Bicycle Insurance Australia
Bicycles are covered in a broad sense by home contents insurance as it is a low cost personal item. However, there are limitations to relying on this coverage. As an example, if your bicycle is stolen away from your property you may not be able to claim the full amount. If your bicycle is involved in a road accident it is also not covered and you also have no liability insurance either. Bicycle insurance is critical to ensure you are fully protected.
Who is a potential candidate for bicycle insurance?
Anyone who owns a bicycle can obtain bicycle insurance of some description. The main reason for this is that there is a good chance your bicycle may be stolen or damaged in the time that you own it. With an average of 200,000 bicycles stolen per year the odds are not in your favor. Even with advanced cycle locks, wheels are often stolen, as are saddles, brakes or any other part you can imagine. Home contents insurance will only cover you so far; bicycle insurance may be able to give you peace of mind.
What typically does a bicycle insurance policy cover?
Bicycle insurance generally covers theft, accidental damage and vandalism. For newer bicycles you will usually get a new bicycle as a replacement. With older bicycles you are likely to get and an equivalent used bicycle of the same value. In the event of theft you should also be able to claim back costs of locks, accessories, and a limited number of modifications.
What typically does a bicycle insurance policy not cover?
Professional racing bicycles are often of high value and often get damaged because of the amount of use they get. These bicycles are typically not covered as standard. To get that level of cover you would need to pay a much higher premium.
Bicycle insurance does not always include personal liability insurance in the event of an accident so you should double check this part of your policy.
Additional insurance products that policy holders might take out in this area
As stated earlier, your bicycles are covered to a degree by your home contents insurance so if you do not have one of those policies, consider getting one to cover your bicycle, and for that matter, all of your personal possessions.
If you are riding your bicycle only while you are on holiday then travel insurance will also give you a good degree of cover. This will also cover you for any medical, legal and compensation costs in the event of an accident.
Additional coverage for a bicycle insurance policy
In the event of an accident with an automobile, you are normally covered the car’s liability insurance. If you run into a pedestrian, however, you are liable and not all bicycle insurance includes personal liability insurance.
What will bicycle insurance typically cost?
Bicycle insurance is quite expensive relative to the cost of the item you are insuring but does differ massively between insurers. Some insurers have been known to discount bicycle insurance to a huge degree if you also opt for an additional home insurance policy. Typically, bicycle insurance amounts to around 10% of the value of the bicycle you are insuring. This amount can go down depending on your zip code and the age of your bicycle.
Other Types of Insurance
