Has anyone got insurance for loss of income from injury from riding? I’ve just gone self employed and I’m a bit paranoid about it. I remember seeing adverts for this in the mtb magazines a few year ago. Im looking for daily/ general insurance not the specific holiday stuff, non competitive. Any advice or recommendations would be greatly appreciated.

https://www.mtbinsuranceuk.com/

Run by Helen Gaskell, mainly aimed at racing but fairly sure they cover general riding as well

Cheers pal

I looked into it briefly and decided it really wasn’t worth it. Very expensive and loads of get out clauses. Self insuring is a natural part of being self employed IME. You really need to be able to cover a huge range of things that might result in a payment shortfall that no insurance will cover.

I’m with MetLife. Had to claim a couple of times and never any argument.

You’re basically insuring money and when I looked into it worked out at a premium of 25% of expected payout. So didn’t bother.

I’m with MetLife

Has a post been deleted?

Income Protection cover is perfect for what you describe @craig5 , it makes sense to protect yourself if you are self employed and don’t get sick pay from an employer.

Gives you an income if you are unable to work due to Illness or Injury.

I have helped a few from here set up cover and happy to discuss your options if you would like to.
feel free to email me : nealglover@LifeSearch.co.uk

free advice and no pressure 👍

…when I looked into it worked out at a premium of 25% of expected payout. So didn’t bother.

What sort of cover was that @intheborders ?
I have set up a policy for a client this morning that gives an income of £1500/month if unable to work due to any illness or injury, and the premium was £22.31/month
(so roughly 1.5% of payout/month)

Self insuring is a natural part of being self employed IME. You really need to be able to cover a huge range of things that might result in a payment shortfall that no insurance will cover.

Self-insuring is great for the capital-rich – but its not a great solution for many people. Essentially the whole reason any insurance policy exists is to spread the pain/risk over many people rather than one incident becoming catastrophic.

It’s actually the one decent benefit my employer offers – but nobody really values.

@poly totally agree, and although I do work in the Industry so it may seem like I am not “impartial” what sort of Self Insure method can realistically cover potentially 25 years+ of household outgoings and mortgage payments after a spinal injury means someone may never work again.

A healthy 30 year old can ensure a £2000/month income (index linked) if they are unable to work. This payment comes every month until they return to work, or until retirement age of 68 (if they never work again) for a premium of £22.31/month
This is an actual policy put in place today, not a made up example.

That’s a lot of money to have lying around to “self insure” ? 😲

I have a policy with Insure4sport for just over £10 a month. It’ll cover 80% of my salary if I can’t do my job if I get injured cycling, running, playing football etc. Hopefully never need it but don’t want to risk cancelling it…

Never had to claim, but as Ned Flanders said insurance is a form of gambling anyway.

Self-insuring is great for the capital-rich – but its not a great solution for many people.

Its not a great solution for anyone, but it is pretty important if you want to work self employed. I’m sure can get policies to cover all sorts of things, especially the known possibilities like having an accident, but you won’t get cover for everything and a whole load of things may crop up that you’d never even considered, eg a global pandemic. I’m just pointing out that having a pot of reserve money should be a natural part of your financial planning if you are self employed and you should try to charge and budget accordingly. It does go both ways, though and if nothing bad happens then you still have that money to do with as you please

I have set up a policy for a client this morning that gives an income of £1500/month if unable to work due to any illness or injury, and the premium was £22.31/month

that sounds a lot better than the income protection i have. think i pay about £30 a month and get £900 a month for 2 years if i cant work. need to look into it again as it has gone up quite a bit recently.
it also covers me racing the mtb including dh( dont race dh but that didn’t add anything over enduro’s)
guessing being over 50 also makes it cost more.

that sounds a lot better than the income protection i have. think i pay about £30 a month and get £900 a month for 2 years if i cant work. need to look into it again as it has gone up quite a bit recently.
it also covers me racing the mtb including dh( dont race dh but that didn’t add anything over enduro’s)
guessing being over 50 also makes it cost more.

Age is certainly a factor, any decent policy covers any illness or injury, so would cover mainstream hobbies/sports like cycling/MTB climbing, triathlon, football etc. (Extreme stuff like BASE jumping etc would need further underwriting)

I always recommend “guaranteed premiums” that don’t change throughout the policy, it sounds like you have “age costed/reviewable” that will increase every year even though the cover remains the same.

Happy to look into alternatives for you and see what’s available?
Email me if you need any help nealglover@LifeSearch.co.uk