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Whether you’re a lycra-clad commuter or a two-wheeled weekend warrior, you may not think you need bike cover. Well think again!
You may not know it but not having the right kind of insurance can cost you a bundle should life throw you (and your bike) off course. If you’re serious about your new set of wheels or simply want the best protection it’s worth comparing bike insurance policies.
Bike insurance is cover designed specifically for cyclists. Just like any vehicle, riding a bicycle (particularly a very expensive one) poses multiple risks. Bike insurance protects you against theft or damage to your bike, damage to other people’s property (like a parked car) and the risk of liability should you injure someone else while riding.
Every cycling insurance policy is significantly different and in order to find the right policy, it’s important to identify your specific needs.
With its plentiful health benefits and traffic dodging convenience it’s easy to see why Aussies have turned to cycling in droves. However, alongside the trend towards two-wheeled transport comes a rise in cycling accidents and deaths. And the cost of cycling injuries can truly sting! In a recent court payout, an ACT cyclist was ordered to pay more than $1.6 million after knocking a fellow rider off his bike.
According to Allianz Insurance:
So you’ve taken a tumble and now your bike is now a mangled mess. Or perhaps it’s been stolen from outside your friendly neighbourhood café. Or worse still, you’ve crashed into another cyclist or a pedestrian causing them serious bodily damage. If you’re passionate about your ride, bike loss or damage can seriously put a spanner in the works. That’s where bike insurance comes in very handy.
Bicycle damage/theft: While home and contents will usually only provide limited insurance should your bike be burgled, bicycle cover provides theft cover for high-end bicycles. Additionally, unlike home and contents cover, bike insurance will cover your bicycle if is stolen away from home. Your policy will also usually include crashes and incidents such as ‘garage door collision with bike on the roof.’ Also most home and contents policies would not provide cover for damage while riding or if the bike is damaged away from home.
Personal injury or death: Both bicycle insurers Velosure and No Worries include cover for personal injury or death in their policies. Velosure also provides international coverage in the event that you are injured whilst riding overseas.
Third party property and liability: Most insurers offer third party liability insurance if a cyclist were to damage another person’s property or cause injury or death. Cover ranges from $1 million to $30 million.
Bike insurance while travelling: Want to see the world with your bike in tow? Traditionally bike insurers provide cover for your bike while travelling in Australia only. However some, like RealBike insurance will cover you overseas provided you notify them before you travel. NoWorries also provides worldwide cover with no notification required.
These specialist bike insurers are just some of the companies offering high performing cover for your two-wheeler.
If you’ve invested heavily in your bike, chances are you want to be reimbursed for its full cost should it be stolen or damaged.
Where one policy may offer you full replacement value for your bike, irrespective of its age, another might only reimburse the bike for market value at the time of loss.
It’s worth shopping around and comparing bike insurance before you buy as some insurers like QBE and Cyclecover will replace the full cost of your bike (less any applicable excess). On the other hand insurers like NoWorries and Velosure will only offer market rates for bikes over two years old.
Although bike insurance policies vary greatly, most policies cover you for:
It pays to check your policy wording closely before insuring your bike as every policy will differ in what they will and will not cover.
When it comes to bike insurance, great cover is an essential!
Bike insurance policies can vary greatly in their features and exclusions. Comparing bike insurance policies using a comparison like ours is a great way to see all the different policy differences at once.
Additionally, it’s just as important to understand your insurer’s policy thoroughly (by reading your policy documentation) so you know exactly when you’re covered (and when you’re not). After all, riding shouldn’t be an exercise in risk prevention!
With its plentiful health benefits and traffic dodging convenience it’s easy to see why Aussies have turned to cycling in droves. However, alongside the trend towards two-wheeled transport com...... Read more.