Coastr Posted 7November, 2014 Report Share Posted 7November, 2014 I have been going through the very painful process of reviewing and updating life/income protection policies and was surprised at the changes since the last time I put myself through this third circle of hell. One of the surprising ones was the questions related to what they called 'hazardous activities'. In the list of scuba diving, aviation (flying your own plane), rock climbing and other things was listed 'participation in motorsport'. If you ticked yes to that there was a whole breakout section where you had to list specifics - type, how often, etc. I ticked no because I don't actually do any motorsport (pockets not deep enough) but I asked about this and the agent told me that generally they will either refuse cover outright or might write in a set of exclusions if a claim is related to motorsport (i.e., bin it at the track, no income protection for you, die at the track, no cash for your heirs). I was wondering if anyone has come across this and what they found? I know quite a few people here participate in motor sport on a regular basis. I also wonder what professional drivers do for insurance given that a career-ending accident can also hamper their ability to earn money in their chosen and future careers. It's a little funny because of the only two people I know to make this type of claim, both have been cycling injuries. Yet there is no exclusion for riding your bike to work. Link to comment Share on other sites More sharing options...
Carrera28 Posted 7November, 2014 Report Share Posted 7November, 2014 Remember you are not doing motorsport, you are doing driver training Link to comment Share on other sites More sharing options...
Mike737 Posted 7November, 2014 Report Share Posted 7November, 2014 Isn't that section related to what you're doing to earn your income since it includes income protection, or does it specifically list it as outside of work? I've never come across it on any of my life insurance policies Link to comment Share on other sites More sharing options...
Simonk Posted 7November, 2014 Report Share Posted 7November, 2014 I'm pretty sure my brother sorted out life insurance for a PCV member that does track days. I'm not a financial planner so I'm not familiar with the products available. PM me if anyone would like more info. Link to comment Share on other sites More sharing options...
Coastr Posted 7November, 2014 Author Report Share Posted 7November, 2014 My answer seems to have disappeared.. Anyway, income protection isn't to do with work - it covers you for replacement income if you cannot work - the reason why you cannot work doesn't matter if you drop a hammer on your toe or you get cancer. But there are exclusions like any policy. Maybe the motorsport thing was on the life policy and not the IP policy. I'm not actually planning on doing any motorsport (save for maybe some skid pan driver training) but I found it an odd thing to see. Link to comment Share on other sites More sharing options...
LeeM Posted 7November, 2014 Report Share Posted 7November, 2014 Will check my income protection Insurance policy with Allianz and see what it says. Pretty sure motorsport is not included though I'm a tradie, and had a hernia early last year. Went and had an operation then made a claim. I can't speak highly enough of Allianz and how quickly they sorted it all out. I was assessed a week aftet the op, and back paid to date of injury 6 weeks prior to operation. Fortnightly payments were made promptly for 4 months. They pay 85% of your normal weekly wage (mine varies depending on workload), with a 14 day waiting period, where most policies with other companies are 3 months, so to be honest, they saved my butt! Link to comment Share on other sites More sharing options...
Flatout Posted 12November, 2014 Report Share Posted 12November, 2014 I remember the last life insurance form I filled in one of the first questions was "do you participate in motorcycle racing?" I said no, although at the time I was commuting on my motorbike for work, where you have a much greater chance of injury or death than at the track I would have thought. (Unless of course they are now allowing buses and taxis on the track while they race). Link to comment Share on other sites More sharing options...
Coastr Posted 13November, 2014 Author Report Share Posted 13November, 2014 Will check my income protection Insurance policy with Allianz and see what it says. Pretty sure motorsport is not included though I'm a tradie, and had a hernia early last year. Went and had an operation then made a claim. I can't speak highly enough of Allianz and how quickly they sorted it all out. I was assessed a week aftet the op, and back paid to date of injury 6 weeks prior to operation. Fortnightly payments were made promptly for 4 months. They pay 85% of your normal weekly wage (mine varies depending on workload), with a 14 day waiting period, where most policies with other companies are 3 months, so to be honest, they saved my butt! The policy I just signed up for was 4 weeks waiting period. I got an agreed value policy instead of one that pays based on your recent income. I had an older policy that was assessed on the income at the time of the claim. 3 months sounds like a pretty bad policy - not worth the paper it's written on, really. I would say that commuting to work by bicycle or motorbike is far more risky than motorsport participation, but they have the actuarial tables, and those don't lie. Link to comment Share on other sites More sharing options...
TrevMcRev Posted 21November, 2014 Report Share Posted 21November, 2014 I used to have a policy with motorsport listed as an exclusion. I weren't too fussed as I always felt safer in a closed road event, with a cage, seats, harness, suit & helmet than driving down the road with just the safety of a white dashed line down the middle of the road to prevent a head on with a truck.... Link to comment Share on other sites More sharing options...
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