DAYTONA BEACH, Florida — In general, racers are very good about protecting themselves. They spare no expense when it comes to buying the latest helmet or gloves, installing a quality roll cage, and researching the safety products on the market. But, for all the money and time spent, most racers still fall woefully short in one vital safety area – financial security for their family in the event that something does happen. Unfortunately, all the trophies and accolades accumulated at the track can’t begin to help pay the mortgage or feed the family if the driver is no longer there.
The American Speed Association has once again stepped up for the racers in the organization and negotiated several unique life insurance options that can potentially payback the racers in the future, or their family in the event of an incident. Although nobody likes to think about life insurance, racers need to be especially concerned about their family’s future thanks to their participation in a “high risk” activity.
“We have several outstanding and very reasonably-priced life insurance options for the ASA members depending on where they are in life’s journey,” said Laura Hauenstein, president of WSIB Motorsports. “Of course we can provide what people think of as the standard type of life insurance with rates that are typically much lower than the rest of the industry. We are also able to customize a program specific to the racer and their age, amount of return, and the specific type of racing he/she participates in.”
Hauenstein said insurance underwriters add an expensive surcharge for racing because they don’t understand the industry and penalize everyone for the higher risk types. Her company, however, looks at each case individually and understands that certain forms of racing naturally carry a higher risk factor than others; those are taken into account and the premiums are adjusted for each specific driver’s circumstances.
For the younger drivers, a new program might be of particular interest because it is possible to get a 100 percent return on the money paid in and still have the peace-of-mind of having a life insurance policy. The new “Return of Premium” policy (ROP) will pay back the investment in a 20 or 30 year time frame and can effectively be used as a savings program for children’s college fees or other future big ticket expenses.
“The ROP is a relatively new concept in life insurance and is an excellent option for someone who is younger, maybe recently married, and not predisposed to thinking about saving for the future. I know a lot of racers that put all their disposable income into their program and often forget about how expensive something like college can be for their children. With an ROP, assuming there is no claim, it is possible to get all your money back to help pay for that and still have the coverage for your family.”
“The American Speed Association is very concerned about our member family and try to develop innovative programs that will help them on-and-off the racetrack,” said Dennis Huth, president of Racing Speed Associates which owns the American Speed Association. “We try to negotiate the best possible prices with all our partners and this includes WSIB on the insurance side. I know that life insurance isn’t a sexy subject to bring up, but as a safety aspect it should be considered as important to a race program as a fire suit, HANS device, or five-point harness.”
Premiums will vary for each individual, but a no-obligation quote or more information can be obtained by calling Hauenstein at (866) 904-9742 ext. 2500 or visiting www.WSIBinsurance.com
Both individual and group policies are available for a racetrack or regional series that would be interested in offering additional protection to their employees.
The new life insurance program continues to position the American Speed Association as the leader in protecting the weekly and regional racers.
This is in addition to the $500,000 Excess Medical Benefit as well as the $20,000 Accidental Death and Dismemberment Benefit. Coverage for the member begins while traveling to a location promoting an ASA-sanctioned event and continues until arrival home again, assuming the basic guidelines are followed and no exclusions, such as drinking and driving,
are violated. The American Speed Association is the only sanctioning
body to offer insurance coverage which extends beyond the boundary of the racetrack itself (complete details on the program, including all the listed exclusions, are available online at www.ASA-Racing.com
On the competition side, the ASA was also the first to offer the Short Track National Championship which pits drivers across the country for the ultimate in bragging rights – and the chance to test with Joe Gibbs Racing.
To learn more of the Daytona Beach, Fla.-based ASA Racing Member Track program, call (386) 258-2221 or send an e-mail to info@asa-racing.com.
For news and information from all the racetracks and regional tours involved in the ASA, visit www.ASA-Racing.com
