This is a common question in the racing community. Racecar drivers put themselves in high-risk situations for a living. In addition to the obvious risk of becoming injured in crashes, drivers are prone to blood clots and other illnesses from spending so much time seated with little movement. Breathing in the fumes from the driving course can also cause health issues, as racecars do not have the filters and cabin ventilation systems that regular automobiles do.
So naturally, racecar drivers do face more difficulties when it comes to getting approved for life insurance. Some insurance companies will even automatically refuse someone who races for a living because they deem the risk too high. But if you are a driver, don’t despair just yet. Certain insurance providers do offer coverage for those in your profession, and if you know what to expect, the better equipped you will be to ace the insurance application.
In addition to the regular insurance application, you will have to fill out an additional form that will go into detail about your racecar driving. The exact information needed will depend on the company you are applying to and the amount of coverage you want, but you should be prepared to address the following questions:
1. What kind of a track do you drive on? (Is it a permanent or temporary course? What shape is it? Are there hills?)
2. What kind of training have you had in this sport, and what equipment do you use?
3. Is this your full-time occupation, part-time job, or is it a hobby?
4. Have you been in any accidents, and if so how many? (All accidents will need to be documented if they resulted in you receiving medical attention).
5. Do you race in only legally sanctioned events?
6. What kind of vehicle(s) do you use for racing? (Make and model, horsepower, engine displacement, speed, etc.)
Keep in mind that getting reviewed and approved for life insurance is not a speedy process. You should not start this process if you are not ready to get insurance coverage within a month, as it is inconvenient for everyone (you included) to keep doing it over and over. If you don’t want your coverage to start until months from now, wait until closer to that time to apply. After all, both your personal needs and your driving record can change between now and then.
When you go through us for your life insurance needs, we will start by going over your basic information (age, health history, etc.). Then, the information about your racecar driving experience will be collected and reviewed. Take a look the above questions to know what to expect here. Once we have all the information we need and have reviewed it, we will begin looking at the list of insurance providers we represent in order to find the right fit for you. Their policies will be carefully gone over to make sure your application only goes to companies that have no restrictions prohibiting them from insuring racecar drivers.