Should I Buy Insurance Coverage for Sporting Equipment?

Sporting equipment can be very expensive if you lose it, or it gets stolen. That can be a huge problem if you were counting on using it while on a trip or need it for a competition.

Fortunately, sporting equipment insurance coverage was designed specifically to cover sporting goods in the event of a loss.

If you are flying somewhere and taking your sporting equipment, you may believe that the airline will cover your sporting equipment if it doesn’t make it to your destination. That is unlikely to happen. Most airline insurance coverages exclude coverage for items such as golf clubs, skis, and other sports equipment.

Travel insurance is popular with travelers and these policies sometimes offer optional coverage for sporting equipment. Be aware that travel insurance policies are rated according to the degree of risk the traveler presents, so you could end up paying a higher premium than what your equipment is worth.

If you are taking your sporting equipment on an airplane, be sure to see if any weight limits apply. It may not be important for skiers, but it might be important to a bowler who is taking multiple bowling balls on a plane. The airline could force you to leave one or more of them behind and they would be at risk of being lost or stolen.

Another thing to consider with insurance coverage for sports equipment is the types of losses the policy will pay for. Make sure you understand whether the policy you are considering covers loss, theft, damage, or other causes of loss.

Furthermore, you should have some idea of what your sporting equipment is worth and be sure the limit on your policy is high enough to cover it. If you want to purchase insurance for sporting equipment, but are concerned about the premium, you might inquire if you can add a deductible or choose a higher deductible. You will have to pay the deductible in the event of a loss, but you may still get enough of a claim check to make having the insurance policy worthwhile.

Your insurance policy may include a limit for each occurrence. If so, it will be spelled out in the policy wording. This could be important if a thief breaks into your hotel room or your home on more than one occasion.

An insurance policy is a contract, and like all contracts, you need to be sure to read it all the way through, including the terms and conditions. Hopefully, you won’t need to file a claim against the policy, but you won’t want to encounter any surprises if you do.

Finally, keep all receipts for your sporting equipment. You may need to present it to a claims adjuster if you have a loss.