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Track Day Insurance Cover from Sky Insurance!

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#16
Dennis

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My point was if you have a few basic mods then track day insurances is good if you've for £5k plus worn of mods you need to buy the car back to salvage what you've lost anyway so that's what makes it pointless for cars that are heavily modified because when they write the car off its there's and there is no way they would give you back what the modified value was.



Can see your point but can't see how this is different from any comp policy?

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#17
DanDan ST2

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Can see your point but can't see how this is different from any comp policy?


Yeah I know I was just saying good idea for new track drivers with less mods not heavy modded cars.

Don't get me wrong I'd cry if I smacked my car on track and if I did it on the road I'd have the same dilemma and I'd need to buy it back so same problem just on track it not law Yet :)

Scary thought either way !



#18
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Just tried Sky Insurance online, £100 for 1 day :dunce:


How is that when comparing to other standalone trackday insurance providers?

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#19
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I looked at this if you've got a standard car it's good but I'm sure for the heavily modified cars they won't pay out more then market value so IMO is pointless..... Unless sky can clarify this ????

Because you pay £100 to cover is you have a smack it's £1400 excess so call it £1500

Then you get market value £7k

But hang on I've spent £10k on mods so my car owes me £17k so that a huge loss. Right so now you need to buy the car back £2500 jus to get your mods off hummm seems pointless to me, you need to roll or flip the car to do more then £4k worth of damage and even then you still have the car engine mods etc so you can buy another focus for £6k and transfer all the bits then brake the car up and I'm sure you'd only loose £3k you can get £2k for the engine !!!!

That's just my views :P

But the maths is there unless sky will point out otherwise please let me know as I'm sure another insurer told me that they would only pay market value.


The underwriter of the trackday policy is an insurer we use for our specialist vehicle scheme. The insurer will cover the modifications on a like for like basis (up to the write off threshold for the vehicle) and if the car is modified will look at the modifications to see if they increase value. In some cases modifications will increase value, in some cases they do not so it is hard to answer your query specifically.

Thanks

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#20
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Unless you have agreed value all any insurance will pay you is market value of the vehicle regardless of what mods you have done, yes if the mods increase the market value you may get a little extra but if you think your mods will increase the market value of your car by anything near the cost of the mods you are sadly very mistaken, some mods may even reduce your market value!


Sensible post.

Think about your average modified Citreon Saxo, with bodykitz wheelz, zausts, the lot innit bruv. Now, is that Saxo worth more than a standard original VTR or VTS Saxo? No.

If your new to track and are worried and If your car is standard then it's good idea, but for anyone who's got more then a remap and intercooler it's pointless.


I don't quite see your logic there DanDan.

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#21
DanDan ST2

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I don't quite see your logic there DanDan.


I'm basically saying if my car as is probably has about 7k worth of additional mods excluding labour costs for example and market value is 7k are you saying you would pay out 14,000 ? If I wrote it off ???

If not I can't see the point of the cover as I'd rather tow my car home strip it and transfer everything Over to a new car ?

#22
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You have to consider that Sky also charge each time you add a modification whether it be an increase in premium or an admin charge that should be factored into your quote if you intend to modify your car during the length of the policy and how many of us add all our mods in one go....not very many so this could lead to a dramatic increase, where as Greenlight don't do this they simply add them to the policy and with me it has had very little affect on the policy costs, they increased my premium by £40 for going from standard to stage 3 and then nothing for pushing it to 400bhp and then the policy dropped £150 this year come renewal time.


It is a little off topic as trackday insurance is being discussed but as it is being discussed then it's worth noting that we ask customers at quotation and renewal stage if they have any future modifications planned for mid-policy. If there are, we make the insurer aware of these and then no charge is made when the customer fits them. A lot of our customers take advantage of this, in fact I have incepted policies for two Focus's on this basis, today. I am sure the response will be, 'Well, I don't know what I'm going to fit' , that's fair enough, perhaps you do not, but most people will, or will at least have a rough idea.

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#23
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I'm basically saying if my car as is probably has about 7k worth of additional mods excluding labour costs for example and market value is 7k are you saying you would pay out £14,000 ? If I wrote it off ???

If not I can't see the point of the cover as I'd rather tow my car home strip it and transfer everything Over to a new car ?


Are the modifications adding £7k to the value of the car DanDan? Our insurers would look at each case on it's own merit so it is hard to be specific.

Having a claim on track and having trackday insurance is always going to leave you in a better position than not having trackday cover in place. Also worth baring in mind that salvage retention is often available. So in your case, you get your payout for the car, you buy the salvage back, you take off all the salvageable mods and transfer them over to the new chassis.

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#24
DanDan ST2

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Are the modifications adding 7k to the value of the car DanDan? Our insurers would look at each case on it's own merit so it is hard to be specific.

Having a claim on track and having trackday insurance is always going to leave you in a better position than not having trackday cover in place. Also worth baring in mind that salvage retention is often available. So in your case, you get your payout for the car, you buy the salvage back, you take off all the salvageable mods and transfer them over to the new chassis.


That's good to know that it could be covered and yes the additional mods to buy alone I'm sure are close to 7k

Thanks for answering !

#25
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the additional mods to buy alone I'm sure are close to 7k


I've spent £15k on modifying and improving an old 1988 MR2, but I know it's not money I will get back through a car insurance policy, it's money I've spent because the car is my passion. That's is how I look at modifying a car personally. The value of my own car has increased a little but this is more down to restoration work than the modifications. If anything happened to my car I'd get it back home and re-shell it.
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