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Post by pinkmod89 on Feb 21, 2015 10:37:41 GMT 12
Is it time for some type of Trust Fund to be set up to help go toward injured competitors. With the recent spate of serious injuries and raffles/fund raising going on to assist individual competitors would an overall fund be better? Raffles/fund raising could still happen but go toward helping all competitors. |
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Yard
Full Member
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Post by Yard on Feb 21, 2015 11:51:56 GMT 12
Is it time for some type of Trust Fund to be set up to help go toward injured competitors. With the recent spate of serious injuries and raffles/fund raising going on to assist individual competitors would an overall fund be better? Raffles/fund raising could still happen but go toward helping all competitors. I see in the latest SNZ newsletter (out now) that SNZ are looking at some kine of Insurance scheme. |
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Post by tank11 on Feb 21, 2015 12:13:13 GMT 12
Is it time for some type of Trust Fund to be set up to help go toward injured competitors. With the recent spate of serious injuries and raffles/fund raising going on to assist individual competitors would an overall fund be better? Raffles/fund raising could still happen but go toward helping all competitors. I see in the latest SNZ newsletter (out now) that SNZ are looking at some kine of Insurance scheme. Hopefully will cover racers as well, seems more towards the car and gear. |
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Post by theothermikeyb on Feb 21, 2015 12:41:30 GMT 12
When I organised my mortgage and insurance four yeas ago, the broker who knew I enjoyed speedway, told me that if I decided to race to let him know as my insurances would no longer be covered, Good to see that Speedway NZ is looking into this.
Personally I favour the status quo with getting behind injured drivers in the one off schemes. Just feel more confident my money is going where I want and not to some administration costs of a bigger scheme.
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Post by Admin on Feb 21, 2015 13:00:45 GMT 12
Don't get confused about what SNZ is suggesting. Many organisations arrange group schemes that are tailored towards their members.
This will not be something that covers driver's racing injuries or any racing damage.
It's only for off track losses.
Should we have a trust fund to assist injured drivers and families?, I tend to think so.
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Post by tank11 on Feb 21, 2015 13:37:57 GMT 12
Reading the news letter, it is outside of the track.
Racing (health/death) insurance is something else and (I think) has been aired on here previously.
Yes your standard mortgage insurance will void any payout from this and many other "risky" ventures.
Will still cover you if you were run over by a car in the pits though (I think?).
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Post by cookster on Feb 21, 2015 14:05:34 GMT 12
When I took out my insurance policy recently the broker researched heavily were the policy stopped in regards to pay outs. As soon as you are strapped into the car you want be covered, as said above everything else is all ok. I have looked around for a policy that will cover me but cant find one.
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Post by midway on Feb 21, 2015 15:47:16 GMT 12
Well i dont think its a good idea
Each and every person involved in the sport should carry there own insurance
And who would administer such a trust fund ??
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Post by chewy69a on Feb 21, 2015 15:57:31 GMT 12
I personally have a generous life insurance policy that I took out to insulate my young family from hardship should anything happen to the main breadwinner (me)
The ONLY exclusion on this policy is - motor racing of any kind.
They even pay out for suicide go figure!
