Insurance options for drag racing vehicles
Drag racing naturally isn’t without its risks. Fortunately, there are several different types of insurance available.
This guide explains what to know about finding insurance for drag racing, including cover for the vehicle and yourself, as well a few ways you might be able to find lower premiums or more cover.
How do I get drag racing insurance cover?
You can get some insurance through Australian National Drag Racing Association membership, or other motorsports associations. However, this is typically only personal accident insurance, with the level of cover you’ll have being dependent on your membership level, and the situation.
Who actually offers cover?
Insuring the vehicle itself can be more difficult. With the cover and cost, depending on what type of insurance you’re looking for.
If you’re looking for transport and storage cover alone, then this may be relatively easily obtained from specialist car insurance providers. Dawes car insurance, for example, may offer transport and storage cover, but not provide any insurance while the vehicle is being driven under its own power, including while training or competing.
Naturally, many insurers will not provide cover a drag racing car while it’s being driven. Typically, you might need to go through a specialist car insurance broker in order to find cover. With these, you may be able to tailor the cover to your needs, and find options such as storage and transport cover only, cover for participation in ANDRA-sanctioned events, or even professional-level comprehensive cover.
With specialist brokers, insurable items can include the drag car itself, as well as trailers, uniforms, equipment and accessories and more. You will often be able to choose the limitations of your cover as well, and might opt for storage and transport only cover for a significantly lower cost.
Some options you may consider include:
- Arthur J. Gallagher insurance brokers. This group insures ANDRA, among many other associations. You may be able to find individual cover through it.
- Dawes Car Insurance. This insurer might insure drag racing cars, and other unusual vehicles, on a case by case basis. In the case of drag racers, you may be limited to storage and transport cover only.
- Piranha Insurance Brokers. Motorsports insurance specialists. You may be able to find full cover, and highly tailored options.
These brokers and insurers may be a preferable option in Australia, because all of them hold an Australian Financial Services License (AFSL). This comes with certain obligations, and can help deliver a level of consumer protection.
You may be able to find a significantly wider range of insurance brokers, or overseas insurers, that are willing to insure your vehicle, but these may carry risks, and may not be as tightly regulated, or have the same customer obligations, as the above providers.
It can be a good idea to check an insurer’s, or insurance broker’s, AFSL registration before doing business.
Note: finder.com.au is not affiliated with ANDRA or any of the three insurers/brokers above. The insurance information on this page is general only and may not be applicable for any of these insurers, or insurance brokers. You should contact these, or other organisations, for more information on the types of cover that may be available.
How much will it cost?
The cost of drag racing car insurance will depend largely on the insured value of your vehicle (and other items), and the type of cover you have. You can generally expect on-track cover to raise your premiums substantially compared to transport and storage cover only.
Depending on the insurer, personal factors such as your age or driving experience may also affect the costs.
Conditions that may apply
Insurers may apply conditions to your drag vehicle cover. These might significantly limit your insurance, but can also be an effective way of keeping premiums down if you opt-into them.
For example, you might find a policy that only covers you for participating in events pre-approved by the insurer, or only while participating in sanctioned events under a specified list of motorsports associations.