I remember the first time I realised how much of an influence that me taking up scuba diving would have on my life insurance policy. I didn’t really think about it before taking up diving. But it is considered a fairly high-risk hobby (ok, granted, it’s probably riskier than knitting or collecting stamps). It’s not as dangerous as, say, skydiving, but approximately one in every 211,000 dives ends in a fatality. So, from an insurance perspective, you can appreciate why live cover is more expensive for scuba divers.
What affects the price of scuba diver life cover?
A number of factors affect the price of live cover for scuba divers. These include:
- How frequently you dive. Someone who dives weekly is likely to be considered a higher risk than someone who only dives a few times a year
- Whether you’re an open water diver or you do, for example, cave diving. The latter is likely to be considered the riskier
- How deep you dive. If you frequently go on particularly deep dives, this is again likely to be considered riskier than if you’re a relatively shallow diver
Should you declare your scuba diving on your life cover policy application?
Yes. The answer is always yes. If there is a question about sports, hobbies and pastimes you should definitely declare it. Failing to do so could potentially invalidate your policy in the event that you need it.
Saving Money on Your Scuba Diving Life Cover Policy
Most life insurance providers will cover scuba divers – but it will of course influence the price. However, just because you’re a scuba diver doesn’t mean you cannot save. A few handy hints for getting the best price you possible can on your cover:
- Do shop around. Yes, it’s an old adage but it really is true. Don’t just accept the first policy you come across
- Consider a joint policy with a partner if you both dive. It’s often more cost effective per person to get a joint policy than a single policy
- Check whether your local dive club has any affiliations with providers with favourable rates for members. Many do!
Insurance – boring as Hell, isn’t it?! But a necessary evil. Don’t pay more than you need to!