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Post by salooncar on Feb 21, 2015 16:02:17 GMT 12
Well i dont think its a good idea Each and every person involved in the sport should carry there own insurance And who would administer such a trust fund ?? I tend to agree with you - if you can afford to run a race car you can afford the premiums for the insurance cover. Any trust fund that was going to be worthwhile would need a huge amount of funding, and a levy on competitors would have to be huge in order to give a meaningful level of cover. I'd rather see competitors free to organise whatever cover they need at their own direct expense. That said, I believe that SNZ should organise an underwriter willing to offer such cover, and maybe work with them to remove any aspects of the sport which make them reluctant to offer such cover - for example, as is often debated here, the speeds being reached in the stockcar and superstock classes. |
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Post by Admin on Feb 21, 2015 16:30:12 GMT 12
Well i dont think its a good idea Each and every person involved in the sport should carry there own insurance And who would administer such a trust fund ?? I should quantify what I posted before. My feeling is a fund that could assist racers and their families in the time immediately after an incident if they are in need would be a good thing. It would have to be managed at SNZ level. Not a full on scheme with ongoing benefits. I doubt Speedway could afford to do anything like that. |
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Post by tank11 on Feb 21, 2015 16:39:03 GMT 12
Well i dont think its a good idea Each and every person involved in the sport should carry there own insurance And who would administer such a trust fund ?? I should quantify what I posted before. My feeling is a fund that could assist racers and their families in the time immediately after an incident if they are in need would be a good thing. It would have to be managed at SNZ level. Not a full on scheme with ongoing benefits. I doubt Speedway could afford to do anything like that. Basically as a quick step until the main insurer steps in? As I said before there was an insurance provider(I'm sure) that was being put forward a few years ago. for the general driver. But you will pay a separate premium for this cover. It is out there, but you have to search and be set for a LARGE cost. |
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Post by salooncar on Feb 21, 2015 16:44:59 GMT 12
As I said before there was an insurance provider(I'm sure) that was being put forward a few years ago. for the general driver. But you will pay a separate premium for this cover. It is out there, but you have to search and be set for a LARGE cost. I think it was American Home or someone like that - I seem to remember it paying out to Shane Bessant when he broke his arm. |
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Post by salooncar on Feb 21, 2015 16:47:23 GMT 12
Well i dont think its a good idea Each and every person involved in the sport should carry there own insurance And who would administer such a trust fund ?? I should quantify what I posted before. My feeling is a fund that could assist racers and their families in the time immediately after an incident if they are in need would be a good thing. It would have to be managed at SNZ level. Not a full on scheme with ongoing benefits. I doubt Speedway could afford to do anything like that. I still feel that if you can afford to race you should be able to afford the immediate expenses as well - otherwise you're not really financial enough to be racing. Remember too that ACC picks up a lot of the immediate costs. |
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Post by beachboy on Feb 21, 2015 19:50:27 GMT 12
Well i dont think its a good idea Each and every person involved in the sport should carry there own insurance And who would administer such a trust fund ?? I tend to agree with you - if you can afford to run a race car you can afford the premiums for the insurance cover. Any trust fund that was going to be worthwhile would need a huge amount of funding, and a levy on competitors would have to be huge in order to give a meaningful level of cover. I'd rather see competitors free to organise whatever cover they need at their own direct expense. That said, I believe that SNZ should organise an underwriter willing to offer such cover, and maybe work with them to remove any aspects of the sport which make them reluctant to offer such cover - for example, as is often debated here, the speeds being reached in the stockcar and superstock classes. not sure there are any insurance companies who would insure your race car on the track let alone the driver of it. Is there? |
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Post by kiwisnoopy on Feb 21, 2015 20:11:00 GMT 12
As I said before there was an insurance provider(I'm sure) that was being put forward a few years ago. for the general driver. But you will pay a separate premium for this cover. It is out there, but you have to search and be set for a LARGE cost. I think it was American Home or someone like that - I seem to remember it paying out to Shane Bessant when he broke his arm. When i first started racing in 1969 at PN, it was compulsory to have your own insurance to cover you during racing. On sign up night you had to undergo a medical, and sign up to American Insurance and than get your racing licence. From memory it was not ridiculously expensive, and after I broke my foot while competing I remember getting a fairly generous pay out from them, on top of still being paid by work . |
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Post by Roger Ex 35A on Feb 22, 2015 8:17:06 GMT 12
[/quote]When i first started racing in 1969 at PN, it was compulsory to have your own insurance to cover you during racing. On sign up night you had to undergo a medical, and sign up to American Insurance and than get your racing licence. From memory it was not ridiculously expensive, and after I broke my foot while competing I remember getting a fairly generous pay out from them, on top of still being paid by work .[/quote][/p]
I started racing in 1972 & it was American Combined Insurance from memory 
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Post by mcfly on Feb 22, 2015 8:48:43 GMT 12
For those interested in this you could try Combined Insurance, I don't know if they still do it, but I was covered with them previously for broken bones & loss of wages. Cost $300/year. Worth contacting to see what the go is these days.
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Post by pinkmod89 on Feb 22, 2015 9:02:57 GMT 12
Ok can see many saying you should have your own insurance and you won't find me disagreeing on that point.
What I am trying to get ideas on is the individual fundraising that goes on could be turned into a fund/trust to assist all competitors.
As for the start up and admin cost obviously that would all have to be worked out in advance but surely such a thing as a Trust fund would benefit all those injured competitors who put on our weekly dose of mayhem.
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Post by pinkmod89 on Feb 22, 2015 9:05:25 GMT 12
And yes Roger when I started racing all be it in Waiuku Dirt Track in 82 I also got covered by Combine Insurance of America, only company to cover you whlst on track and also cover racecar on trailer to and from event.
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