Cycling life insuranceThe facts about getting Cycling Life InsuranceAt iam|INSURED, we are experts specialising in insurance for extreme sports and hobbies that have certain levels of risk, such as Cycling Life Insurance. Anyone who takes part in a sport or hobby that could be considered dangerous may have difficulty buying cover. Securing Cycling Life Insurance however should be straightforward, as it does not usually pose any real issues or element of risk in comparison with other sports. If you are a keen cyclist or mountain bike rider and need Life Insurance, our experts at iam|INSURED can help you find the right product for an affordable rate that fits in with your circumstances.What does Cycling life insurance cost?Insurance underwriters will assess your application for Cyclinglife insurance based on the following: The kind of cycling you do (mountain biking, road cycling, etc.) Where you cycle – is it an area where there is a risk of an accident? Whether you take your bike abroad The value of your bike Current healthYour premiums for Cycling life insurance will also depend on: Sum assured (£’s) Term of cover (years) Type of policy (e.g. Family, Mortgage, Whole of Life etc.)Cycling life insurance rates/ratingsRates for any non-standard cover such as Cycling life insurance will vary from one insurance provider to another depending on their underwriting philosophy. Insurance providers use a risk based scale to determine the amount you will pay for your cover which uses a ‘percentage loading’ or ‘£’s per mille loading’. All insurance companies have their own underwriting criteria which will also change over time, so can be difficult to predict unless you regularly speak to them.Percentage (%) loading for Cycling life insuranceA percentage loading basically applies a % to your standard premium based on the levels of risk calculated for your own circumstances. Your percentage loading will apply a multiple to your Cycling life insurance premium, which will be based on your health and your level of risk at the time of your application. You should also know that some insurance providers have different maximum levels to others, so some are prepared to take on higher risks (e.g. 250% or 400%).EXAMPLE:Basic premium% loadingFinal premium£20.0050%£30.00£20.00100%£40.00£20.00150%£50.00£20.00200%£60.00£20.00250%£70.00Per mille loadings for Cycling life insuranceYou may also find that a ‘per mille loading’ could be applied to your Cycling life insurance premiums, but this is more rare and only tends to be used for more severe health conditions such as Cancer, or if you are at an extreme level of risk. A ‘per mille loading’ will be an additional amount that is applied to your premiums, which is based on the amount of cover you are applying for (e.g. £2 per thousand £’s of cover). The other difference with a ‘per mille loading’ is that it can be applied for the whole term of your Cycling life insurance policy, or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).Exclusions for Cycling life insuranceAnother potential outcome when applying for a non-standard cover such as Cycling life insurance is for an ‘exclusion’ to be applied to your policy. This means that you may have certain things excluded from your policy such as global travel cover, theft or personal accident. You may also find that certain additional benefits could be excluded such as Total and Permanent Disability, Waiver of Premium or Guaranteed Insurability.How much cover do I need?It is difficult to say how much cover you need when you are applying for a Cycling life insurance policy. There are however some simple pointers that you can follow which will give you a good idea for how much cover you need before you apply.Cycling life insurance amounts of cover Accidental damage Theft Personal accident Public liability Emergency physiotherapyWhich insurance companies offer Cycling life insurance?It is possible to get a Cycling life insurance policy from most providers these days, however the cost will vary dramatically depending on their ability to underwrite you based on how often/where you cycle and your current health. At iam|INSURED, we’ve help lots of cyclists find the right policy for their circumstances at the right price. Our team of experts will take details of your cycling lifestyle and health and will be able to offer you the best cover at an affordable cost.