Mike hoppe

Anyone else having this problem? What, if any, was your solution?

racerbob4

Why would you volunteer this information? If they asked if you raced tell them you don't. That those are like driving schools to improve car control.

davidfarmer

I agree, unless they specifically ask, don't volunteer it. You aren't racing. However, the sport has grown enough that they might be asking now. I got some updated term pricing recently, and they didn't ask during the initial interview, and the pricing wasn't good enough to replace my current policy.

Olitho

I have a two year old life policy and I disclosed to them that I race SCCA. I wrote it in on the form and everything so it was plain as day. The sales rep was not sure what would happen and he suggested that they might bump it up a rate as they would for a smoker.

I can't gaurantee what your results will be, but I got my 15 year term life insurance policy at the regular quoted rate. Even if they raised it a bit I would have paid the difference since I would not want to risk any hassles for my family at such a time of need should it ever warrant. My policy runs long enough for me to make sure my kids are grown up and out of college.


Oli

mgarfias

I was asked if I did any sort of motorsport. Luckily, between trying to buy a house, moving, and having a baby it has been long enough that I could honestly say no.

Mike hoppe

Hey Oli, thanks for your post. The policy I'm looking to get would normally cost $2,500/year, but they want to charge me $18,000/year because I disclosed the same info you did. I'm confident they will shop around but if you don't mind, who is your policy with?

Thanks again. Also, I'm with you on not having my grieving family go through the hassel of an insurance company possibly not paying out because I did not fully disclose something.

Mike hoppe

lucky you

Mike hoppe

It is the right thing to do.

igo380

How much were you trying to get the policy for?

John Shiels

Tell them it is safer than driving on the street as many claim here and a cage is a waste of money.

I had a problem when I raced boats offshore.

AU N EGL

I volunteered the information.

The rates I received was in the next highest risk rank. But less then motorcycle riders.

IIRC hang gliding, Rock climbing, scuba diving, off road mountain biking, Motocycling, off road motorcycling and horse riding were even higher risk categories.

you can get insurance but you will just pay more.

dgoldenz

Most companies will charge you a flat extra rate per thousand dollars of coverage for performance driving activities. If you had a $2,000,000 policy and the flat extra rating was $7.50 per thousand, that's how you can go from $2,500 to $18,000 ($15k of that would be the flat extra). The rating systems of companies vary greatly and will depend on the specific activities and classifications. One company might charge a standard rate and the next might charge you a $7.50-10 flat extra, huge difference.

longdaddy

some very good info here

my take - if you are asked about "motorsports" you do not want to hide it. "it's just driver education so I don't need to say anything" may work great in your head, not so great when your family has to go up against insurance co lawyers should the worst happen.

rustyguns

i bought mine 20 years ago.... could not get on a track in those days

but i was flying planes and scuba diving so they dinged me a bit

Falcon

Check with your agents. From what I was told when looking at a new policy years ago was that even though I have a race license, it wouldn't be a problem, the rates would be the same and I would be covered. However death while racing would be excluded.

Just don't lie on the application.

varkwso

I do many high risk items...motorsports is actually pretty low on the list.

dgoldenz

Some companies give you the option of an exclusion instead of the flat extra or additoinal rating. Most people who race don't want it excluded.

0Randy@DRM

My life insurance is with my wife's work. They didn't ask me any questions at all. Granted it's not a huge amount or anything. Should something happen to me, I would rather have my wife not have to fight it. Should a guy be proactive in a situation like this?

What about health insurance?

Randy

Falcon

Check the exclusions in the policy.

From my experience with obtaining group health insurance for our company, the regular health insurance (Blue Cross/Blue Shield) has no "high risk" exclusions.

We were self insured for a few years a while back, and there were exclusions for certain "high risk" activities in that policy.

But with Obama care coming in 2014, it won't matter. They'll either cover everything or cover nothing.

dgoldenz

If it's a group insurance policy there wouldn't be any questions if there is no evidence of insurability required. You could have cancer and still get covered up to a certain amount on a group benefit. Individual life insurance is different in that there is much more extensive underwriting, but that's why it's less expensive and you can get a higher benefit amount.

If you are a key person at your business, the business may want to consider a key man life insurance policy on you - if you died, would the business be able to continue? Would they need to hire someone else with your skills to run the place or do the work that you do? How much more would that cost? You get the idea.

As far as health insurance goes, read the contract and see if there are any exclusions for hazardous activities. There probably aren't, but you would want to be sure. United Healthcare charges a 20% extra premium for motorcycle riders due to the additional risk, while other companies don't.