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      06-02-2015, 10:35 PM   #1
Gearhead999s
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A video from Mondays Track Day at Mosport

I was involved in setting up this video that we shot at Mosport on Monday.I am the "Old Guy" at the end who takes the reporter for a ride!He lasted about half a lap at real speed before telling me that he had enough footage!LOL

http://toronto.ctvnews.ca/mobile/vid...2401689#626209
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      06-02-2015, 11:01 PM   #2
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Nice segment. Any plans to add Circuit Mont Tremblant to the list of covered tracks?

On a side note, Moonstone looks fantastic.
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      06-02-2015, 11:31 PM   #3
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      06-02-2015, 11:40 PM   #4
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Quote:
Originally Posted by Potakis View Post
Nice segment. Any plans to add Circuit Mont Tremblant to the list of covered tracks?

On a side note, Moonstone looks fantastic.
They can cover any approved track in Canada and also Canadians running in the US.Tremblant is an approved track.

Thanks for the comment on the Moonstone.I am really happy that I waited an extra 2 months to get it.
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      06-03-2015, 12:47 AM   #5
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Love that moonstone!

I've looked at track insurance before... but it still seems almost prohibitively expensive. ~2x the cost of the actual event itself. Does anyone here have experience using it?
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      06-03-2015, 09:19 AM   #6
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Very cool. You guys are bringing awareness to the sport (and a free plug for the insurance guy).
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      06-03-2015, 10:14 AM   #7
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Smart move by whoever decided to offer insurance on the track. Lets face it how many cars actually crash on the track?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
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      06-03-2015, 10:23 AM   #8
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Quote:
Originally Posted by VDBimmer View Post
Smart move by whoever decided to offer insurance on the track. Lets face it how many cars actually crash on the track?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
I was at a Ford Event at Mosport yesterday and we had 3 red flags due to crashes!One serious with an ambulance ride at corner 8 which is fastest part of the track which I am entering the braking zone at 236kph(147mph)on my gps not speedo.It has been years since I even remember a crash during one of my instructing days.
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      06-03-2015, 10:30 AM   #9
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Quote:
Originally Posted by Gearhead999s View Post
I was at a Ford Event at Mosport yesterday and we had 3 red flags due to crashes!One serious with an ambulance ride at corner 8 which is fastest part of the track which I am entering the braking zone at 236kph(147mph)on my gps not speedo.It has been years since I even remember a crash during one of my instructing days.
On average though, based on your experience on the track how many cars would crash for every 100 cars that go on it?
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      06-03-2015, 10:48 AM   #10
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On average though, based on your experience on the track how many cars would crash for every 100 cars that go on it?
I do not really know as this is a new program and I am only a consultant to this group but I would be surprised if it was one in five hundred from my experiences.
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      06-03-2015, 12:10 PM   #11
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Originally Posted by Gearhead999s View Post
I do not really know as this is a new program and I am only a consultant to this group but I would be surprised if it was one in five hundred from my experiences.

Yea I think this would make them some serious cash, the guy from the video said something like insurance for 1 day is in the 400s for a car worth about 50k so lets assume that the average is like a car worth of 35k meaning to insure it on the track for 1 day you pay like 300 dollars for instance.

Lets say you get 50 insurance buyers in a day once this thing becomes more popular (just an estimate) that'd be 15000 thats 15000 every 50 buyers, times ten thats 500 buyers for 150k$. Now with your estimation of 1 person crashing in those 500 lets say they buy him a whole new car which is the worst case scenario then it'd be 35k (the average we're using) that is 115000 dead profit right there
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      06-03-2015, 01:05 PM   #12
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Quote:
Originally Posted by Gearhead999s View Post
I was at a Ford Event at Mosport yesterday and we had 3 red flags due to crashes!One serious with an ambulance ride at corner 8 which is fastest part of the track which I am entering the braking zone at 236kph(147mph)on my gps not speedo.It has been years since I even remember a crash during one of my instructing days.
Wow.. Where were the other two? Corner 8 is a nasty place to loose control of the car.

Mike
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      06-03-2015, 01:13 PM   #13
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Quote:
Originally Posted by VDBimmer View Post
Yea I think this would make them some serious cash, the guy from the video said something like insurance for 1 day is in the 400s for a car worth about 50k so lets assume that the average is like a car worth of 35k meaning to insure it on the track for 1 day you pay like 300 dollars for instance.

Lets say you get 50 insurance buyers in a day once this thing becomes more popular (just an estimate) that'd be 15000 thats 15000 every 50 buyers, times ten thats 500 buyers for 150k$. Now with your estimation of 1 person crashing in those 500 lets say they buy him a whole new car which is the worst case scenario then it'd be 35k (the average we're using) that is 115000 dead profit right there
Your numbers are way off due the fact that the underwriter charges a set percentage on each policy written and the margin at the broker level is actually fairly small.You would be surprised at the true numbers of this business.
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      06-03-2015, 01:19 PM   #14
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Originally Posted by Gearhead999s View Post
Your numbers are way off due the fact that the underwriter charges a set percentage on each policy written and the margin at the broker level is actually fairly small.You would be surprised at the true numbers of this business.

