Competitive sporting events, like triathlon races, carry risks for the athletes involved. These include lost or damaged gear, unfortunate events while traveling to the race venue, Injuring yourself or others, and damaging public properties.
I myself lost my Triathlon bike worth 4,000 USD after parking it next to the Ironman venue for less than 90 minutes. And yes, I locked it up, but it did not slow them down.
This made me think, should have I bought triathlon insurance. But how much does triathlon insurance cost? The Cost of triathlon insurance that covers, Gear, Medical bills, Travel, and public damages Starts from 250 USD and could reach up to 650 USD annually. The price of the insurance depends mainly on the applicant age, the amount of coverage, equipment value, coverage location, and the applicant insurance history
The above cost is an estimate based on the table below of compiled quotes from the triathlon Insurance provider.
On a side note, do not waste your money on useless gear purchases and check out my Best Triathlon Battle-Tested Budgeting Gear
All High-End packages shown in the table below have a certain level of coverage for all 4 items listed above for a year. The low-end policy may be missing some of that item but I think it is good to put into prospect what’s the minimum amount to expect. Also, One-day race insurance and monthly coverage also exist but will not be covered here.
|Insurance Policy Provider||Low-End Policy Cost (USD)||High-End Policy Cost (USD)|
|Sports Cover Direct||250||550|
Note all quotes are collected based on United Kingdom residency and the above-presented numbers are rough estimates. For accurate numbers, you will have to contact the policy provider directly. (Quotes Source: Bikmo , YellowJersey & Sports Cover Direct)
Insurance in general can protect you and your most vulnerable assets. But is Triathlon-specific insurance any different and is it truly worth it?
- What Is Triathlon Isurance?
- Does Your Triathlon Club Offer You Insurance Coverage?
- Factors Dictate The Cost of Triathlon Insurance?
- Is A Triathlon Race Insurance Required?
- So, When Is Triathlon Insurance Worth it ?
- Triathlon Insurance Terms and Conditions
- At What Age Should You Get a Triathlon Insurance ?
- How Long Does It Take to Process A Triathlon Insurance Claim?
What Is Triathlon Isurance?
Every insurance company has its own definition of Triathlon insurance and coverage options they offer triathletes, however, the main criteria is covering the individual for the purpose of engaging in triathlon.
In general, triathlon insurance could be broken down into the below four Main Items,
- Gear Insurance: Mainly the bike but sometimes insurance companies may offer to coverage of other items like wetsuit.
- Personal Medical Insurance : If an athlete is injured during an event, while training for an event, or misses an event due to illness, their care and entrance costs will be taken care of by their provider.
- Travel Insurace : If you missed the flight for whatever reason, etc.
- Public Liablity Insurance : Accident injuring or damaging someone else or someone else’s property
If you are confused about your Triathlon bike purchase then make sure to check our Triathlon Bikes: Complete Entry Level Buyer Guide
Does Your Triathlon Club Offer You Insurance Coverage?
Some club memberships offer a certain level of coverage such as British Triathlon (Source), however, the free coverage included in the membership only covers “Public Liability” and only applies to events recognized by British Triathlon.
Team USA Triathlon provides the option for triathlon clubs in USA to cover their athletes which cover participants in regular workout sessions such as a morning run and weekend rides for around 25,000 USD in medical expenses. (Source). If you’re in USA, it would be a good idea to check if the club is enrolled in TEAM USA Triathlon Insurance before joining one.
In general, rarely one can depend on the club or race organizer insurance because they may be leaving out some essential items that matter the most for you, but it would not hurt to check for yourself.
Factors Dictate The Cost of Triathlon Insurance?
- Number of the covered items Mentioned Above
- Country of residence : UK insurance Coverage cost is very different from USA
- Duration of coverage : One day race insurance coverage or long term one month or one year coverage
- Which Coverage Items are you opting for : Gear, Medical, Travel and Public Liablity Insurance
- Current Gear Value
- Applciant Age
- Applicant Insurance Claim History
- Coverage amount: Calculated based on the gear cost and the individual age
Is A Triathlon Race Insurance Required?
Triathlon race insurance, like all types of insurance, is usually optional in triathlon events. Yet, as described above, you have the option to get covered for a specific Event as in One-day coverage, or throughout your day-to-day triathlon training journey.
Having said that, take note that Triathlon’s extensive training exerts a lot of stress on your body. You constantly risk hurting yourself or you may get sick without warning. General medical and travel insurance helps, but doesn’t offer coverage when something happens while your running, cycling, or swimming.
Not to confuse Triathlon Insurance With Triathlon License. For more on this, check out our article: What Is A Triathlon License? How Much Does It Cost? And Do You Need One!
So, When Is Triathlon Insurance Worth it ?
Triathlon is an Investment. It is not a cheap sport and physically demanding. A first-timer is expected to spend $265, a beginner $1,190, an enthusiast $6,285, and an advanced triathlete is expected to spend $17,000. For more on this, check out my analysis: The Actual Cost Of Racing Triathlons; First Timer, Beginner, Enthusiast, And Advanced.
So there are three parts when it comes to evaluating if triathlon insurance is worth it. The question would be, do I need all three; Personal health, protecting property damages, and investment protection.
When it comes to health, there is no question it’s a priority whether you are doing triathlons or not. There is actually a chance that your current policy is covering you, but if this is not the case, I would advise you either talk to your current provider to expand it or go right ahead and buy a separate one.
As for protecting against public property damages, while it’s not so common, it still happens. I would personally ignore it if the price is too high but would still try to get something for a small budget if the policy provider has the option.
When looking at it from protecting investment perspective, a first-timer and beginner are not expected to have spent more than 1,190 USD on the sport, and it does not make so much sense for me to pay 20 to 50 % to protect this investment, however, as the individual becomes more engaged in the sport, the amount invested spikes from 6,000 USD to more than 17,000 USD, which would justify spending the highest tier of 650 USD on a complete triathlon coverage.
Having said that, in my opinion, it doesn’t matter if you are racing Triathlon or not, you should have medical insurance coverage. As for the complete triathlon coverage, covering all four mentioned items above, it would only be worth it if you intend to advance into the sport to the point where you will be spending more than 7,000 USD on the sport.
Triathlon Insurance Terms and Conditions
It is very hard to put forward a list of common terms and conditions used since it significantly varies from one company to another.
I would highly advise putting the time and effort to explore the Terms and Conditions of the policy and evaluate for yourself if it satisfies your individual requirements before committing to any triathlon insurance policy.
The best thing you can do if you are interested in purchasing race insurance is to do thorough research. Find out which companies offer this type of coverage. You can do this by searching online or asking fellow triathletes about their experiences on this topic.
Visit their websites to find out what they charge for the coverage for each of the four items mentioned above, what is required for approval, and what they do, and more importantly what they do not cover.
If you have further questions, call or email the provider. When you are close to making a decision, make an appointment for a face-to-face talk with an agent.
At What Age Should You Get a Triathlon Insurance ?
You can choose from multiple plans. Each plan is customizable, so you can pick what coverage you want based on your needs.
In my opinion, Medical and public Liability are very much worth For triathletes.
Even young athletes can be protected from what is known as “… Common risk factors…” like “… Acute injuries, such as sprains or fractures and other “… Risk[s] that [are] not common but can happen nonetheless.”
How Long Does It Take to Process A Triathlon Insurance Claim?
Like any other insurance, once you’ve claimed triathlon race insurance, it usually takes up to 30 days to process. This heavily depends on certain factors, including, according to Netquote.com, “… The consumer and what formal documentation they need” to turn in to prove they had a legitimate reason for missing a race. (Source)