Track Insurance

Chris__RC · 06-26-2009, 10:04 PM

Edit: Track didnt work out, heard someone else was gonna open it though. Ended up being too much work.

Chris__RC · 06-30-2009, 04:32 PM

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SWTour · 06-30-2009, 05:29 PM

We have a local hobby shop who added the racing to their General Liability policy. Our local club racing is done at a High School and they require 2 million in Liab. Insurance.

If you don't have that ability, ROAR (www.roarracing.com) offers insurance for tracks and clubs.

The drawback is EVERYONE who puts a car on the track has to belong to ROAR.

The insurance is CHEAP however, and actually vs. buying a individual insurance policy, it would in most cases be cheaper to go with ROAR's track insurance, and YOU pay the ROAR membership for all your racers.

If you do something like that - I would HOLD the membership cards and numbers for exclusive use at YOUR facility unless the racer chooses to pay for his/her membership for use elsewhere!

Chris__RC · 07-02-2009, 11:13 AM

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MikeFriery · 07-02-2009, 11:40 AM

much better to not use ROAR insurance if you ever plan to have a big race..

while lots of people have roar memberships, alot of times it can be the deciding factor in racors making the trek to your facility if they are not ALREADY a member.

Chris__RC · 07-02-2009, 12:22 PM

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Jaz240 · 07-02-2009, 12:35 PM

Costs the same as an LLC, DBA or any other operating license...It varies by state, but no more than $50. You will have to fill out a ton of paperwork to be a NON-profit and you have to prove it..If you keep a dime! You will pay major fines and lose your permit..i do believe you may be allowed to take a small salary.

Chris__RC · 07-02-2009, 03:19 PM

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Big_Boy · 07-03-2009, 02:48 AM

I see your profile says So Cal? ? What city is this proposed track in? ?

Chris__RC · 07-03-2009, 12:00 PM

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charlie_b · 07-03-2009, 12:17 PM

I recommend running it as a business. Running it non profit is just going to challenge your "tweaking" skills. It is what it is...no reason to fudge the technicalities. You start a business, pay insurance, taxes, then your done. Plus is is much easier to insure your business with most business insurance.

Chris__RC · 07-03-2009, 12:42 PM

edit, also had alot of trouble about where to go with the track, i.e. business, llc or nonprofit.

Orange · 07-03-2009, 01:02 PM

You should email the ROAR President Dawn Sanchez... She answers in most cases same day.

ROAR has 2 million liability around $70 a year.

roarpresident@roarracing.com

Chris__RC · 07-03-2009, 01:23 PM

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WildBillMassey · 07-03-2009, 04:29 PM

I suggest running the track as a business. Make sure you get your business license and make sure the city is cool with having the track there.

Wells Fargo has many different types of business insurance including motorsports racing facility insurance for both racers and spectators.

Good luck in your venture!