NASCAR 2022 Special: Top Insurance Companies Sponsoring Motorsport Events
Motorsports is a thriving industry with ever-increasing popularity. With its vast television audience across websites and channels worldwide, Motorsport is an excellent place for companies to get their name out there.
Motorsport sponsorships bring appealing opportunities for companies ranging from automobile brands, and food industries to insurance firms. In recent years, several insurance companies have sponsored NASCAR and other motorsports events and racing teams. With the trend only likely to grow moving forward, we’re going to dive into the insurance companies that covet these sponsorship deals.
So, let’s take a look at the top Insurance Companies Sponsoring Motorsport Events in 2022.
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Among motorsport events, NASCAR has a growing popularity and viewership in the U.S. With upwards of 4 million viewers, it generates a lot of buzz and brings a lot of eyes to, not only the event but also the brands sponsoring the event and the competing teams.
One of the most enduring insurance company sponsors in NASCAR, GEICO has sponsored race titles, campgrounds, and teams since 2001. The GEICO logo has had a long-standing presence on the track and in races across NASCAR over the years.
On March 25, 2019, NASCAR and GEICO announced a multi-year agreement, recognizing GEICO as NASCAR’s Official Insurance Partner. As part of the agreement, GEICO will be present at major NASCAR events, expanding on its at-track engagement activities.
GEICO’s assistant vice president of marketing, Bill Brower, believes that by expanding its presence in NASCAR, the company will be able to better connect with its most brand devoted fans in sports and strengthen its marketing platform.
The partnership with Wallace was announced on October 22, 2022, with the launch of the ‘Unapologetic Campaign’. Similarly, Root Insurance was revealed as one of 23XI Racing’s founding partners on December 14, 2020, joining Wallace and the No. 23 Toyota Camry for the 2021 season.
Their Chief Brand Officer, Kelly Ruoff, states that the sponsorship is intended for a socially conscious audience who makes purchasing decisions based on a shared set of values and rewards a company for doing the right thing.
The No. 23 Root Insurance Toyota Camry made its first 2022 appearance with 23XI Racing at Phoenix Raceway on March 13 during the Ruoff Mortgage 500 NASCAR Cup Series race.
Rashik Adhikari, founder and CEO of Renegade, expressed that NASCAR is a fast-paced sport, and Renegade reflects the rapid need for change in the insurance sector for agents, customers, and carrier partners. The founder also claimed that Renegade supports the needed change with speed, efficiency, and accuracy, which is the same winning philosophy that Stewart-Haas Racing brings to the track. Similarly, Almirola also expressed that it is an honor to have Renegade, an ambitious company striving for the same thing they are, on his racecar.
Renegade and Stewart-Haas Racing appear to be an ideal match, with both brands’ principles aligning perfectly.
Renegade Insurance will debut in NASCAR Cup Series driver Aric Almirola’s No. 10 Ford Mustang at Kansas Speedway in Kansas City on May 15, 2022, with its logo imprinted on the roof, right above the rear window.
Auto-Owners Insurance and Joe Gibbs Racing have extended their partnership for another season in 2022. Throughout the 2022 NASCAR Cup Series season, the insurance agency will be a primary sponsor for Martin Truex Jr.’s No. 19 Toyota Camry TRD in eight events.
On February 3, 2022, NASCAR announced that Freeway Insurance will expand its association with Daniel Suarez and Trackhouse Racing ahead of the 2022 NASCAR Cup Series season, giving the firm a more prominent presence aboard the No. 99 Chevrolet Camaro.
Cesar Soriano, Chief Executive Officer of Freeway Insurance, stated that they are ecstatic to join Trackhouse Racing and deepen their partnership with Daniel Suárez, considering NASCAR fans are a perfect fit for Freeway Insurance’s products and services.
Progressive Insurance has previously sponsored NASCAR cup series participant Roush Fenway Racing on its No. 6 Ford Mustang. The driver for the sponsored car was Ryan Newman for the NASCAR Cup Series at Atlanta Motor Speedway. However, the sponsorship only lasted for one season, and the contract did not follow suit.
Liberty National Life Insurance
Before Farmers, Allstate was a major NASCAR sponsor, featuring Kahne in their ads from 2005 until 2009.
Other Motorsports Sponsorships
Allianz for F1 sponsorship
Premier Insurance for MSVT Track Day Championship
Sponsorship deals in motorsports events are a growing trend. With an upwards trajectory, insurance sponsorships are starting to become a staple in NASCAR and other events. While there are visibly more such sponsorships in NASCAR than in any other motorsport, it’s sure to increase as more events are held and more teams look to partner with different brands. And with the increasing viewership at such events, we should be on the lookout for more deals between racing teams, events, and insurance companies in the future.
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