I guess but even if you cut the profits I calculated by half its still good.

Heck I would be happy with even a 1/10th of the pie
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      06-03-2015, 01:29 PM   #15
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Quote:
Originally Posted by Mike@N54Tuning.com View Post
Wow.. Where were the other two? Corner 8 is a nasty place to loose control of the car.

Mike
One at 5c Mustang starting up the straight with 550 horse and no throttle control in the 1st session on cold track and the other one at Corner 4 which is about a 100 + mph downhill corner.I snapped a picture at corner 4 while stopped during one of the Red flags.There is no good place to crash at Mosport which is why the DDT next door is a better basic training venue.

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      06-04-2015, 03:02 PM   #16
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Another video from Monday from the Intermediate Group in a 991 GT3.He is a novice and taking easy which was smart compared to the Mustang guys the next day!


Last edited by Gearhead999s; 06-04-2015 at 03:09 PM..
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      06-04-2015, 03:20 PM   #17
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Quote:
Originally Posted by VDBimmer View Post
Yea I think this would make them some serious cash, the guy from the video said something like insurance for 1 day is in the 400s for a car worth about 50k so lets assume that the average is like a car worth of 35k meaning to insure it on the track for 1 day you pay like 300 dollars for instance.

Lets say you get 50 insurance buyers in a day once this thing becomes more popular (just an estimate) that'd be 15000 thats 15000 every 50 buyers, times ten thats 500 buyers for 150k$. Now with your estimation of 1 person crashing in those 500 lets say they buy him a whole new car which is the worst case scenario then it'd be 35k (the average we're using) that is 115000 dead profit right there
Quote:
Originally Posted by Gearhead999s View Post
Your numbers are way off due the fact that the underwriter charges a set percentage on each policy written and the margin at the broker level is actually fairly small.You would be surprised at the true numbers of this business.

Lets all recall that the insurance industry makes its money, in part, by selling policies (revenue) and not paying out on them (expense) (and also by the interest on the money they are holding from premiums). So, at worst for the insurance company, they pay out about what they take in and earn profit off the interest. Better for them if they pay out less than they take in and earn profit there as well as on the interest.

So, yes, it should be a money maker for the insurance industry - but, that is why they do it and how they make money.

The real question for the consumer is: "ok, I know they will make money, but is the cost for me worth the risk?" If you go to a track once a year, I would have to say yes, absolutely. If you go 20 times a year, probably less so.....

but only you can make those calls. My point is, although I have all kinds of professional reasons to dislike how the insurance industry conducts themselves, I don't hate them because they make money on what they do....
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      06-04-2015, 04:33 PM   #18
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Originally Posted by myzmak View Post
Lets all recall that the insurance industry makes its money, in part, by selling policies (revenue) and not paying out on them (expense) (and also by the interest on the money they are holding from premiums). So, at worst for the insurance company, they pay out about what they take in and earn profit off the interest. Better for them if they pay out less than they take in and earn profit there as well as on the interest.

So, yes, it should be a money maker for the insurance industry - but, that is why they do it and how they make money.

The real question for the consumer is: "ok, I know they will make money, but is the cost for me worth the risk?" If you go to a track once a year, I would have to say yes, absolutely. If you go 20 times a year, probably less so.....

but only you can make those calls. My point is, although I have all kinds of professional reasons to dislike how the insurance industry conducts themselves, I don't hate them because they make money on what they do....
I understand where you are coming from, I wasn't hating on insurance companies. The idea of providing insurance for the track just seems more profitable and less of reliability for them than day to day insurance especially because of how expensive it is so I was kind of interested in the topic.
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      06-04-2015, 05:40 PM   #19
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Quote:
Originally Posted by VDBimmer View Post
I understand where you are coming from, I wasn't hating on insurance companies. The idea of providing insurance for the track just seems more profitable and less of reliability for them than day to day insurance especially because of how expensive it is so I was kind of interested in the topic.
Oh, I hate on insurance companies all the time.

Not for making money (that I get) but for the dishonest way they'd do it. I'd rather they charge higher premiums and pay legitimate claims. However, their daily practice of 'deny coverage as long as we can and only grudgingly pay out' is tiresome.

I actually had to sue my home insurer about 6 years ago. In 15 years of practicing law, dumbest lawsuit I've ever filed. They were wrong and caved the second they were served. But it cost me nothing to do that, someone coming to me....probably wouldn't have bothered because it was "only" a $30k claim and who will spend money on a lawyer to file that?

I'd rather I paid $5 more a month in premiums and didn't have to deal with bad faith shit like that.

As for whether they make more on track day vs other claims....hard to know. If other companies get into the game, the rates will come down and we'll see them work closer to their margins (recognizing that this competition can, in the hands of the dishonest, also result in precisely the bad faith crap that I was just complaining about above....)
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