Quote:
Originally Posted by series.trackday
No track insurance and no gap insurance on a brand new car, which you promptly crashed on track? I hope you learn a valuable lesson, because it's going to cost a lot of $.
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Gap insurance wouldn't cover a track incident, so not sure why that's even being brought up.
You've got a point on track insurance, but slightly wrong. The point of any insurance is to have someone else cover the risk of damage to keep yourself whole. But they do it at a cost as well. If you're well enough off to self-insure, it's not the terrible no-good horrible thing everyone makes it out to be. But that carries certain risks as well.
My first BRZ was totalled 4 months after purchase. I declined gap insurance. I also financed 2/3's of the purchase, but maintained the full purchase price in my savings. When it was totalled, I repeated the deal, lost $10k in depreciation, but had plenty in savings to cover the new vehicle cost, but financed 2/3's again. I've had the replacement now for 8 years. So gap insurance the second time around would've been a waste. But one doesn't know it's needed until it's needed!
In my case, I was comfortable with the level of risk of self financing the loss of the vehicle. That doesn't mean I wanted to lose it, only that I was financially prepared for it.
Track insurance should be viewed as the same thing. If you're willing to decline it, do you have the means to walk away and/or replace the vehicle with minimal financial impact?
Also important is whether the track you're at requires accident cleanup costs to be the responsibility of the person that caused the accident. Those alone can easily total dozens of thousands. Again, maybe not a problem for some, but something that each individual must take an honest assessment of their level of risk. It's not always so cut-n-dried!
I'll keep an eye out for parts, though given the newness of the car, it's going to be tough to find a lot of those no matter what.