3 ways to make it cheaper

If you have thought about saving money on your trackday insurance, we've got a couple of ideas for you. At Moris we get that trackdays can be quite costly. And, of course, adding the cost of insurance doesn't make it any cheaper.
However, if it's only due to price, we'd hate to see you miss out on having the peace of mind that good coverage provides when you take a car on the track. Here are 3 tips on how to reduce your premium:

• Share the risk
• Insure less
• Raise the excess

 
Share the risk – reduce your price
Co-insurance is a new offering, where you can lower the cost of your insurance, by sharing in the risk. Here, any claim above the policy excess will be shared between you, as the policyholder, and us. A typical example is a 10% co-insurance, which will give you a much cheaper premium.

Here’s how it works:
Let’s say you have taken 10% co-insurance on your trackday insurance to reduce the premium. You go on your trackday, have loads of fun and fortunately, no one decides to bump into you on track. All is good and well, and you got yourself a great deal on the insurance price!
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In the same example, let’s assume you’re unfortunate and have an accident on track. The repair work for your car will be £10,000. You have £1,000 excess, so you’ll have to pay that. Of the £9,000 remaining on the repair bill, you also cover 10% from the co-insurance, so that total cost for you will be £1,900 and we’ll cover the rest.
 
Insure less – reduce your price
If you insure less than the full market value of your car, then you can reduce your premium.
Say the market value of your car is £40,000, then you can choose to insure only a part of that, for example, 27.5% or 50% of the full value. However, the premium does not reduce proportionately since the first 50% of the vehicle's value is the most exposed part of the value.
 
Raise the excess – reduce your price
This is a classic, and you probably already know this from your other insurances. When you get your cover and are willing to set a higher excess sum, you will reduce the premium.
 
Read more about the options on our FAQ, and book your cover today!