Risky sporting activities add spice to life, there’s no question about this, but one should not forget their main characteristic: risk. While it’s true that everything we do carries a certain amount of risk, for high-adrenaline sports such as bungee jumping or caving, the risk factor is much greater. This is why some insurance providers do not cover such sports at all. Others, however, have calculated the degrees of risk one faces when practising extreme sports, and have arranged a number of coverage options for the enthusiastic athletes.
If you like high-risk sports, an insurance policy covering possible injury or death while engaging in them is, needless to say, a must. But before you choose an insurance provider, you should familiarise yourself with the priority factors that insurance companies take into account with regard to these products.
First, your physical and mental shape is of the utmost importance. Remember, the responsibility for your personal well-being is in your own hands and so is the responsibility for any members of your family who are financially dependent on you. That’s why an evaluation of your degree of preparedness to take the risks associated with one or another sport is a major factor in dangerous sports insurance.
Another factor to consider is the location where you will be practising the sport. For instance, some insurance providers only cover paragliding over water but not over land as the latter involves a much higher degree of risk. Also, some would cover your hot air ballooning session only if you are doing it as part of a group and not on your own. After all, even insurance companies are not prepared to cover every risk, no matter how great.
One other thing that insurance providers would consider before offering you a dangerous sports coverage is whether the activity you will be engaging in will be of a competitive nature. So, for example, if you want to go power-boat racing, some might refuse to cover it. Yet, if you power boat for your own enjoyment, you will have no problem getting covered. Bear in mind that many insurance providers specialise in just one category of extreme sports, such as winter sports or water sports. Others have more diverse dangerous sport insurance product portfolios, so shop around to find the best offer for you.
Whatever the insurance coverage you choose, keep in mind that it does not remove the risk from the sport you want to practise. The insurance is there to make sure you face as few financial obstacles as possible if anything were to happen to you. It does not guarantee that nothing will happen. It’s your job to minimise the dangers you may run into while enjoying yourself. It’s the insurer’s job to make sure you get quality treatment and compensation in case you fall prey to these dangers.
