Bicycle insurance - who has it

Do you have bicycle insurance?

Yes
50
34%
No
96
66%
 
Total votes: 146
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familyguy
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Re: Bicycle insurance - who has it

Postby familyguy » Thu Sep 10, 2009 3:45 pm

Another timely thread to read through. Just investigating insurance options for the C5...is it just me or do Real and Velosure have remarkably similar PDS wordings??

Though I've never dropped a bike in anger, or been in anything major, $2500 is a lot more than I can just find down the back of the lounge to replace a damaged bike. Even adding in custom wheels plus a second wheelset and Garmin 305 keeps premiums sub-$25/month. Close to 8 years of premiums to replace the bike alone. Another year of premiums for the second wheelset. Another 1.5 years of premiums for the Garmin. The theft while out and about angle doesnt really worry me, as I never leave my bikes unattended either in a car or otherwise. The limited personal injury part is a good, yet hopefully unused, inclusion.

Now for BNSW or BV type membership to get that public liability portion covered.

Its a pity they dont insure bikes sub-$1k, as I've got two others...

Jim

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aeroslave
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Re: Bicycle insurance - who has it

Postby aeroslave » Fri Sep 11, 2009 12:19 am

If I am not mistaken, Velosure and Bike Insurance are sister companies.

If you race, you have to have race coverage. Accidents happen all the time in races.

Baalzamon
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Re: Bicycle insurance - who has it

Postby Baalzamon » Fri Sep 11, 2009 2:57 pm

I've now had a read through this now due to my new purchase. Will decide over the weekend, but 13 years to pay for the bike does seem worth it for me.
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cjrich
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Re: Bicycle insurance - who has it

Postby cjrich » Sun Sep 13, 2009 6:44 am

Insured my Cadent with Real Insurance, will soon join Bicycle NSW or a local club for the public liability cover.
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jsimpson121
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Re: Bicycle insurance - who has it

Postby jsimpson121 » Thu Oct 07, 2010 6:13 am

Have you checked out deleted by mod I received a reasonable quote from them, and their customer service is exceptional. :D
Last edited by AUbicycles on Thu Oct 07, 2010 8:14 pm, edited 1 time in total.
Reason: Mods says: New members should read the forum rules before participating - here, limit on new members posting links - we can't tell if it is spam or is genuine.

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Aushiker
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Re: Bicycle insurance - who has it

Postby Aushiker » Thu Oct 07, 2010 12:11 pm

Hi

I meant to post this ages ago but forgot. In light of this thread I put together a bit of summary of the various insurance options and quotes based on contents value of $35,000 (appears to a be standard minimum value) and a value of $10,000 for the bicycles. It was interesting to see what the various insurance providers offer and the pricing.

For me Cyclecover Gold has come out the best option and I will be moving over to them.

For those interested the summary can be found here.

Andrew
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mjd
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Re: Bicycle insurance - who has it

Postby mjd » Thu Oct 07, 2010 8:38 pm

Velosure for me. Just not worth risking if you have a bike you cant afford to replace.

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limetang
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Re: Bicycle insurance - who has it

Postby limetang » Thu Oct 07, 2010 8:51 pm

+1 Velosure, my bike might only be worth $2500, but that $2500 i couldnt afford to replace! def puts my mind at ease....

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elStado
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Re: Bicycle insurance - who has it

Postby elStado » Fri Oct 08, 2010 1:57 am

I am looking for personal and liability cover only. My bike is only worth $600 and I bought a top of the range ABUS U-lock to keep it secure wherever I go.

Most of the main bike insurance companies seem to be geared towards a person who have a few expensive bikes in their garage. I am more concerned with having cover for immediate and post-accident medical, ambulance, dental and re-rehabilitation costs if I were involved in an accident (as I nearly was today). I also want to be full covered for liability, e.g. if I was day dreaming and hit a pedestrian and they were seriously hurt.. I don't want to be sued and pay thousands of dollars in legal and medical fees etc.

Was thinking of getting a Cycle group membership, such as BWA, which offer personal injury and liability insurance as part of their members package. They don't cover bike damage or theft, but as I mentioned earlier this isn't a problem.
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CoffsGal
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Re: Bicycle insurance - who has it

Postby CoffsGal » Mon Oct 11, 2010 7:14 pm

I have my most expensive bike insured with Velosure...$429pa...excess - accident $250 - theft $350...covers it while racing too...the annual premium is about 5% of new bike value.

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uncle arthur
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Re: Bicycle insurance - who has it

Postby uncle arthur » Mon Oct 11, 2010 9:17 pm

Our home and contents through RACQ covers my bike for anything other than riding it. So if I'm having a coffee at le Cafe after climbing hills with the urban peleton, it's covered. If it falls off my car, it's covered. etc etc.

