What you need to know about personal injury cover as a racing driver
This is a guest post* written by Peter Jackaman, specialist leisure insurance broker at Motorsport Select and Jackaman Insurance Services Ltd. Here at Racing Mentor, we’re committed to sharing accurate and timely information about the things that matter to you as a racing driver. This is an introductory guide to motorsport-specific insurance.
Whether you're a professional racer or a passionate hobbyist, the thrill of pushing limits on a track or rally course is unparalleled. However, amidst the excitement, it's crucial to recognise the inherent risks involved in motorsport and take steps to protect yourself, your team, and your assets. The good news is, you have lots of options. Here's what you need to know.
Why you need insurance in motorsport
No doubt you already have insurance for your road car to protect you and others on public roads should the worst happen. In motorsport, having insurance serves a similar purpose. You might even argue the stakes are raised when it involves high-speed precision driving on a race track, rally course, or event arena.
When considering insurance, it’s worth thinking about these things:
What happens if you crash and are unable to complete the next race due to injury?
Will your employees or family members be affected by injury-related time off work?
Does your self-employed status make you nervous when it comes to ‘time off’?
Like helmets, race suits, and the halo, the right insurance is another piece of the puzzle. With insurance that covers all your needs, you can focus on what ultimately matters; racing to the best of your abilities.
It's not just the car: Why personal accident cover matters
As a licensed broker who’s worked in specialist leisure insurance for the last 42 years, I’ve developed an understanding of an athlete’s need to balance real-world commitments with the thrill of motorsport. I've helped drivers across all levels of motorsport from Formula One to grassroots racing, and that's given me a great insight into what you should look for.
The multifaceted nature of racing means there’s often a need for different elements within a policy. These will safeguard drivers, team members, real-world employment, and assets on and off the track.
The reality is, motorsport insurance needs to cover more than just car damage. Sure, the car matters to you and your team. But have you considered other viewpoints, like what your parents, partner, or kids think matters most if the worst happens and you’re involved in an incident?
What do the best personal accident policies include?
Clauses tailored to your circumstances. For example, a policy might include wording around post-injury scenarios. You want to look for one that offers coverage if you are unable to continue with your ‘usual occupation’. An ‘any occupation’ policy, on the other hand, is unlikely to pay out unless your injuries would prevent you from working in any occupation, not just your usual one. This is a slight wording difference with huge real-world implications.
Coverage that supports you through temporary change and rehabilitation, as well as permanent injury or lifestyle adaptation.
If an injury prevents you from working and earning, a policy that provides weekly income during your recovery will offer crucial financial assistance when it's needed the most.
Working with a broker
If insurance isn’t your area of expertise, a licensed broker will use their industry knowledge to guide you through your options, so you get the bespoke policy coverage you need. Here’s what to look for.
Expert advice
An insurance professional with in-depth knowledge of the motorsport sector can guide you through policy features and any clauses you might want in a tailor-made solution.
Professional and impartial service
At Motorsport Select, impartial guidance is paramount. Our dedicated team is committed to delivering exceptional service, ensuring you receive personalised attention and prompt assistance throughout your insurance journey.
Competitive premiums
Adding insurance premiums onto your overall motorsport outgoings might feel like a big ask. A broker that understands the importance of affordability will strive to offer you competitive premiums and excess levels with instalment plans available. This is all without compromising coverage quality, making specialist insurance accessible to all drivers, at every level.
Dedicated claims handling
It might seem like a small detail, but this is important. In the event of a claim, Motorsport Select and Jackaman Insurance Services provide dedicated claim-handling support, guiding clients through the claims process with efficiency and empathy, minimising disruptions, and facilitating swift resolutions. It's worth asking about the claims process before choosing your policy.
Bespoke policy wordings
Standard insurance policies may not adequately address the unique risks faced by motorsport enthusiasts. Your broker can look for bespoke policy wordings and inclusions tailored to your specific needs and talk you through anything you don’t immediately understand.
Coverage equals peace of mind
If you’re not 100% sure what your current insurance covers, ask Motorsport Select for a free-of-charge policy review. And if you don’t have coverage, but know it's something you want to get sorted, just ask.
Choosing and buying your motorsport insurance should leave you feeling confident that your policy offers the coverage you need so that when you get on track, you can focus on winning.
For further information on motorsport personal accident insurance:
Visit: Motorsport Select Insurance
Call: 01474 557 427
Email: peter@jackamaninsurance.co.uk.
*paid content / advertorial