There’s more to life than your 9-to-5 job, and your hobbies are proof of that. From motorsports to skydiving, your hobbies balance your work life, so it’s not all work and no play. The truth is, high-risk hobbies are great for adrenaline boosting, but they give insurers more to think about when it comes to your income protection insurance. 

Income protection insurance is your financial safety net when you find yourself out of work due to an injury or illness. High-risk hobbies increase your risk of being out of work due to an injury, so the risk for an insurer is also higher, as you’re more likely to need to claim on your cover. 

An element that can be particularly affected is your premiums. Insurers will evaluate your scenario to determine the cost and conditions of your income protection insurance. So, how do your weekend plans reflect in your cover? Understand what you can do with Morgan Insurance Brokers.

What Is Considered A High-Risk Hobby?

Insurers will assess your personal life to determine your scenario and the likelihood of needing to claim on your cover. This includes aspects such as your age, general health, profession and lifestyle (hobbies, activities, etc). These are all elements that can impact the cost of your income protection insurance, as they directly correlate to the chances of you being out of work. Some examples of high-risk hobbies include: 

• Motorsports
• Rock Climbing or Mountain Climbing
• Scuba Diving
• Skydiving or Paragliding
• High Contact Sports (rugby, martial arts, etc.)

When insurers look into your hobbies, they’ll assess specific conditions to determine how much of a risk they pose to your career and income. For instance, how often you perform these hobbies, the level you participate at (i.e amateur vs professional), and what safety measures or certifications you hold to perform the activities. 

How Does It Impact My Policy?

The important thing to remember is that your high-risk hobbies don’t mean that you can’t get income protection insurance at all. But it will impact your income insurance premiums. 

Your premium refers to the regular payments you’ll need to make to the insurer to keep your policy and coverage active. So, with the analysis of your hobbies and how likely they are to cause an injury that leaves you out of work, insurers will increase the cost of your premium to make it worth their time and liability. 

In some cases, loadings may be applied to your base premium, where an extra cost will be added due to the risk of your activities. Or, they may choose to apply exclusions where claims cannot be made if it’s from an injury related to the activity or hobby. 

Navigating Your Hobbies and Insurance Cover With Morgan Insurance

The best thing you can do is be honest with your insurer, as you have a legal duty of disclosure whereby you’re required to provide accurate and truthful information on your application. Failure to disclose an important piece of information, such as your participation in high-risk activities, can result in declined claims or policy cancellations, leaving you completely uninsured. To avoid financial distress or being unprotected when you’re trying to recover from an injury or illness, it is best to be honest during your income protection insurance application. 

If you’re nervous about navigating it alone, that’s what Morgan Insurance Brokers is for. We’re experts in the market, so we’ll help you navigate which insurers are more understanding towards high-risk hobbies. We’ll handle your application from start to finish so we can ensure your application is honest and appeals to your experience and safety measures, so that your activities pose less of a risk to insurers.  

We’ll search the market to find you an insurance policy that works for you and your lifestyle, without breaking the bank. With our market knowledge and experience, we’ll ensure that you’re satisfied with your cover and that you’re appropriately covered for your high-risk hobbies, so you can live your life without worrying about how it will impact your career and financial future. 

Contact our team for more information.

No Risk With Morgan Insurance

We understand how important it is that you live your life to the fullest and enjoy those adrenaline-pumping hobbies that you love. It’s important to be protected against any injuries or illnesses for the worst-case scenario, and to ensure that you won’t suffer financially. That’s why we’ll find you the best policy, so you don’t need to worry about the ins and outs. 

If you have any questions or you’re ready to get protected with Morgan Insurance, reach out to our team today.