For everything else I make use of the insurance offered through my membership with Bicycle Queensland.
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Helmet Head
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Re:

Postby Helmet Head » Mon Oct 11, 2010 9:27 pm

aeroslavebigbelly wrote:I just got insurance yesterday for the SLC and has an interim cover note until I fax the Ownership verification today.


Does it matter if you bought the bike second hand?

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Aushiker
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Re: Bicycle insurance - who has it

Postby Aushiker » Tue Oct 12, 2010 1:12 pm

uncle arthur wrote:For everything else I make use of the insurance offered through my membership with Bicycle Queensland.


Hi

But does that cover the bike(s) if you have an accident where you are at fault? I was under the impression these are "third party" style forms of cover.

Regards
Andrew
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Whitey22
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Re: Bicycle insurance - who has it

Postby Whitey22 » Tue Oct 12, 2010 9:37 pm

i have my most expensive bike covered by velo 60bucks a month its tough deciding to pay it (more money than sense maybe) but in the end it does give peace of mind
its a shame they don't reduce premiums with no claims (well not that i know of at least i haven't had a discount in over 2yrs

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Re: Bicycle insurance - who has it

Postby russellgarrard » Tue Oct 12, 2010 10:35 pm

On all bicycles CTP is covered by the nominal defendant automatically...now, injury to yourself, damage to your bicycle and other property well....that's where optional insurance steps in. Damn f**king shame these arse-about car insurance companies don't offer to cover bicycle damage as well for a slight premium on your car insurance. Because if your riding your bicycle you can't exactly prang your car.

xmpt
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Re: Bicycle insurance - who has it

Postby xmpt » Sun Sep 01, 2013 10:46 pm

I have a claim with velo at the moment. Interested to see what they come back with. My bike shop has assessed the bike and provided them with a quote to fix I will see if they will agree to pay for the repairs as quoted or not.

briztoon
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Re: Bicycle insurance - who has it

Postby briztoon » Mon Sep 02, 2013 12:01 am

Once I get back on the road, I'll definitely have both my bikes insured, and not just for the cost of replacing my bikes, but also for extras. If you're bike is damaged or written off in an accident, there's a good chance a fair amount of other gear you're wearing or is on your bike will be damaged as well. You're pedals and bike shoes, probably your helmet, possibly your jersey and nicks and maybe any lights, cameras and bike computer on your bike.

Bicycle Queensland membership does not cover damage to your bike. http://www.bq.org.au/join/insurance/
My bike and accessories N/A Bike loss or damage is NOT covered.


Again, once I am bike on the road, I'll have Bicycle Queensland membership. But I do want to check on somethings with them first.

Cover through Velosure or Cycling Australia for my two bikes and accessories valued to $11,000 is approximately $70 a month. This is pretty expensive, but if you ride on the roads a lot (daily), it does offer peace of mind. And if you do have an accident, you only need to make a claim to your insurer and they'll chase the other party for reimbursement, rather than chasing the other party yourself, or you paying your lawyer to do it.

I was recommended to check whether I can get my bikes insured through house and contents insurance. My LBS said they are pretty sure your bicycle is covered under Suncorps contents insurance, including when you are riding it or if it's secured properly, say at work. Once I am out and about, I will check with Suncorp, because if I have to pay around $70 a month, I may as well have my contents (I rent so no need to insure a house) insured as well as my bikes.

It is important to know what $$$ value to insure your bikes/s at. Or more importantly at what value your Insurer will cover them for. For example Cycling Australia;
What value should I insure my bicycle for?
* For bicycles less than 2 years from date of purchasing it new, your bicycle should be insured for the recommended retail price.
* For bicycles older than 2 years, the correct insured value of your bicycle is the current market value


My only question is, which current market value? The current market value if you were to sell/buy your bike second hand. Or the market value to replace your 2 year old+ bike with the current comparable model.
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jasimon
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Re: Bicycle insurance - who has it

Postby jasimon » Mon Sep 02, 2013 3:12 am

The trick with covering your bike under home and contents insurance is to have it specified as "portable contents" (or equivalent term). It is a standard option insurers offer for things like engagement rings, laptops or jewellery but it is definitely optional - which means you need to ask for it and specify.

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elStado
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Re: Bicycle insurance - who has it

Postby elStado » Fri Nov 01, 2013 5:34 pm

For those looking for 3rd party, professional indemnity and personal injury insurance while cycling 24/7 I just signed up with Audax Australia Cycle Club which is $70 per year or $195 for 3 years and gives you all that.

