When protection matters! Are you covered even while you are competing?
Riding is a high risk sport and the high profile falls of eventers Harry Meade and Laura Collett — who suffered serious injuries from horse falls, but didn’t have personal accident cover raised awareness of the need for riders to protect themselves in case of an accident.
Horse riding accidents
More than two million people regularly ride in the UK… and equestrianism is one of Britain’s most popular countryside pursuits. The number of people taking to the saddle has nearly doubled since 2000. But as the riding population increases, so do the fears that accidents are happening because not everyone taking part truly understands the risks of the sport. The programme Inside Out learnt that in the Midlands alone, the air ambulance is now attending three horse riding incidents a week.
Accident numbers unknown
It is actually very difficult to know just how many riding accidents there are in Britain because – with the exception of top races and competitions – no-one is really keeping any detailed records.
But, after road accidents, paramedics attend more equestrian-related incidents than any other type. Therefore it seems insane that many riders do not cover themselves for accident insurance, life insurance or Income Protection!
What is personal accident insurance?
While insuring our horses is high on our priority lists, riders often leave themselves completely uncovered. Personal accident insurance will cover you for loss of income if an injury stops you from working temporarily, and provide a lump sum if you are permanently disabled or die in a riding accident. The type of things covered include loss of eyesight, loss of limbs, permanent disablement and death.
Why should you have it?
Personal cover is not just an issue for professional riders — who rely on being fit and healthy to compete and pay the bills. It is a matter that amateur riders should take on board as well. “If you are self-employed and break your leg, you might be just as badly affected as a professional rider would be” states Ken “Even if you are employed and are entitled to sick pay, you have to take into consideration the additional cost of someone looking after your horse if you can’t.”
What personal accident cover comes with society membership?
If you are a member of a society or organisation that offers insurance as part of the membership package, find out exactly what it covers you for — and more crucially what it doesn’t include.
- Countryside Alliance
Personal accident insurance up to £35,000 for death, loss of limbs or eyes, permanent disability, burns or facial scarring.
- BHS gold/British Eventing/British Dressage
Personal accident insurance up to £10,000 for accidental death, loss of limb/eyesight and permanent total disablement only.
- British Showjumping/Pony Club
No personal accident cover. Public liability insurance only.
How much will it cost?
The price for personal accident insurance varies dramatically, depending on the level at which you compete and the level of cover that you require. Accident cover with an income protection policy of £1,000 a month starts from around £35 a month for a non-professional. On top of this, fracture cover, which provides a lump sum payment for a broken bone, can be bolted on for roughly an extra £2 a month with some companies. There are also brokers that specialise in cover for extreme sports and professionals such as Black Swan Financial Services LTD.
Where can you get personal accident insurance?
Horse Riding Insurance
Black Swan specialises in insurance for active people. We cover horse riders for personal protection insurance. We can also cover horse riding at competition level and the hunt.
Every year hundreds of horse riders and polo players get covered with us for riding in their home country.
We understand that horse riding can be a very high risk activity and with this in mind, have developed our insurance package to cover you.
Sports Accident Insurance
For individuals requiring sport insurance Black Swan offer an advised package.
Our package does not just cover you for sport, but all activities including work.
Why would you be covered for only sport, if at the same price you could be covered for all activities.
What is income protection insurance?
Income protection insurance is a long-term insurance policy to help you if you can’t work because you’re ill or injured.
- It replaces part of your income if you can’t work because you become ill or disabled.
- It pays out until you can start working again, or until you retire, die or the end of the policy term – whichever is sooner.
- There’s a waiting period before the payments start. You generally set payments to start after your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the monthly payments.
- It covers most illnesses that leave you unable to work, either in the short or long term (depending on the type of policy and its definition of incapacity).
- You can claim as many times as you need to, while the policy lasts.
Speak To An Adviser
With income protection insurance, everything depends on getting the right policy especially if you do a risky sport – so it’s best to get advice from an independent financial adviser or broker.
It’s not the same as critical illness insurance, which pays out a one-off lump sum if you have a specific serious illness.
It’s not the same as short-term income protection, which also pays out a monthly sum related to your income, but only for a limited period of time (normally between two and five years) and can cover fewer illnesses or situations.
Do you need it?
According to the ABI, one million workers a year find themselves unable to work due to a serious illness or injury.
It doesn’t matter whether or not you have children or other dependants – if illness would mean you couldn’t pay the bills, you should consider income protection insurance.
You’re most likely to need it if you’re self-employed or employed and you don’t have sick pay to fall back on.
Check what your employer will provide for you if you’re off sick
Who doesn’t need it?
You might not need income protection insurance if:
- You could get by on your sick pay – for example if you have an employee benefits package which gives you an income for 12 months or more.
- You could survive on government benefits – but they might not be enough to cover all your outgoings
- You have enough savings to support yourself – remember that your savings may need to see you through a long period.
- You could take early retirement – if you’re near retirement age, perhaps you could afford to retire early. If you are unable to return to work you may be entitled to take your pension early.
- Your partner or family would support you – perhaps your partner has enough income to cover everything the two of you need.
To speak to an Advisor call 01283 567 200 or to find out more please click here Black Swan Financial Services LTDShare this