Continuing our series on what separates Lockton's policy from our competitors let's look at how we can provide cover when you are making the most of your car's performance.
For the motoring enthusiast, there can be little doubt that taking your vehicle to a racing circuit allows you to exploit its capabilities both in greater safety than on the road and also without the restrictions of speed and other road users.
Most tracks provide the opportunity for you to receive professional tuition - further improving your skills as a driver. It also allows you to get to know your vehicle better and understand how it performs and reacts at higher speeds.
It's no secret that the trackday sector has grown significantly in recent years and several of our car club partners run numerous days throughout the year. Such events will usually be open only to club members, thus avoiding the often overcrowded “open pitlane” days where the general public can attend.
However, the majority of motor insurance policies exclude cover whilst you take part in such activities, requiring you to purchase separate, and potentially costly trackday cover - cover which may not necessarily be sufficient should extensive damage occur to your car.
So how is Lockton's policy different?
Our club partners hold their trackdays at purpose-built circuits which are categorised as such by Motorsport UK (the governing body for four wheeled motorsport in the UK). This means that they will have more than adequate safety features and be staffed by suitably experienced personnel.
These personnel will include marshalls, trained first aiders and experienced staff (usually those with racing and instructing experience) who will carry out the mandatory safety briefings before you venture out onto the track.
We will not be able to provide cover for events held at disused airfields, runways and similar venues. You will also need to tell us if you're visiting a circuit outside the UK. Whilst the insurer will not cover Spa Francorchamps or the Nürburgring under any circumstances, they will consider other circuits.
Cover for events organised by our partner car clubs is included automatically but you will need to be able to demonstrate previous experience of driving on a track before cover is granted. Most trackdays will give you the option to have professional instruction and this is the ideal way to gain this experience and knowledge.
The cover provided by Lockton's policy is split into two parts, as follows:-
Damage to your car
The policy will cover damage following an accident or fire. It will normally insure the vehicle for either its market or agreed value depending on the basis of cover under your policy. For higher valued vehicles, we may only insure the vehicle up to a specified limit. You'll need to talk to us in advance so that we can ensure that you are adequately protected.
If you have to make a claim, the excess will be 10% of the value of your car as shown in your schedule, or your usual excess, whichever is higher. The higher excess is applied as the chance of damaging your vehicle is greater when using it on a track.
As far as repairs are concerned, you will have the choice of repairer or we can direct you to a network of specialists with whom we work via our owners' club schemes – as a Lockton policyholder, it's your choice.
Third party liability
This is not to be confused with the cover you are required to have by law when driving a vehicle on the road. The cover provided by Lockton's policy is unique in providing you with third party cover when you drive on a trackday.
If you should have an accident whilst on-track or within the pitlane, there's the possibility that a claim could be made against you for damages or any resulting injuries. This highlights the need for cover which will, as a minimum, pay for the cost of investigating the incident and defending such a claim.
Without Third Party Liability insurance all costs, expenses, and ultimately an award of damages against you, are your responsibility.
The Third Party Liability insurance does not cover your legal liability for damage to other vehicles on track or any damage to the circuit however caused and has a limit of £2m.
We have said in previous articles focusing on some of our policy benefits that, in isolation, a single element of cover is unlikely to alter how you buy, or indeed value, your motor insurance. However, if you decide to take to the track then we hope you'll agree that having the right cover in place is vital.
If you would like to know more, please contact us today.