Insurance companies are shying away from track days.

[Gator]

http://www.nytimes.com/2008/10/19/automobiles/19INSURE.html?hp

the article is focused on auto insurance, but its only a matter of time before it bleeds over into motorcycles.

Make sure your policy hasn't been changed to exclude all track events.
Mine excludes only timed events so track days are still OK     

[gm2]

as you mentioned usually it's just "timed events"

but if your street-legal bike goes down on the track, how are they going to know exactly where it happened?

[Statler]

as you mentioned usually it's just "timed events"

but if your street-legal bike goes down on the track, how are they going to know exactly where it happened?

simply reading your policy and possibly negotiatiing some language changes (mine now says no competitive timed events so lap timer transponder on my bike is ok) is a lot smarter than lying to your insurance carrier about a claim.

[gm2]

simply reading your policy and possibly negotiatiing some language changes (mine now says no competitive timed events so lap timer transponder on my bike is ok) is a lot smarter than lying to your insurance carrier about a claim.

i agree with that.  but you can't tell me you think insurance companies are the most forthright, honest entities in the world.

if you do trackdays more than once or twice a year, i'd do it the right way.

[ducpainter]

i agree with that.  but you can't tell me you think insurance companies are the most forthright, honest entities in the world.

if you do trackdays more than once or twice a year, i'd do it the right way.

You're talking to a .....

lawyer.   

[Statler]

It's not that I'd feel bad getting one over on the giant company...more that I have an understanding of the consequenses of getting caught.  

It's one of those times when someone is going to do it thinking they'll save some trouble, and end up losing not only their insurance claim, but their insurance policy (and any other policies with that company...and have a hard time getting anyone else to insure them), face some insurance fraud issues which could effect their job, etc.etc.etc.

Then they'd complain about what bad luck they have.

not worth it.    Even for one track day...have your policy cover it if you think you would ever use the policy to insure crash damage.

[Statler]

Where's the middle finger smiley?

 

[gm2]

You're talking to a .....

lawyer.   

yeah yeah, i know...

and i'm not advocating be stupid, or promoting fraud as a best practice.  ...and i've never seen a policy that doesn't carve out "timed events".

but i've also seen insurance companies do plenty of unscrupulous things.  if it's a matter of my bike fell over here vs there, which could be a 10 ft difference, and the damage is the same and the outcome is the same, i wouldn't lose sleep over it.

FTR, my track bike is insured only non-op for theft.  =)

[Statler]

oh hell yeah...screw 'em if you can (can be read as utilize your policy to its fullest).

I just want folks to know worst case scenerios going in so they aren't surprised.  Worst case here is a lot worse than just them denying the claim.    Allways a risk assesment.

[ducpainter]

Insurance companies are in business to collect money...

not pay it.

...and they'll go to any length possible to avoid the latter.

[tufty]

but i've also seen insurance companies do plenty of unscrupulous things. 

Heh, you ain't wrong. When I lowsided my 848 (at the track) they wanted to total my bike for the sake of $300 worth of welding (literally). I pleaded, but they refused to repair and insisted that it was totalled.

They came back with an initial offer of $10,000 and said that was what NADA said the bike was worth, I laughed in their face and asked how come a 2006 749 was worth $11,000? They just threw that original number at me to see if i'd bite, that IS dishonest AND unscrupulous IMO.  

[Statler]

Why don't you guys get policies with a declared value in them?    Solves the arguing over what it's worth.

[ducpainter]

they wanted to total my bike for the sake of $300 worth of welding (literally). I pleaded, but they refused to repair and insisted that it was totalled.

...and it seems to be totally arbitrary as to what they want to total. A friend with, I'll bet, similar frame damage is having his 848 repaired for under $2500. There was other damage, but the dealer wrote the estimate with a frame repair so as not to total the bike.

Personally I think the companies limit their costs by totaling because the salvage companies are in their pockets

They suck.

[tufty]

I bought it from them, they surprised me and came back with a really good salvage price of $4000. So basically I've got an 848 for $4000 + $2000 worth of repairs... it's insane IMO.

At least I'm less concerned about throwing it down at the track now

[SP3]

but if your street-legal bike goes down on the track, how are they going to know exactly where it happened?

Maybe the LACK of a police report on the "accident"? If the damage is high enough that you would make a claim it's most likely going to be looked upon with some suspicion if there is no police report to go with it.