Essentially you get a silver Cycling Australia membership, plus the AACC magazine and discounted entrance to their events.

http://www.audax.org.au/public/index.ph ... &Itemid=76

Here's the details of the insurance policy:

https://info.willis.com/site/cycling/Do ... vered.aspx
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HappyHumber
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Re: Bicycle insurance - who has it

Postby HappyHumber » Fri Nov 01, 2013 6:06 pm

elStado wrote:... I just signed up with Audax Australia Cycle Club...


Planning to do any rides with us though, Karl? :)
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elStado
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Re: Bicycle insurance - who has it

Postby elStado » Fri Nov 08, 2013 4:37 pm

HappyHumber wrote:
elStado wrote:... I just signed up with Audax Australia Cycle Club...


Planning to do any rides with us though, Karl? :)


Sure will. I think my Vivente World Randonneur is up to the task. Not sure about my knees though. :x
Check out my practical cycling and cycle touring website: VELOPHILE AUSTRALIA

Knight Rider
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Re: Bicycle insurance - who has it

Postby Knight Rider » Wed Nov 18, 2015 7:37 pm

Had bike insurance with Velosure / Cycling Australia insurance. For my two bikes valued at $4,000 and $3,000
Made a claim for theft after bikes being stollen from inside my garage.
House contence insurer had no problem paying for stolen tools and upto $1500 for my 3 bike (total value of bikes over $10,000)
Velosure refused to pay out. The terms in policy in relation of storage of bikes are so extreme that it is impossible for a payout. They don't make it clear when you phone to get insurance, they just like to brag how they look after cyclist.

Who reads a policy from page to page with legal interpretation.

Best advise don't waste your money with specialised insurance. Upgrade your house contence to a premium policy which covers accident colour and specify your bikes

human909
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Re: Bicycle insurance - who has it

Postby human909 » Wed Nov 18, 2015 8:47 pm

That is poor. I don't know the circumstance or their fine print but have you considered taking this further? Consumer affairs?

A quote from their website:
Is my bicycle covered if it is worth more than $1,000 and stolen from my home?
With Velosure it is and you have the option to be insured for bicycles up to the value of $30,000 per bicycle

- See more at: https://velosure.com.au/faq#t7n42

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skull
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Re: Bicycle insurance - who has it

Postby skull » Wed Nov 18, 2015 10:07 pm

Knight Rider wrote:Had bike insurance with Velosure / Cycling Australia insurance. For my two bikes valued at $4,000 and $3,000
Made a claim for theft after bikes being stollen from inside my garage.
House contence insurer had no problem paying for stolen tools and upto $1500 for my 3 bike (total value of bikes over $10,000)
Velosure refused to pay out. The terms in policy in relation of storage of bikes are so extreme that it is impossible for a payout. They don't make it clear when you phone to get insurance, they just like to brag how they look after cyclist.


I just had a bike stolen and they paid out. The terms are pretty clear, not inside the house then needs to be chained up with an approved lock.

Mind you the depreciation they applied really killed any return. Insured for $7k, premiums stayed relatively the same, only got $3.5 payout 4 years on. However I have had the frame replaced once and repaired once, unfortunately a bike with the same spec is close to $10k these days due the the dollar so I won't be buying a replacement.

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Re: Bicycle insurance - who has it

Postby AUbicycles » Wed Nov 18, 2015 10:36 pm

Knight Rider wrote:Velosure refused to pay out. The terms in policy in relation of storage of bikes are so extreme that it is impossible for a payout. They don't make it clear when you phone to get insurance, they just like to brag how they look after cyclist.

Who reads a policy from page to page with legal interpretation.


If you can share details (with personal details) then this would be useful. I agree that the PDS documents for all insurers are a pain to read, but most are just 2 pages and are relatively readable. I had to read them from many cycle insurance providers to research an article I wrote on bicycle insurance in Australia.

Where it is worth following up is when the terms are open to interpretation. As a business, an insurance company doesn't like to pay out money when they don't have to and their terms are able minimising risk by limiting their liability rather than misleading customers. When a customer purchases insurance on assumptions, this is a problem. Where an insurance company informs a customer that they are covered in a situation when they are not, this is where they run into trouble if you follow up... and it has happened before with staff seeking to close a sale.

If you remember the Brisbane floods, there was a lot of frustration of people and businesses who thought they were covered except for rather devious wording and interpretation of a flood. This is a situation which I don't like and I feel the insurance company have an obligation to really clarify the terms and help their customers.


Please do share details if you feel that it is a genuine failing or unclarity or misrepresentation by the insurance company and I am certain other forum members will be able to provide useful advice to follow this up.


Christopher

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