Loss Of Licence Insurance
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Compare QuotesWHY YOU NEED Loss Of Licence Insurance
Loss of licence insurance is a crucial type of cover designed to protect professionals whose careers depend on maintaining specific licences. This insurance provides financial support if you’re unable to work due to losing your licence, offering peace of mind and security for your future.
Why Do You Need Loss of Licence Insurance?
Imagine losing your ability to work overnight. This could be due to illness or injury. For many professionals, particularly pilots, this nightmare can become a reality if their licence is revoked. Loss of licence insurance acts as a safety net, providing:
- Financial protection during temporary or permanent loss of licence
- Coverage for living expenses while you’re unable to work
- Support for retraining or finding an alternative career
- A lump sum payment in case of permanent loss of licence
Who Needs Loss of Licence Insurance?
While commercial pilots are the most common beneficiaries, loss of licence insurance is valuable for various professionals, including:
- Airline pilots
- Air traffic controllers
- Train drivers
- HGV drivers
- Medical professionals
- Pub and restaurant owners (for alcohol licences)
How Does Loss of Licence Insurance Work?
- Choose your level of cover based on your income and needs
- Select a deferred period (waiting period before benefits start)
- If you lose your licence, notify your insurer
- After the deferred period, receive monthly benefits or a lump sum payment
- Use the benefits to cover living expenses or retrain for a new career
What are the Exclusions in Loss of Licence Insurance?
Common exclusions may include:
- Pre-existing medical conditions
- Self-inflicted injuries
- Criminal acts leading to licence revocation
- Voluntary surrender of licence
- War or terrorism-related incidents
Always check your policy details for specific exclusions.
How Much Does Loss of Licence Insurance Cost?
The cost varies based on factors such as:
- Your profession (e.g., commercial pilots may pay different rates than pub owners)
- Your age and health status
- The level of cover you choose
- The deferred period you select
Compare quotes from top UK insurers to find the best value for your needs.
Brisco: The Smart Alternative to Loss of Licence Insurance Brokers
Brisco Business offers a distinct advantage over loss of licence insurance brokers for your insurance requirements. Access a wide range of insurers to find competitive rates and comprehensive coverage options. Our online platform is available round-the-clock, allowing you to compare quotes and purchase insurance at your convenience, allowing you to make the best choice for your business.
Compare quotes for loss of licence insurance along with many other types of property insurance with Brisco Business now and find a policy that covers your needs.
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Why do I need loss of licence insurance?
Commercial pilots and restaurant owners both rely on their licence to do their job. Without it, a commercial pilot’s career would be over and an alternative career would be needed. Unexpected events can affect anyone, not just a commercial pilot’s career. If you do lose your licence, you need something to fall back on during the waiting period.
For example, if commercial pilots have their licence revoked during their aviation career, it’s good to know that they have a loss of licence insurance policy regulated by the financial conduct authority in place to cover their temporary loss of income.
What is the sum insured by loss of licence insurance policies?
Loss of licence insurance is there to provide coverage in case your licence is revoked. These losses can be considerable and may run into the hundreds of thousands of pounds. Some loss of licence insurance policies will have a sum insured of up to £250,000, but it’s important to understand the sum insured of your loss of licence insurance policy places.
What kind of cover is available under loss of licence insurance?
The Financial Conduct Authority regulates different types of loss of licence insurance that can cover you if you lose your licence. The most common authorised and regulated loss of licence type for an insured person is called loss of earnings insurance, which will provide cover for the temporary loss of their income if they are unable to work.
Is loss of licence insurance worth it?
Yes, loss of licence insurance is important for professionals who rely on their licences to earn a living. If you lose your licence, you may be unable to work and experience temporary loss of income if you aren’t an insured person. Authorised and regulated loss of licence insurance can help you cover your living expenses while you are unable to work or are looking for an alternative career.
Is loss of licence insurance required by law?
Loss of licence insurance is not required by law, but it is strongly recommended for professionals who could lose their livelihood if they lost their licence. If you want to be an insured person, talk to your insurance agent for further information on whether loss of licence insurance is right for you and whether a licence policy regulated by the financial conduct authority would cover a temporary loss of income.
