2023 Isle of Man Road Racing Insurance Rises 18% :
Following the news of that all Northern Irish Road Racing events have been cancelled due to unsustainable insurance costs the Isle of Man has now also revealed that it too has been affected by an insurance cost rise.
Although not the circa 300% rise that Northern Ireland has faced this year the Insurance to cover this year’s Manx road racing events has risen by 18%.
Enterprise Minister Tim Johnston revealed the figure in Tynwald this week – confirming the 2023 policy will cost £930,000 – up from £790,000 last year.
He described rising costs as a ‘challenge’ for motorsport events but adds his department has a ‘clear strategy in place’ to grow and diversify the TT.
The cost covers the likes of the TT, pre-TT, MGP and Southern 100.
Irish events are also still in doubt as no cover has yet been obtained for any 2023 events.
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