vintage-race
[Top] [All Lists]

RE: Vintage race and nervous insurers

To: vintage-race@autox.team.net
Subject: RE: Vintage race and nervous insurers
From: Jim Hill <Jim_Hill@chsra.wisc.edu>
Date: Sun, 26 Mar 2000 17:33:49 -0600

Richard E. Buckingham, Jr. wrote:

> CSRG is insured through the VMC (Vintage Motorsports Council)
> insurance program.  Every member of the VMC who uses this 
> insurance pays the same premium . . .

> In my club  SOVREN)
> people are always making comments like: "we need to have stronger roll-bar
> requirements in order to keep our insurance premiums low."  This is
baloney.
> The premiums are determined by the "loss ratio" of the overall VMC program
> which has been excellent.  What an individual club decides to do about
tires,
> roll-bars, gloves, balaclavas, etc. will have no effect on premiums or on
the
> ability to get insurance.

Without expressing an opinion on the rule[s] changes being contemplated, or
whether they'd have an effect on the safety of the events run by any
particular VMC member, let me just say this:

Some people might read your comment to suggest that the safety record of a
particular club or the claims filed against a club are somehow "irrelevant"
because "Every member of the VMC . . . pays the same premium." 

I hope that was not your intent since the truth is quite the opposite -
every claim filed against the insurer will ultimately have an effect on the
future cost of the insurance. If every club pays the same insurance rate
then participants in the safest events will end up subsidizing the unsafe
events.

Jim Hill
Madison WI

<Prev in Thread] Current Thread [Next in Thread>