New Insurance question.

THE LEGEND · 11-19-2009, 02:06 PM

Most of you realize we are in a dangerous sport. Where loss of life could occur.
Here are my questions
1) Would your private insurance cover your health care due to an on track accident?
2) If so how much, especially with something like a LIFE FLIGHT.
3) How about you Life insurance would it pay off?

Before my dad died he sold life insurance and said you were not covered while on track,scuba diving,sky diving and other abnormal activities.

Things that make you go HHHHMMMM
Chip

Don Kennedy · 11-19-2009, 02:17 PM

1) "Would your private insurance cover your health care due to an on track accident?"
most likely depends on Your plan design

2)" If so how much, especially with something like a LIFE FLIGHT."
depends on Your Plan design ,most likely

3) How about you Life insurance would it pay off?

most likely it all depends on Your plan design

My whole point with these questions it is Your Broker and Your resposibllity to know when You are covered. I said Your Broker and YOUR resonsibility to know these answers , don't wait until a event happens, know what is covered and when if you don;t know the answer simply ask Your Broker to answer any question you may have and get the answer in writing .

"Most of you realize we are in a dangerous sport. Where loss of life could occur" (FYI More people will die on the freeway today than legal drag racing in a year )

Don

Whalen3186 · 11-19-2009, 03:39 PM

I have been a agent since 1988. Don is right, you need to ask, don't assume anything. I have written life insurance on many racers, most of it with no rates or riders, just be up front and be able to explain drag racing in the underwritting process. In Illinois, you have a 2 year contestability clause, which means if death happens in the first two years the companies have a right to investigate and can deny a claim if something wasn't disclosed, such as racing and if that is what the cause of death was. If you have an old policy that was taken out before you started racing, it should be alright, unless there was specific wording that excluded racing. Again you need to read up and ask questions, you really don't want your family to find out after the fact that the coverage was not any good. As far as health insurance, there seems to be more ways out of paying claims these days than ever before, I caution everyone not to rely solely on a sanctioning body's insurance to take care of your medical bills if something should happen.

Adger Smith · 11-19-2009, 07:29 PM

Chip,
I can't say what will happen today, but can tell my experience with IHRA (Wisenburg) in Sept. '99. Plus some of my thoughts.
That was the first year that IHRA raised the coverage cap for racers to $350,000. From (I believe) $10,000. thanks, Bill Bader & Staff!!
My personal insurance coverage was supposed to have an amended policy that covered me when I was Flying and Racing. I had paid extra for about 10 years for this coverage. 3 years before the accident I had discussed my policy with my agent. It had been getting increasingly higher. I was interested in a little cost control. He said he would handle it and I took him at his word, never reading my policy for 3 years, but paying about the same premium. After my accident I found he had dropped all the attachments for my racing and flying.
1. I was in a very bad crash at Cordova Sept 5 '99 and required Life Flight.
no coverage by Wisenburg or personal insurance.
2 Since my agent had duped me I had no personal insurance when at the races or flying.
3. Wisenburg stepped up and paid almost $330,000 to put me back together. That included initial trauma hospital and stay at University of Iowa hospital for 5 major surgeries. It also included an extended stay at a local rehab hospital here in Texarkana and the University of Texas Research an Rehab hospital in Houston. Wisenburg was the best insurance company to work with that I've ever had a claim or case. An absolute pleasure. They took care of me. Of course there were limitations and things I had to pay for, but I'm in better health, both physically and financially, because of them. They even helped with a Dr. that was WAY over charging and another Dr. that I thought was detrimental to my recovery/health.
My 2 life flights. one to the original trauma center and the other to The University of Iowa totaled about $8,500.00 I had to pay those out of pocket.
Other out of pocket medical expenses totaled nearly $20,000.00
Added up that is nearly $360,000.00 spent on me after my racing accident.
As far as Life insurance is concerned...I haven't got a clue because I didn't have it and still don't. I feel that by investing that money & and more) in assets and my self there will be enough to take car of my family when I die.
I know I have posted about the insurance, but I think it is one of those things that is necessary.
I appreciate it being available to us.
I just don't like what looks like abusive price gouging done to Sportsman racers to help with the free ride non sportsmen are getting. I also don't appreciate my money being used to pad or build some other fund/account to be used for "future medical issues/claims" That could sound like my own money might be used against me in a medical loss claim. It is my opinion that who ever is covered by insurance should be paying their own way. I guess you can say that I don't believe in any form of socialism.
I've got more... I could write a book about this, but I've already said enough...

