Extreme sports

richlear

Hi,

I have a passion for what are termed 'extreme' sports; mountain biking, climbing and paragliding. I want to get some accident/life insurance and the ones I see online have a very low death benefit (<10K) but very high liability (2M). Please excuse my ignorance but liability is to cover if I injure someone or damage third party stuff right?

Does anyone know of specialists in this area?

Thanks in advance

rich

Proc

Yes. Liability is damage to other people/property.

Dacouch will be along shortly with the link to a specialist.

mattymoo

£2m limit of indemnity for liability is not particurly high these days, particularly for paragliding and biking.

Although rare it is possible to hit and paralyse a youngish, high earning individual resulting in them being unable to work and leaving them with care costs for the rest of their life. This is where the adage - it's cheaper to kill someone - comes from. The insurance will cover their lost earnings and future care costs as well as a pain and suffering award.

If somebody is awarded £2m+ in a court the balance comes out of your pocket. You might be better with £5m cover if it is available.

richlear

Hi both,

Thanks for the responses. it seems to me then that this is liability insurance I am buying more than life insurance? The original desire was to have some sort of policy to cover my life so that my family would be cared for if I throw myself off a mountain and come to grief.

Are these two things normally mutually exclusive?

Sorry if these are daft questions but I am not well versed in money matters like this.

thanks

Rich

mattymoo

I'm not a life insurance specialist (I work in liability insurances) but traditionally the two would be dealt with completely separately and would require 2 separate policies.

A lot of affinity type schemes have cropped up over the years where they cobble together covers and sell them as a package. I personally feel these are rather like premium bank accounts - throw in a few useless extras to sweeten the deal and justify the monthly sum. £10,000 life insurance cover is next to nothing in real terms for instance.

The BHPA includes £2m liability cover with their membership - https://www.bhpa.co.uk - look under members section.
Then speak to a specialist life insurance broker / IFA and ask them to find a cover provider for the amount of cover you need (pay off the mortgage and leave a decent sum for dependants).

richlear

Ah - Matty - that is a good point. I am a BHPA member so I have the liability cover - maybe not as much as may be necessary but certainly a big chunk.

So now I need to look for life/accident cover which will not exclude me for the sports in which I partake.

Thanks

Rich

huckster

Rich

Have a read of this which will answer your question about accident cover,http://www.thewillexpert.co.uk/personal-accident-insurance.html

I agree with the previous comments. £2m for liability is not that much these days. I think finding a broker than can negotiate a policy for you, would be the best option. Find using BIBA

In regard to Life cover for, this is separate and you would need to again negotiate a suitable policy. If you do a google for Life Assurance for extreme sports, there are companies that specialise in this area.

ACG

Depending on what you do, how much you do it and whether you are registered with the relevant bodies will have some effect on how companies look at your application.