Life Insurance for Motorcycle Racers: A Guide to Securing the Best Rates in [2024] + YouTube Video
Purchasing Life Insurance for Motorcycle Racers is easy and quick with our modern application systems. If you are an active motorcycle drag racer or your sport happens to be dirt track racing, you have a lot of good choices for
life insurance with very affordable premiums.
Insurance carriers consider motorcycle racing a hazardous sport, but that does not mean you cannot get low rates. You just have to apply with a liberal carrier that is motorsports racing friendly.
You can secure life insurance for motorcycle racers with very affordable rates, often equal to those that are non-racers. If you are under the assumption that life insurance for motorcycle racers is hard to get or it is expensive, I have good news for you.
Keep reading because the best is yet to come.
Some people believe that finding the best life insurance for motorcycle racing will be complicated and expensive. Nothing could be any farther from the truth. Motorsports racing is our specialty.
Table of Contents
Can I Buy Life Insurance if I Race Motorcycles?
You can purchase life insurance for motorcycle racers just as easily as someone who just rides a motorcycle for pleasure in most cases. There are no limitations as to what kind of racing bike you own.
Your classification can be anything from a pure stock bike all the way up to a Nitro Harley drag bike. You can apply, get approved and be issued a policy quickly and easily.
There could be an additional fee to cover the added risk of racing in a more hazardous classification. Life insurance for motorcycle racers is always available regardless of what type of racing you are involved with.
How to Apply for Life Insurance With a Hazardous Sport: YouTube Video
How Are Motorcycle Racer’s Rates Calculated?
A motorcycle racer’s application will be reviewed in two main parts. First, the underwriters will review your health history and then the risk factor for racing motorcycles. Below is a list of what questions insurers will need to know.
Type of Motorcycle:
The type of bike you race will be one of the factors life insurance companies will consider. Some motorcycle designs are safer than others, and statistics show what type of bike has the most accidents on the track.
Racing Classification:
For example, what classification of motorcycle drag racing are you active in, such as Motocross, Supercross, Pro Stock, or Nitro drag bikes and many others. Your racing class tells the underwriters how safe or hazardous your involvement in motorcycle racing actually is.
Drag racers and dirt track racers experience the same type of underwriting guidelines when applying.
Top Speed MPH:
The maximum speed you experience on your drag or dirt bike is vital information. Common sense will tell you that the faster your motorcycle goes down the track, the greater the odds of having a fatal accident. The faster you run, the harder it is to stop or make a quick decision to avoid a wreck.
Type of Fuel:
The type of fuel your bike uses will affect your rates because Top Fuel and Top Alcohol classes will usually spell a higher-performance motorcycle than a bike that uses high-octane gasoline. In addition, the fuel you use will be relevant to motorcycle drag racers rather than dirt bike racers that use gasoline.
If you run an NHRA nitro drag bike, you can still get life insurance with no problem, assuming you are in relatively good health.
Experience Level:
Life insurance companies also emphasize your level of experience. The more knowledge and experience you have, the better it is. If you attended a motorcycle drag racing school or just a simple class it will be a plus.
Number of Races Per Year:
According to simple statistics, the more motorcycle racing you do, the higher the probability that you could have an accident. The number of races you attend each year will not make a significant difference but is still considered by the carriers underwriters.
Your top MPH and ET for drag racing will be the most important factor for your racing exposure.
Drag Racing vs. Dirt Bike Racing
As I stated, when the underwriters review your application, they look at how hazardous your motorcycle racing is.
There
is usually some difference in motorcycle NHRA Drag Racing or other types such as Moto Cross, Supercross, GrandPrix, Ice Racing, Enduro, or SuperBike racing classifications.
The life insurance industry puts a lot of weight on statistics and they spend millions of dollars annually having this information developed by statisticians.
This is the only accurate way to determine how to set their pricing structure when they review a life insurance application.
As far as motorcycle racing goes, this is not considered one of the more hazardous hobbies or sports someone can be active in. There are many more dangerous sports that people participate in.
What Are Flat Extra Fees for Motorcycle Racers?
Flat extra fees are sometimes used, but we try to avoid them by using life insurance companies that rarely use them.
Depending on the specific information concerning riding habits, a life insurance company may add a flat extra fee to your base premium to cover the added risk of racing. This could be in the case of a more volatile class of racing, such as high-speed drag bikes running alcohol or nitro.
Flat Extra Example:
Just for example purposes, we will use an application for a $100,000 term life insurance policy for 20 years that costs $750.00 per year. The flat extra charge in this example will be $2.5o for every one thousand dollars in death benefits.
You would multiply $2.50 times 100 which would break down to $250.00. The base premium for this example policy is $750.00 and your flat extra fee is $250.00 which comes to a grand total of $1,000.00 per year for this policy.
Does My Health History Make a Difference?
Your health history is more important than your involvement in motorcycle racing.
When applying for life insurance, your health history is more important than any other rating factor. Your rates may or may not be affected if you have a health condition. This will always depend on the type of health condition you have and could be observed as life threatening.
Your health will determine what health classification you will be placed in. The healthier you are, the lower your rates will be.
An applicant’s rates can also be affected if he has a dangerous occupation. For example, when you apply for your new life insurance policy, a hazardous occupation or a hazardous sport or hobby can have the same result.
How Can I Apply for Motorcycle Racing Life Insurance?
Telephone applications are the best way to apply and take between 15-20 minutes.
Applying for life insurance is now a snap because you have a quick and straightforward option to apply with over the
telephone. In addition, telephone applications are much faster and more precise than paper and online applications.
The days of 30-page paper applications are now just a bad memory. As a result, applying for life insurance is a much more streamlined process than before.
Your time is valuable and you don’t want to waste it shuffling around long drawn out applications.
Term Life Insurance for Motorcycle Racing
Term life insurance for motorcycle racers will always be your best choice! You can apply for several other forms of coverage, but the affordability of term life insurance cannot be beat. Your other options would be universal life or whole life, but they would be more costly.
You can compare term life insurance quotes for motorcycle racers from over 40 top rated life insurance companies in less than a minute from our life insurance quoting engine by just completing the form on the right side of this post.
Complete Our Racing Questionnaire to Receive an Accurate Rate Quote
Click on this link to download our racing questionnaire. You can either email or fax it back to us and we will be able to
provide you with an accurate projection of what your rates will be.
Make sure to let us know if you have any health conditions as they may also affect your premiums.
Our Contact Us page contains our email address and fax number. Don’t hesitate to let us know if you have any questions. We are available seven days a week!
Our Final Thoughts
Purchasing motorcycle racers life insurance is very simple. Several excellent companies we work with will approve your application with preferred rates if you are in good health.
In addition, you can activate our simple-to-use instant rate quote system to see over 40 of the top companies compared side-by-side.
Thank you for taking the time to read this blog post, I hope it helps!
All the best,
Jack Venturi
Should you have any questions or need further assistance, please don’t hesitate to call us at 815-390-7545.
