Thursday, July 25, 2024

Specialist sports insurance VS mainstream insurance

When it comes to financial protection for extreme sports, it’s important you disclose essential details about your activity in order to get the right level of cover. A specialist sports insurance provider helps individuals who need unusual coverage for life insurance, critical illness cover and income protection. Although it is possible to get extreme sports insurance from mainstream insurers, there are some key differences between the two.

What is mainstream insurance?

Regular, or mainstream insurance providers often supply insurance for a range of things, from cars to occupations and sports too. Although there is no disputing that a mainstream insurer has knowledge and experience when it comes to financial protection, what they lack is a deep understanding of each extreme sport and the different types of activities that lie within each sport itself. The problem with this is that you could end up receiving an inaccurate quote that does not cover all aspects it should. The problem with this is either you won’t get the level of cover you need or you could end up seeing hidden premiums and exclusion after submitting your insurance application.  

Benefits of mainstream insurance

  • 24/7 customer services
  • More likely to offer discounts
  • Universally recognised which can minimise the hassle of having insurance validated after an accident

Negatives of mainstream insurance

  • Less personal attention
  • Limited knowledge or specialism of your sport
  • You’ll be supporting a large business that may spend more money on advertising than on the customers when you could be supporting a local economy
  • Risk of inaccurate quote leading to hidden premiums and exclusions

What is specialist sports insurance?

Specialist sports insurance is the best way to ensure you, your family and your assets are properly protected should the worst happen. One of the UKs leading specialist sports insurance providers is Sports Financial Services.

The team of specialists at Sports Financial Services have built up a deep comprehension of extreme sports insurance, they know which questions to ask to ensure they get you the right level of cover for your sport. Also, they are endorsed by leading associations in the industry of extreme sports including The Outdoor Industries Association (OIA) as a leading provider of financial protection for those engaged in outdoor activities. One of the reasons Sports Financial Services is such a great insurance provider is because they are not tied to one insurance supplier like some companies. This means they can compare different options to provide you with the right policy to suit your needs.

Benefits of specialist insurance

  • Personalised service
  • Knowledge of the industry
  • Understanding of your sport
  • Easy application process
  • Free, accurate quote
  • Potentially lower/ more competitive rates

Negatives of specialist insurance

  • Potential for limited discounts
  • Customer services may be less readily available

What is meant by premiums in terms of insurance?

An insurance premium is the amount of money an individual (or business) pays for an insurance policy. When it comes to extreme sports and hazardous occupations, the chance of injury and death is increased which classes the individual as high risk. A high risk insurance policy often costs more than a standard insurance policy as the individual is more likely to make a claim, therefore insurers tend to charge a higher premium when providing cover for high risk individuals.

When you choose a specialist insurance provider for sports, they know what questions to ask you about your sport to give you the most accurate quote. More mainstream insurers may appear to be providing a cheaper rate when it comes to insurance when based on their quote, yet hidden premiums and exclusions may arise when you get into the application process causing the cost to go above what you initially anticipated.

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