Although my initial suggestion for vintage race car coverage was to go to a
specialist like Parish or Heacock, a couple of posts reminded me of another
type of coverage that was available in the 1970s. I don't know whether it is
still available, but, if it is, it is quite good coverage. In the 1970s,
several top-of-the-line insurers like Chubb, Continental and Cincinnati were
competing for complete coverage of insureds, much like banks are competing
for your financial services today. These insurance companies offered an
"all-risk" policy, if you insured your residence (and other homes if you had
them) and all your cars. "All-risk" policies meant that ALL losses were
covered unless the type or cause of loss was specifically excluded in the
policy.
I had a Continental "All Risk" policy which covered my house and all
listed vehicles. In 1976 became interested in vintage racing and bought a
Lotus Elite. I looked at my policy and there was no exclusion for damage to
a car while legally racing it. The only requirement for adding a vintage race
car was that it had to be "street licensable" (unbelievably there was not
requirement that it actually be licensed. In Alabama, you can license a
Formula One car if you put street tires, a horn and a brake light on it--I
know--I've done it.) I added the car to my policy (which also had a 5 year
guaranteed renewal clause) and sure enough, a year or so (1978) later, I
screwed up at turn 11 at Road Atlanta (trying to pass Bob Fergus) and put the
car in the trees. We reported the accident to Continental just as it
happened (location of accident -- "turn 11, Road Atlanta") and they bought me
another Lotus Elite. During the last year of my 5 year term a steering link
on the Elite broke at Moroso, and they paid for a second race car.
I understand Continental changed the policy language (one underwriter
friend told me they called it the "Whiteside exclusion"), but I never knew
for sure, since they declined to renew my policy after the 5 year guaranteed
renewal term was up.
The point that Jim Brown made so eloquently is to have a professional
look at your policy and, if possible, get your questions answered in writing.
You may already have good coverage, but you need to know whether you do
before you suffer a loss.
David Whiteside
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