the right place. InsureChance is an independent agency that work with over 60 companies to make sure you get the best policy at the best rate, at no extra cost to you! Give us a call at 888-492-1967 or ask your questions by clicking the chat button below. We’ve worked with many race car drivers so if you want results, you’re at the right place.

“Finishing races is important, but racing is more important.” – Dale Earnhardt

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About Mack Dudayev

Mack is owner and life insurance expert at InsureChance. On a mission to create a way everyone can understand, afford and attain the right life insurance coverage to protect their financial responsibilities.

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