If you’ve ever bought travel insurance, chances are you noticed the detail about extreme sports. Things like dirt biking, skiing and scuba diving usually cost extra to be covered, if you can get cover at all. What you might not have noticed is that coverage for sports injuries is limited at home too. Health insurance, life insurance, income protection – your benefit may be reduced, or not available at all, if your injury came about as a result of enjoying the great outdoors to the extreme.
It’s not just extreme sports that are excluded. Some health insurance and life insurance policies have loopholes that mean you’re not covered for everyday sports like footy and netball.
Insurers don’t just have these exclusions for fun, despite what some cynics say. There’s real evidence to show that some sports and activities have much higher risk of injury and death than others. On top of that, some sports’ common injuries are much more likely to land you in hospital. If insurers covered everyone for every sport, it would mean much higher premiums for most people.
Want to make sure you’re still covered while you’re pursuing your love of the outdoors? If you’ve got insurance already, read the policy and PDS (product disclosure statement) carefully to check whether you’re covered for your particular sport. If not, check whether your insurer offers a cost-effective add-on that will cover you. If they don’t, it might be time to shop around for insurance that better fits your needs.
Depending on the sport or hobby you’re pursuing, and how your insurer approaches your deal, there could be ways to reduce your premium. For example, you may be offered an insurance contract that stipulates certain conditions, such as wearing a helmet or other protective gear.
Is your most valuable asset insured?
Most people insure their car, their home and their contents, but forget their most valuable asset – their ability to earn an income. Income protection can provide monthly payments if you’re unable to work due to temporary illness or injury. Log in to see how much insurance you might need.