A Cyclist Accident Case Study

People often ask….what am I getting if I take the plunge and insure myself?

Below we have put together a case study just to give you an idea of what is available.

What we suggest people consider is a standard Income Protection policy but with inclusion of what is called the “Specified Injury Benefit”.

You may have an Income Protection policy in place already and if you do, please ensure that you have access to this benefit.  Not all insurers have the same view with regards to cycling however and in some cases there are limitations on when and what can be claimed. 

If you hold an Income Protection policy already or any insurance policies in fact, we would be delighted to offer a free review service.  You can than rest easy knowing that you have the most robust cover in place and insurance that will actually cover you while cycling.

So here goes…..

You are racing your local crit race on Saturday morning and get caught up in a crash.  We all know how dangerous all forms of cycling can be and if you are racing, you are probably even more so at risk of sustaining an injury.

You fall off your bike and fracture your collar bone (which is the most common injury for adults)….Ouch!

Although you are injured, you are still able to work and return to work on Monday.  Would you normal Income Protection policy or even coverage from Cycling Australia provide any financial assistance if this was the case?  Possible not and even if the answer was MAYBE, the benefit received would probably be very minimal.

With access to the “Specified Injury Benefit”, regardless as to whether you are off work or not, you are eligible to make an immediate claim.  Unlike a normal Income Protection policy, there is no waiting period and again, you do not have to be off work to claim.

Below we have detailed the “Specified Injuries” that are covered and an indication of the benefit you would receive.  In this instance we have assumed the rider was earning $80,000pa.

	Specified Injury		Payment Period	Payment in $
	Paralysis		60 months*	$300,000
	Loss of thumb or index finger of the same hand		6 months	$30,000
	Fracture of the thigh or pelvis		3 months	$15,000
	Fracture of the leg (Between knee and foot) or knee cap		2 months	$10,000
	Fracture of the upper arm including the elbow and shoulder bone		2 months	$10,000
	Fracture of the skull (except bones of the nose and face)		2 months	$10,000
	Fracture of the lower arm (including the wrist but excluding the elbow, hand and fingers)		1 month	$5,000
	Fracture of the collarbone, jaw or vertebrae		1 month	$5,000

Should you be out of work for longer than the payment period, you will continue to be paid until which time you are able to return to work (or the benefit period has been reached).

In this case, our rider would receive a lump sum of $5,000.

What they do with this money is entirely up to the individual.  There is not a requirement to use these funds to cover medical expenses.  The money can be used as you see fit.

Should the injury be sustained while doing any other activity, outside of cycling, you are also still covered.  This cover provides worldwide, 24-7 cover for both sickness and accident, regardless of the circumstances.

If you would like to discuss your own situation or would like a quote, please feel free to contact us at any time on (07) 3367-0661.

In the meantime, stay safe and rubber side down.

 

This blog post contains general information only and does not take into account your objectives, financial situation or needs. Therefore, before relying on this information, you should consider your own personal circumstances and seek professional advice. Please refer to our latest FSCG to find out more about our financial advice services.