Does a NASCAR pilot pays the same for car insurance like the rest of "ordinary" people?

Question

I was just wondering if their insurance pay rate would be the same like the rest of us because of the fact that they probably are consider high risk because of what they do for a living.

Answer 1

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Answer 2

There are two perspectives:

When these drivers are using their personal car or the car of their family members, they'd be rated on the same parameters as other (non racing) drivers. Hence the answer to your question could be taken as Yes, they should pay the similar premiums.

However, if you would have noticed, when you go for getting an auto policy online, it asks you questions like your age, s*x, marital status, qualification, your profession, etc. The response to these help the insurance cos. decide how risky you are. Based on that logic, the profession of driving could be considered differently by different insurance cos. Hence, if a Co. A decides that racing profession could be considered as one which might make the driver risky in normal circumstances, it might actually increase their premium rather than what they would have paid had they been in some other profession.

To summarize it, Insurance cos. can & do taken into account your profession to set up your premium.

Answer 3

Many insurance companies do want to insure a celebrity or other high profile individual due to the increased risk that people will file frivolous lawsuits against them for minor things in the hope of getting a huge settlement.  This goes for homeowner's insurance, auto and excess liability insurance.  For the companies that will insure these individuals, they can't charge more simply because of the person is a race car driver, they can only use the driver's non-racing related accidents and violations to determine the premium.

Answer 4

They're not higher risk - what they do for a living is specifically excluded from any liability coverage on the standard auto policy.

So their personal use vehicles, for going to the grocery store, etc, would be rated just like anyone else's.