Bicycle insurance - who has it

open topic, for anything cycling related.

Do you have bicycle insurance?

Yes
44
33%
No
90
67%
 
Total votes : 134

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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by BNA » Fri Sep 11, 2009 12:19 am

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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.
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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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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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Re: Bicycle insurance - who has it

Postby jsimpson121 » Thu Oct 07, 2010 5:13 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 7:14 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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Re: Bicycle insurance - who has it

Postby Aushiker » Thu Oct 07, 2010 11:11 am

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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Re: Bicycle insurance - who has it

Postby mjd » Thu Oct 07, 2010 7:38 pm

Velosure for me. Just not worth risking if you have a bike you cant afford to replace.
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Re: Bicycle insurance - who has it

Postby limetang » Thu Oct 07, 2010 7:51 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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Re: Bicycle insurance - who has it

Postby elStado » Fri Oct 08, 2010 12:57 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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Re: Bicycle insurance - who has it

Postby CoffsGal » Mon Oct 11, 2010 6:14 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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Re: Bicycle insurance - who has it

Postby uncle arthur » Mon Oct 11, 2010 8:17 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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Re:

Postby Helmet Head » Mon Oct 11, 2010 8:27 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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Re: Bicycle insurance - who has it

Postby Aushiker » Tue Oct 12, 2010 12:12 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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Re: Bicycle insurance - who has it

Postby Whitey22 » Tue Oct 12, 2010 8:37 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 9:35 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.
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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.
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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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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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Re: Bicycle insurance - who has it

Postby elStado » Fri Nov 01, 2013 4:34 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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Re: Bicycle insurance - who has it

Postby HappyHumber » Fri Nov 01, 2013 5:06 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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Re: Bicycle insurance - who has it

Postby elStado » Fri Nov 08, 2013 3:37 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
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