Types of Sports Insurance Explained
The UK is home to a remarkable number of sports lovers. In 2023, around 63% of over-16s regularly participated in sports. That’s roughly two out of every three people (Statista). Whether you participate in individual exercise activities, such as jogging and hill walking, team sports like rugby and football, or more extreme sports like mountain biking and cage fighting, injuries and accidents are part and parcel of the sporting experience.
While we avoid them as much as possible, we cannot eliminate all risks. Which is why specialist sports insurance is so popular. In this article, we explain the various types of sports insurance and explore how they protect you and who they are for.
What is sports insurance?
Sports insurance provides financial protection to athletes and amateurs should something happen as a result of their participation in sports. It aims to mitigate the risks associated with playing and enjoying various sports by ensuring you are not left out of pocket or lacking appropriate medical care in the case of an accident or injury.
All sports carry some risk - though some are riskier than others - and protecting yourself against that risk is often the sensible thing to do. For many people, sport is a passion but not a profession. It is the way they spend their spare time away from work. However, concerns over the potential professional implications of an accident or injury acquired through sport can stop people from fully enjoying their favourite activity.
Specialist insurance is essential for professional athletes and those in the sports industry. An injury or accident could mean the end of your career and have an enormous financial impact. You may also want to consider factors like public liability and your legal obligations as a sports event organiser or club coordinator.
Why do you need sports insurance?
People take out sports insurance for a diverse range of reasons. However, we typically see four main motivations.
1. Concern over medical care
Many sports people purchase sports insurance to ensure they get the best possible medical attention in the event of an injury, incident or accident. While the NHS provides a high standard of care, there are issues with wait times and users do not enjoy the same degree of choice as in the private sector.
2. Financial protection
Accidents and injuries can be expensive. Private healthcare services do not come cheap and you could be left with a hefty bill if you do not have insurance. These costs may be even greater if an accident occurs overseas and you require medical attention or emergency rescue. People participating in group events may also want to protect themselves against public liability claims. Certain types of insurance cover your legal bills if someone else claims you were responsible for an accident or injury.
3. Loss mitigation
Injuries and accidents can stop you from working, affecting your ability to earn and support yourself and your dependents. Many sports people want to protect themselves from this possibility and do so by taking out sports insurance that covers their income and ensures they can pay their bills and meet other financial obligations.
4. Peace of mind
Finally, we tend to find that peace of mind is one of the most common but underappreciated motivations for taking out sports insurance. Many people simply want to participate in the sport they love without worrying about a load of what-ifs. Sports insurance takes a weight off people’s shoulders and allows them to fully immerse themselves in the moment and forget their concerns over injuries and accidents. Because, interestingly, most sports people accept accidents and injuries are a part of participating in sports and are not that worried about the injuries themselves. It is the implications of those injuries that are anxiety-inducing. And that is exactly what sports insurance protects against.
Types of sports insurance
You can break down sports insurance in any number of ways - by sport, potential risks or the level of professionalism, for instance.
However, we believe the most useful way to examine sports insurance is by the type of cover provided.
From this perspective, there are three main types of sports insurance - health insurance, income protection and life insurance.
Sports health insurance
Sports health insurance is probably the first thing most sports people think of when they hear the words sports insurance. It deals with the immediate health and medical implications of accidents and injuries that occur in a sporting context.
What is it?
Sports health insurance is a medical insurance policy that combines cover for sport-related injuries and the benefits typically associated with standard health insurance. It ensures you enjoy protection when participating in sports and covers any health issues outside of a sporting context.
What does it cover?
You can design sports health insurance policies to reflect your needs and include components that are important to you personally while excluding others. Generally, this type of insurance includes both diagnostic and treatment processes for various injuries, including impact injuries, fractures, dislocations, soft tissue damage, torn tendons and ruptured ligaments. It can also be adapted to include cover for illness, treatment abroad and additional treatments, such as acupuncture, physiotherapy, dental and cancer treatments. In many cases, sports health insurance will allow you to choose the specialist you want to see and the hospital where you will receive treatment. As such, it ensures medical attention is tailored to your needs.
Who is it for?
Sport-specific medical or health insurance is for anyone who participates regularly in sports. While it may be more common in some sports than others (mountain biking involves a greater risk of accident or injury than curling, for instance), it is popular across all types of activity. Not all general insurance policies cover sports-related injuries, so it may also be necessary for participants who already have general medical insurance.
Income protection
Income protection is not afforded as much attention as sports health insurance but is equally important. It typically supports sports people unable to meet their financial obligations or support themselves due to a sporting injury or accident.
What is it?