11-19-2009, 02:06 PM	#1
THE LEGEND VIP Member Join Date: Aug 2002 Location: Fayetteville, n.c. Posts: 1,411 Likes: 0 Liked 1 Time in 1 Post	New Insurance question. Most of you realize we are in a dangerous sport. Where loss of life could occur. Here are my questions 1) Would your private insurance cover your health care due to an on track accident? 2) If so how much, especially with something like a LIFE FLIGHT. 3) How about you Life insurance would it pay off? Before my dad died he sold life insurance and said you were not covered while on track,scuba diving,sky diving and other abnormal activities. Things that make you go HHHHMMMM Chip

11-19-2009, 02:17 PM	#2
Don Kennedy VIP Member Join Date: Sep 2007 Location: Near Portland TN Posts: 1,590 Likes: 3,876 Liked 902 Times in 237 Posts	Re: New Insurance question. 1) "Would your private insurance cover your health care due to an on track accident?" most likely depends on *Your plan design* 2)" If so how much, especially with something like a LIFE FLIGHT." depends on Your Plan design ,most likely 3) How about you Life insurance would it pay off? most likely it all depends on *Your plan design* My whole point with these questions it is *Your Broker and Your resposibllity* to know when You are covered. I said Your Broker and *YOUR resonsibility* to know these answers , don't wait until a event happens, know what is covered and when if you don;t know the answer simply ask Your Broker to answer any question you may have and get the answer in writing . "Most of you realize we are in a dangerous sport. Where loss of life could occur" (FYI More people will die on the freeway today than legal drag racing in a year ) Don __________________ Don Kennedy 7701 SS Last edited by Don Kennedy; 11-19-2009 at 02:24 PM.

11-19-2009, 03:39 PM	#3
Whalen3186 Member Join Date: May 2008 Location: Illinois Posts: 241 Likes: 20 Liked 108 Times in 31 Posts	Re: New Insurance question. I have been a agent since 1988. Don is right, you need to ask, don't assume anything. I have written life insurance on many racers, most of it with no rates or riders, just be up front and be able to explain drag racing in the underwritting process. In Illinois, you have a 2 year contestability clause, which means if death happens in the first two years the companies have a right to investigate and can deny a claim if something wasn't disclosed, such as racing and if that is what the cause of death was. If you have an old policy that was taken out before you started racing, it should be alright, unless there was specific wording that excluded racing. Again you need to read up and ask questions, you really don't want your family to find out after the fact that the coverage was not any good. As far as health insurance, there seems to be more ways out of paying claims these days than ever before, I caution everyone not to rely solely on a sanctioning body's insurance to take care of your medical bills if something should happen.

11-19-2009, 07:29 PM	#4
Adger Smith VIP Member Join Date: Dec 2001 Location: Texarkana Ark/TX Posts: 2,446 Likes: 575 Liked 880 Times in 311 Posts	Re: New Insurance question. Chip, I can't say what will happen today, but can tell my experience with IHRA (Wisenburg) in Sept. '99. Plus some of my thoughts. That was the first year that IHRA raised the coverage cap for racers to $350,000. From (I believe) $10,000. thanks, Bill Bader & Staff!! My personal insurance coverage was supposed to have an amended policy that covered me when I was Flying and Racing. I had paid extra for about 10 years for this coverage. 3 years before the accident I had discussed my policy with my agent. It had been getting increasingly higher. I was interested in a little cost control. He said he would handle it and I took him at his word, never reading my policy for 3 years, but paying about the same premium. After my accident I found he had dropped all the attachments for my racing and flying. 1. I was in a very bad crash at Cordova Sept 5 '99 and required Life Flight. no coverage by Wisenburg or personal insurance. 2 Since my agent had duped me I had no personal insurance when at the races or flying. 3. Wisenburg stepped up and paid almost $330,000 to put me back together. That included initial trauma hospital and stay at University of Iowa hospital for 5 major surgeries. It also included an extended stay at a local rehab hospital here in Texarkana and the University of Texas Research an Rehab hospital in Houston. Wisenburg was the best insurance company to work with that I've ever had a claim or case. An absolute pleasure. They took care of me. Of course there were limitations and things I had to pay for, but I'm in better health, both physically and financially, because of them. They even helped with a Dr. that was WAY over charging and another Dr. that I thought was detrimental to my recovery/health. My 2 life flights. one to the original trauma center and the other to The University of Iowa totaled about $8,500.00 I had to pay those out of pocket. Other out of pocket medical expenses totaled nearly $20,000.00 Added up that is nearly $360,000.00 spent on me after my racing accident. As far as Life insurance is concerned...I haven't got a clue because I didn't have it and still don't. I feel that by investing that money & and more) in assets and my self there will be enough to take car of my family when I die. I know I have posted about the insurance, but I think it is one of those things that is necessary. I appreciate it being available to us. I just don't like what looks like abusive price gouging done to Sportsman racers to help with the free ride non sportsmen are getting. I also don't appreciate my money being used to pad or build some other fund/account to be used for "future medical issues/claims" That could sound like my own money might be used against me in a medical loss claim. It is my opinion that who ever is covered by insurance should be paying their own way. I guess you can say that I don't believe in any form of socialism. I've got more... I could write a book about this, but I've already said enough... __________________ Adger Smith (Former SS)