1. Using your contents insurance to cover your bike

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The best way to insure your bike

In Australia, we have found that the best way to cover your bike is as part of your contents insurance. Most insurance companies do a really good job with most belongings, but they just don’t understand how important your bike is. For many insurers, a bicycle is just another piece of sporting equipment.

Is your bike covered under your contents policy?

You’re half way there, but you still need to make sure your bike is adequately covered. Here are some points to check…

Checklist for your current contents insurance…

 

• How many bikes do you have?
Some policies have a limit as to the number of bikes covered.

• Do you need to list your bike as a valuable?
Some policies will only cover your bike if you specifically mention it, like jewellery or antiques.

• Are you covered away from home?
Check to see if you are covered for theft and damage away from home. Also, if you ride all over the country, your coverage should be Australia wide. If you ride overseas, you’ll need worldwide coverage.

• Are you covered for damage while in use?
Many policies will cover your bike for damage, but not damage that occurs in use. Better check. If you race your bike make sure that you are covered while racing.

• Does your policy’s limit cover your bike’s value?
Don’t choose a policy with a $1200 payout limit to cover a bike worth $5000.

• Are you prepared for theft or damage?
Keep an up to date list of bicycle equipment and accessories.

Also, take a good quality photo of your bike. The photo should clearly show the type of seat, make, frame type and size, wheels and accessories. This makes it much easier to report it stolen to the police and aid you in the event of a claim.

The insurance company and the police may ask for proof of ownership if your bike is stolen. Proof of ownership also helps if you bike is recovered by the police.

• Are you covered while your bike is in transit?
If you travel with your bike, check that any damage in transit is covered. Often it’s not.

• Are you covered for liability?
These days it’s increasingly important to have adequate liability coverage. In the case of an accident with a pedestrian, you may be liable. Make sure you’re covered.

 Why choose CycleSafe Home™?

Support the people who support your bike riding. Join Bicycle Victoria.

Case Study 4

Tamara was riding her bike down the local bike path when another rider coming around a corner and failing to give way hit her bike causing her to come off and damage her bike. Tamara was ok but her bike was damaged beyond repair. Fortunatly she had CycleSafe Home Contents insurance policy to cover the costs of a replacement bike.

 

Kathy thought she had her insurance sorted. After all, she had contents insurance through one of Australia’s largest insurance companies. ‘I was cycling in New Zealand and had an accident. My Bicycle Victoria membership insurance paid for 12 months of physio to get me back on my feet, but the bike was a write-off. Apparently my bike wasn’t covered for accidents.’

That’s right, Kath. Some insurers won’t cover loss or damage to your bicycle while it’s actually being used. Makes you wonder when they expect damage to occur. When it’s not being used?

You should take a look at CycleSafe Home™ Insurance which would have covered you for your bike. Visit www.middleditch.com.au for details.

 

 

Craig went out to his garage one Sunday morning to go for a ride with friends and found his bike had been stolen. As Craig had a CycleSafe Home Insurance Policy which covered his contents for Theft as well as Accidental Damage or Loss his bicycle was replaced from his preferred bike shop within a couple of weeks.