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Kenny Wallace claims he spent $150,000 a year for insurance to race in NASCAR

Originally posted on FirstSportz | By Justin P Joy | Last updated 12/23/23

Ex-NASCAR Cup and Xfinity series driver and prominent broadcaster Kenny Wallace has detailed the insurance he had to pay in his time as a racer in the premier stock car racing division. Wallace used December 22^nd as a day to interact with fans via X answering their questions regarding multiple subjects around NASCAR.

One such question among many he answered was about the situation of insurance in NASCAR. In reply to this, Wallace revealed that he used to pay $150 K a year to race in the sport. There were Disability insurance, family insurance, auto insurance, and golf-kart insurance he had to pay. The expense increases the spending of the drivers if they have other personal employees to take care of.

To drive the race car in @NASCAR . I had Disability Insurance and workman’s comp.

Plus my normal family health insurance and auto insurance and golf cart insurance (Required by the race tracks) .

There were times I spent as much as $150 THOUSAND a year or more on racing… https://t.co/LK3behkpbx
— Kenny Wallace (@Kenny_Wallace) December 22, 2023

To drive the race car in NASCAR. I had Disability Insurance and workman’s comp. Plus, my normal family health insurance and auto insurance, and golf cart insurance (Required by the race tracks). There were times I spent as much as $150 THOUSAND a year or more on racing Insurance. The more expenses a driver has. (Bus-Plane-Loans-employees etc.) The more insurance he or she will need. Wallace posted on X.

NASCAR doesn’t provide insurance for it’s driver

The sanctioning body, NASCAR, doesn’t provide insurance to its racers because of their policy. Business owners are mandated to provide insurance to their employees. But NASCAR circumvented this obligation with the system they have for the racers.

NASCAR Cup drivers are not employees, instead, they are provided with an Independent Contractor deal. So, NASCAR doesn’t have any legal obligation to provide the racers, who are putting their life at risk every race, with insurance.