Insurance

[Mouse]

Been meaning to ask this for a while, and don't want to be a killjoy but who races and has income/injury insurance for motorcycle racing specifically. Rang a couple of places (can't think of who) and they almost laughed at me. Want to race in Feb but I'd hate to think of where life would go if I had a serious injury as it's quite a reality in this sport.

[mercho]

I was under the assumption that it was covered under normal income protection (not that I have any)

However after specifically reading AAMI's PDS it does specifically mention that they do not cover racing:


riding on or driving in any self-propelled vehicle engaged in any race, speed or reliability trial on any waterway, racing course, speedway or racing track;

It maybe like motorcycle insurance on the track where you can't get any cover where you just have to take the risks...

[Mouse]

It maybe like motorcycle insurance on the track where you can't get any cover where you just have to take the risks...

Yeah sneaky insurance companies!

It's a risk with a bike but when you come a cropper that bad that you can't earn a crust, we all have to weigh up if it's really worth it.

[Mouse]

Damn it! I just want to race! Haha

[mercho]

NRMA is a bit more vague lol - maybe ask them?


An intentional self-inflicted act,
including exposing yourself to risk
of Sickness or Injury for any reason

[Mr.Ed]

search 'income protection' on the other forum and you'll lots of good info

[Phat3R]

NRMA is a bit more vague lol - maybe ask them?

It's probably possible, to get the insurance you want, but it'll be a special type policy that won't be available through the Direct Insurance arms that you probably buy insurance from currently. The DI arms are about packaged policies for the masses, so they will exlude all high risk activities. I'd be suprised if a court can be convinced motorcycle racing even on a short course is anything but risky.

Your best bet is probably to go old skool and find an insurance broker that deals with income issues and get them to find you a policy. I'm willing to bet it won't be cheap, especially as you move into areas like reasonable coverage for long term disability.

From memory there was some very mild compensation for serious injury via the MA license, I'd have to check their website to see how fuc'd my memory gland it.

If you do any further investigation, report back on what you find, maybe there are others who might be interested too?

[Phat3R]

search 'income protection' on the other forum and you'll lots of good info

Can't see why we can't post the link on TT too ??? ... :tape:
http://www.combined.com.au/

[Mr.Ed]

Can't see why we can't post the link on TT too ??? ... :tape:
http://www.combined.com.au/


Well, I guess you didn't read the whole thread then! hahaha

[Phat3R]

Well, I guess you didn't read the whole thread then! hahaha

The bit about the coverage no longer offered after Oct 12 ... so that thread is now really irrelevant ... or how much of Marshy's premium went to the sales guy as commission??? :)

Still worth speaking to the broker as a first point of investigation ???

[Nelso]

I know someone who has income protection covered for bike racing, but I don't know which company it is with. I know it's not much use, but at least you know you can get it.

We have all of our track bikes and trailer covered for fire, theft and transport, so they can be covered too if you want.

[Marty]

I have proper income protection, I think it's through colonial, I used to be self employed so it was pretty important to me. I've been meaning to read the terms in detail to check, I was under the impression that it was, I remember them asking me what hobbies etc I have at the time. I'd never been to the track but was planning to (big part of the reason for taking out the insurance), but at the time i used to drag race my motorbike a few times a year. They specifically added Motorcycle Drag Racing as an excluded activity but said any new thing I take up is ok. I still need to read it, it's not cheap it's about $160 a month I think, so I'd like to think its covered, but now that I'm actually racing I need to check.

[shippy__]

combined used to do it but as a previous post states not after oct 2012, I was told to do it sept 2012 but i didn't relize they were the only ones who did it.... Bugger

fork tube went through a neck big pay out but he is no longer with us... I would feel bad to quote a name but they do pay out

[Marshy]

As mentioned elsewhere, I held that Combined policy for a year, but didn't renew it. It was sooooooo expensive and the payouts were relatively so low that it wasn't worth it. Good luck finding anyone to cover racing - virtually nobody will. I heard a while back that the only other one that did was one of the health funds I think, maybe HCF or MBF or something.

But for TPD and/or death, many super insurance policies will cover you regardless of what you are doing (mine certainly will; I specifically checked), so I know that if I am permanently disabled or die, then the wife and kids are taken care of. The rest I am just accepting the risk on. I the event I can't work for an extended period, we might need to downsize the house etc.

[Little Mick]

As mentioned the Combined policies started before Nov '12 covered bike racing.... keep it renew and its still covered - let it laps and its gone 4 eva....

get very particular on the rules... Son's AC joint issue this year did not class as a break aparantly so didnt pay out.. he turns 18 in a few weeks so they wont cover him under the family policy I have, and want agree to give him one to cover bike riding, even though he is covered now...

not sure anyone else covers it, but worth talking to a dedicated broker..

[Mstevo]

I started track days and racing well after i took out my sickness and accident policy, so I'm covered for any hobbies/dangerous activities I have taken up after that. :D