My R is slowly turning into a dedicated track car soon to be a dedicated race car. The car is fully paid. I have a truck and a trailer to tow the car. I am thinking of:
1. Taking all insurance off the car, save the $3K a year in insurance. OR
2. Just Leaving theft and liability? on the car. maybe save $1K a year?

I don't drive the car on the street that much. Live in NYC and I have two other vehicles.

What do you think??? Should I keep same insurance, reduce insurance, remove insurance?

Not paying insurance can be used for debt and other stuff (goodies!)

 

Always have theft, fire and liability coverage.

You can't take an uninsured vehicle to track events like HPDEs.

When it is a RACE car you don't need licence plates - but you should still have theft coverage - otherwise you are playing with fire.

 

Our SCCA race car is registered, tagged and insured.

But if you never drive it on the street, I wouldn't insure it. Sure it can get stolen, and that would suck, but I think the chance of that is pretty slim if it never sees the street except when on a trailer..

 

If I'm in your situation....I may keep the full insurance until I start racing (not HPDE) then drop the full coverage. I may also keep the theft/liability if I'm not sure I will have a safe place to park. I will keep the liability no matter.....just in case I need to make a short trip (say driving back to the hotel from the track to pick up my helmet )

 

What BPR said. Liability, Theft, Comprehensive in your covereage.

Also, even if it's a race only car (i.e. no plate) you should have a race insuance while your car is parked at the paddock. And, of course, you can't insure your race car while it's on the track.

 

race insurance for the paddock = BFH. First to beat the moron who fugged up the race car then use it to fix the race car.