Racing drivers need insurance too

Fernando Alonso, the new and youngest-ever F1 World Champion, may not have to worry too much about the cost of his car insurance premiums for a while, but for many 'rookie' racing drivers in the early stages of their career the cost of simply getting around away from the race track can be expensive.

Occupation: 'racing driver' is likely to send many insurers diving for cover - or not - if you see what we mean, but it doesn't have to cost a fortune for racing drivers or those with other unusual occupations, to go the supermarket or take the kids to school.

Hyperformance, the insurance intermediary that specialises in providing cover for high performance vehicles, is also able to deal with finding cover for those with a range of unusual or extreme jobs.

In fact, Hyperformance has insured drivers from a range of formulas for a number of years as well as footballers, Dj's and even exotic dancers! The company says that by considering all the facts it can often persuade insurers that the risks are not as great as they might first think.

For a start, most racing drivers do not race around the roads: they leave their living on the track. And whilst some do drive sports cars, others like former F1 Champion Damon Hill are just as likely to be seen at the wheel of a small saloon.

The best are, also, by necessity, out of the country for large parts of the year, so are not on the road as much as an average motorist. And whilst they are away there's a fair chance their 'non-work' car will be off the road and in a secure location, putting it at much lower risk from theft.

Added to this, when they are on the roads it's pretty fair to say their driving skills are above average. They are much more likely to anticipate problems early and when they do occur have a much better ability to avoid accidents.

"Putting the words 'racing' and 'driver' together and then adding 'insurance' might seem a recipe for trouble but the facts and the statistics tell a different story," comments Steve McPherson from Hyperformance.

"When you balance their skills, experience and lifestyle against the trappings of 'star status', many racing drivers start to become a better risk than expected. It's just a question of weighing up all the facts and delivering the best deal we can find.

"Whilst this is an extreme example, the point is that by treating every customer as an individual we are able to negotiate rates for those that many other companies would not cover. Extreme occupations such as those who race for a living are one such example, but exactly the same principle can be applied to younger drivers, those with driving convictions or owners of high performance vehicles."