Standalone insurance eliminates uncertainty for racetrack enthusiasts

Moore-McLean Insurance Group Ltd. and Pace Motorsport have teamed up to create what is being called the first standalone coverage to protect sports car enthusiasts from exposure to insurance risk when participating in sanctioned track day events in Canada and the United States.

The Track Day Insurance Canada package can be purchased online without any connection to existing personal auto coverage, notes a statement issued this week by Toronto-based Moore-McLean Insurance Group, one of Canada’s largest independently owned insurance brokerages.

“A user-friendly online application process allows people to confidentially purchase coverage in a matter of minutes,” Andrew Mangialardi, account executive, business insurance at Moore-McLean Insurance, says in the statement. “Once participants complete the form and submit payment, the policy is immediately processed and emailed to the applicant who is then fully covered and ready to drive,” Mangialardi reports.

Insurance policies do not usually protect drivers who take their cars to high speeds on a track, Moore-McLean Insurance explains. But with the standalone coverage, drivers are protected against physical damage to their licensed vehicles, damage to the track or fire damage directly following an accident at a sanctioned track day event.

“If a claim is made under the Track Day policy for an on-track accident, it should not impact the driver’s personal insurance automobile coverage in any way, preserving ‘claims-free’ status or preferred ratings,’” the statement notes.

“For years, track day devotees have faced uncertainty when participating in these events, either worried about repercussions from an accident or simply shying away from the events all together because they don’t know if they are covered and they don’t want to ask their insurance company,” Mangialardi says.

The product “will cover drivers who want to take their prized possessions to the track,” he adds.

“There is a lot of interest in this new coverage,” Robin Virtue of Pace Motorsport, one of Track Day Insurance Canada’s program consulting partners, says in the statement. “It’s been proven popular south of the border and for the first time, Canadian drivers can participate worry-free through the entire track day period.”

There are approximately 355 track day events in 10 communities across Canada each year. Speeds on the track can reach as much as 200 km/h.