Insurance News
NASCAR Camping World Truck Series: How Race Teams Have Been Supported by NASCAR Sponsorships
In recent years, insurance companies have played a major role in supporting NASCAR race teams. In 2017, Nationwide Insurance became the title sponsor of one of the most popular teams in the sport, Hendrick Motorsports’ No. 88 Chevrolet driven by Dale Earnhardt Jr.
The NASCAR Camping World Truck Series is the third-highest level of professional stock car racing in the United States. Only the top-tier NASCAR Cup Series and the second-level Xfinity Series rank higher. Since its inception in 1995, several different companies have provided NASCAR sponsorships in the series, with Camping World serving as its title sponsor
Other prominent insurance companies that have sponsored NASCAR teams in recent years include State Farm (Team Penske), and Progressive Insurance (Joe Gibbs Racing). Recently, Geico has become the official insurance partner of NASCAR. Furthermore, insurance firms such as Freeway Insurance have extended their partnership with Trackhouse Racing and NASCAR driver Daniel Suárez.
Up and coming insurance platform Renegade Insurance will debut on the No. 10 Ford Mustang of NASCAR Cup Series driver Aric Almirola with Steward Haas Racing at the Kansas Speedway. NASCAR sponsorships from insurance-related establishments like these clearly state how the industry sees the potential in presenting its brand at high-profile sporting events.
Why Do Insurance Companies Provide NASCAR Sponsorships?
Insurance companies have been some of the biggest sponsors of NASCAR teams and events in recent years. This trend appears to be on an upward trajectory with several reasons backing it. One of those reasons is that NASCAR fans are generally more likely to be customers of those companies.
As per a study on Research Gate, NASCAR fans are among the most brand-loyal fans. That loyalty extends to the companies that provide NASCAR sponsorships to their favorite teams and drivers. In fact, the study shows that fans of the motor sport are more loyal to the brands sponsoring the teams in comparison to non-NASCAR fans.
The motorsport also provides a good platform for those companies to advertise their products and services. According to Forbes, 65% of NASCAR fans agree that they would purchase a product/service from a company using the tagline ‘Official Sponsor of NASCAR’ in its marketing campaign.
NASCAR is among the most watched sporting events in the country. It is a tremendous opportunity for brands to get in front of millions. From logos on uniforms, racecars and even pit boxes, sponsors can get more exposure. So, NASCAR sponsorships can attract newer fans of the sport by adopting a marketing campaign to convert them into customers.
Copy link
Copy link
In this Blog
What to read next
GEICO Announces Massive Office Closures Resulting in Hundreds of Job Losses
In a recent insurTech and insurance company partnership, Neptune Flood Insurance announced a partnership with SIAA. Learn more.
Damages From Hurricane Ian Amounted to A Staggering $31-$53B
CoreLogic, a property data and analytics provider, added new and revised storm updates and flood loss estimations for Hurricane Ian, resulting in a final figure of between $41 billion and $70 billion in insured and uninsured flood and wind losses.
Hurricane Ian Wreaks Havoc in Florida, Threatens Homeowners Insurance Market
At least 15 deaths were confirmed in Florida, while three other people were reportedly killed in Cuba after the hurricane struck the island. As the hurricane intensifies into Category 1 hurricane, it is forecast to make a second landfall in South Carolina on Friday.