Income protection helps you pay the bills if you cannot work or earn. Most people receive very little statutory sick pay following a sports injury or accident and would struggle to make ends meet based on SSP alone. Income protection can include lump sum payments for things like fractures, as well as monthly income payments. It is available to all occupations and both individuals in traditional employment arrangements and the self-employed. In many cases, income protection cover extends beyond a sporting context and will also act as a general personal accident insurance policy.
What does it cover?
If you write down your regular financial obligations and calculate how much you pay out every month, the figure is often substantially higher than you thought. People have more financial commitments than they realise. From rent or mortgage payments to utility bills, council tax, credit card fees and car repayments, most people have a lot of regular expenditures to cover. Income protection can help with all these obligations, ensuring you don’t fall behind and keep your head above the water.
Who is it for?
With income protection insurance, personal circumstances do not particularly matter. A short period without work can have devastating consequences and most people benefit from taking out income protection. However, it is particularly crucial for anyone who would be unable to work at all if they picked up an injury or were involved in an accident. Especially those whose jobs involve physical work or extensive travel.
Life insurance
Life insurance is not easy to talk about. But it is important. If the worst were to happen, you want to ensure loved ones and dependents are well taken care of and do not have to shoulder any financial burden arising from your passing.
What is it?
Life insurance pays out a lump sum should you suffer a critical illness or injury, helping to protect your family and loved ones in the event of your untimely death. This lump-sum payment is usually tax-free and can be used to pay off your mortgage or provide for your family or dependents’ future and ensure they are financially secure.
What does it cover?
Life insurance can be tricky for many sports people to acquire. Most notably, those who participate in riskier activities with higher mortality rates. This includes extreme sports like base jumping, as well as more mainstream sports, such as off-road motorcycling and boxing. Working with a specialist sports insurance broker, like QSI, simplifies the process considerably. We can find life insurance that covers any and every type of sport and adapt life insurance policies to include debilitating, life-changing injuries and serious medical issues like fractures.
Who is it for?
While anyone can take out life insurance, it is primarily aimed at people with loved ones and dependents they want to look after should the worst happen. If you have a long-term partner or children, or a parent or friend helped you financially and you don’t want to leave them exposed, life insurance is a good idea. It will also appeal to those who participate in sports with a slightly higher risk of injury or accident.
Why specialist sports insurance?
Specialist sports insurance is essential for several reasons.
1. General insurance is not comprehensive enough
Whether they include medical, income protection or life cover, general insurance policies usually do not extend to injuries and accidents that occur in a sporting context.
This is especially true of those acquired during more “extreme” sports. If you go through a general insurance policy document, you will probably see it explicitly excludes many sports. Sports-specific insurance ensures you are covered at all times and can enjoy your preferred activity without concern.
2. Sports-related expertise
Sports-specific insurers understand the risks you are exposed to and can create more detailed and fairer-priced insurance policies because of this. Their sports expertise also helps to streamline claims processes and simplify communication between policy providers and policyholders. For instance, our in-house Quote Sports Insurance sports experts are well-versed in the needs of sports people, have experience of the questions they are likely to ask and can provide answers and information quickly and clearly.
3. More tailored policies
Quote Sports Insurance also leverages this expertise and experience to find and deliver policies that are better tailored to individual needs. Because our experts understand the complexities of sports insurance and participation, we can deliver policies that reflect your circumstances and how you participate in your chosen sport. We find policies that contain exactly what you need and nothing you don’t, maximising value for our customers.
How do you choose the right sports insurance policy?
We recommend the following steps to ensure you get the best sports insurance policy possible.
1. Use a specialist sports insurance broker
Specialist sports insurance brokers simplify and streamline the process of finding insurance. Rather than having to search through an endless array of providers and comb through piles of complex policy documents, specialist sports insurance brokers help you compare and contrast policies quickly and simply. Utilising their established insurance network, they help you identify appropriate policy options and the most cost-effective premiums.
2. Ensure your broker is open and communicative
The best insurance brokers are happy to answer your questions and provide information and answers. They should communicate clearly and respond promptly to any enquiries. Good communication in early interactions suggests they also have an efficient claims process in place and are responsive to customer needs.
Discuss your specific needs
While you can usually get quick quotes from specialist sports insurers, it often pays to speak to a broker's in-house experts to discuss your circumstances and personal needs. This is particularly true for those participating in more dangerous sports or who want a more tailored policy.
Specialist sports insurance with Quote Sports Insurance
At Quote Sports Insurance, we ensure you get the best deal possible on your comprehensive sports cover. As a specialist sports insurance broker, we make it easy to take out an affordable insurance policy that provides the desired level of protection. Whether you require health insurance, income protection or life insurance, we have you covered. Find out more »
