Hi tech sports equipment and the risk of underinsurance

May 26th 2017

The thing about sports equipment and accessories is that we tend to buy things one at a time and do not always realise their accumulated value until it is too late. Underinsurance is therefore a significant risk.

Even those who do not claim to be serious athletes might spend more than they had realised on equipment. In 2016 over 275 million wearable tech devices were bought globally, with over 3 million in the UK. A survey in 2016 revealed that 9 per cent of Britons planned to buy or upgrade a fitness band that year. Add to this the cost of good trainers, clothing and headphones and the cumulative figure is in the region of £1,000.

Those who are actively involved with sports like cycling and skiing can run up total investments of thousands. A good lightweight road bike costs from £1,000 to £4,000. Off road bikes cost a similar amount. Add to these the helmet, shoes, all weather clothing and lights. Then factor in any extras spent on helmet-mounted cameras, GPS systems or a power meter with Bluetooth. If there are several members of the family involved in serious cycling the total investment could be £20,000 to £30,000.

Yet it is often not until a claim needs to be made that the true accumulated value is appreciated. It is important not to risk underinsurance and therefore worth having a conversation with your broker to keep track of the cost of your equipment and make sure that the level of cover is sufficient.

Johnatan Lloyd 3

Jonathan Lloyd

Divisional Director

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