Know your motor sport insurance – from grassroots to GTs

Sponsored by Grove & Dean

Motor sport at any level carries risk. However, the higher up the pyramid, the greater some risks become. One sector enjoying a boom is GT racing – be it GT3 monsters or the more production-based GT4 supercars. However, when the cars alone cost big money, budgets can take a hit, even more so if the cars themselves take one. That’s where a motor sport insurance specialist like Grove & Dean comes in. Offering tailored policies for everyone from club racers up to manufacturer- backed stars, Grove & Dean reduces that risk.

“Motor sport insurance is not compulsory, but we see a trend where the more professional the racing, the greater the need for insurance,” says director Andy Hancock. “We cover a lot of grassroots racers, but it’s when you get into the realms of career racing like GTs and sports cars that insurance becomes a bigger factor.

“Our clientele is split between the teams owning cars and selling seats to paying drivers – often with a clause they must be insured – and those who own cars and want peace of mind.”

Take a modern GT3. With a base cost just shy of half-a-million and increasing levels of technology and exotic materials, repairs aren’t cheap, and costing a policy to cover a season in something like British GT can be a challenge.

“We insure the rebuild cost, not the purchase cost,” explains Hancock. “Most GT3s are insured up to about £250,000. That figure will have been worked out using parts lists and knowing things like a re-shell would cost between £70,000-£90,000 then whatever goes on top of that: how much a replacement front end could be, or the cost of taking a corner off.”

Grove & Dean also cleverly structures its cover. If the first £30,000 of any claim is the responsibility of the claimant, accountability then goes in stages between its underwriters, with the first agreeing to cover a claim rising from £30,000-£100,000, and a second stepping in should the figure exceed that bracket.

“Policies are calculated on usage, so if a customer just wants to do track days then it’s less risk and less cost,” adds Hancock. “Things like the track also changes risk.”

Grove & Dean also looks after cars and equipment away from the track with cover that protects cars at base, in transit and right up to the exit of their pit garage.

There’s no proof that having motor sport insurance makes you go faster, but it is essential if you want to manage your season’s budgets and stay on track.

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For more information on Grove & Dean’s motor sport insurance policies and services, visit grove-dean-motorsport.com