Australian Bicycle Insurance

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Australian Bicycle Insurance

Postby brenton289 » Wed Jan 06, 2010 2:38 pm

There is no doubt it's certainly worth it, especially if you're going to be racing. I'm atleast considering getting it for my first year of cycling, but there's alot of insurers out there, with a range of different options and prices.

I was initially leaning towards Velosure because that's all they specialise in, and I'm guessing they were the first company in Australia offering bicycle insurance(oh and they sponsor this forum ofcourse!)? The quote I got from them was $432.72 annually for my TCR Advanced 1. I also got a quote from Real Insurance which was a whole 12 cents more annually at $432.84... But then I got a quote from Swann Insurance which was considerably cheaper at $235. My concern is; are all insurers 'top' cover really all the the same at the end of the day? Real 'seems' to offer the best cover, and from what I've read so far on these forums they have great service too, same with Velosure.

Who are you with? How has your experience with them been so far? What's their cover, and service been like etc?

The purpose of this thread is to help myself, and anyone else who stumbles accross it make the right decision for their bicycle insurance.

Cheers!
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by BNA » Wed Jan 06, 2010 2:47 pm

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Re: Bicycle Insurance

Postby JV911 » Wed Jan 06, 2010 2:47 pm

velosure and real insurance are both the same mob i.e. Hollard

insurance discussed at length here and here

velosure for example cover you while racing/riding for both injury and the bike which may be why it is more than swann. you'd have to refer to the pds for specifics
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Re: Bicycle Insurance

Postby jules21 » Wed Jan 06, 2010 2:51 pm

an important consideration with insurance, generally is how the insurer will treat your claim, should you need to make one. by this, i mean aside from the contract terms and conditions. for example i, personally would be wary of an insurance product underwritten by a no-name company registered in Belarus. it helps if you can ascertain the insurer's track record of dealing with claims.
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Re: Bicycle Insurance

Postby Cinder » Wed Jan 06, 2010 3:44 pm

All I'm gonna say is read the pds very carefully.
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Re: Bicycle Insurance

Postby brendancg » Wed Jan 06, 2010 5:48 pm

+1 to reading the PDS. Many insurers will not insure for racing.
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Re: Bicycle Insurance

Postby Cinder » Wed Jan 06, 2010 5:58 pm

brendancg wrote:+1 to reading the PDS. Many insurers will not insure for racing.


Also worth while checking out maximum yearly payouts...
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Re: Bicycle Insurance

Postby grasshopper » Wed Jan 06, 2010 6:19 pm

brendancg wrote:+1 to reading the PDS. Many insurers will not insure for racing.

+1. Takes a lot of time, but compare everything - locking (CycleCover used to want the bike locked, in a locked shed for instance), carbon/racing/vehicle/locking excess, public liability/personal/third party situation, damage while riding (excluded from some) etc.

The links above mention CycleCover, but I'm with CycleSafe, partly because of claims experience of friends. CycleSafe now has a C excess (didn't used to) but the locking requirements weren't as onerous and they let me add race cover briefly if I get brave.
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Re: Bicycle Insurance

Postby Aushiker » Thu Jan 07, 2010 2:37 am

Hi

+ 1 to reading the PDS carefully. When I got insurance for my bikes, I quickly learnt that the specialised brokers, e.g., Velosure probably know too much about bikes and hence tend to have more restrictive polices, whereas other insurers are less informed and have more relaxed polices. Hence I ended up going with a non-specialist insurer.

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Re: Bicycle Insurance

Postby ClownBoy » Thu Jan 07, 2010 1:38 pm

I just want event cover!!!

Who sells it?

I am covered for everythign except racing through my contents insurance. If I buy an annual policy I will be doubling up!
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Re: Bicycle Insurance

Postby Alycat » Thu Jan 07, 2010 1:59 pm

Your contents insurance covers you whilst out riding? Who is it with?
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Re: Bicycle Insurance

Postby vitualis » Thu Jan 07, 2010 2:02 pm

Cyclecover is pretty good, but as part of Home and Contents insurance. However, they are underwritten by a big insurer so there shouldn't be any problems making a claim.

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Re: Bicycle Insurance

Postby ClownBoy » Thu Jan 07, 2010 2:10 pm

Alycat wrote:Your contents insurance covers you whilst out riding? Who is it with?


HBA.

I asked 3 times. Then gave examples - before I would believe. This was accross 3 calls with 2 different consultants.

My examples where:
1 - If my bike was stolen while at home or at work or anywhere else, would I be covered? She said yes
2 - What if it wasn't locked up properly or they ran off with the lock and I had no proof of the lock. She said not a problem as far as she can tell but she wouldn't want to push the unlocked part as it could cause a problem
3 - I said what if I am riding and am hit by a car, am I covered? She said yes
4 - I said what about my helmet, etc. She said they, same as the bike itself, are all portable possessions so these rules apply to all of it. In fact, she said they do not distinguish between these (including the actual bike) and my mobile phone, for example. If my mobile is lost or stolen - they will cover it.
5 - I said what if I ride into a wall. She said I am covered.

I do know I am in a high level of cover so am not sure if that changes the rules. For example, instead of having to name and describe everything over $x - and therefore pay more insurance for those things - I am covered for anything valued at up to $20k. Without paying extra.

So I don't pay a higher premium for having the bike.

I was quite happy.

That being said - not covered while racing.
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Re: Bicycle Insurance

Postby grasshopper » Thu Jan 07, 2010 4:15 pm

ClownBoy wrote:I just want event cover!!!

Who sells it?

I am covered for everythign except racing through my contents insurance. If I buy an annual policy I will be doubling up!

I've never heard of it being available separately.
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Re: Bicycle Insurance

Postby jacks1071 » Fri Jan 08, 2010 1:12 pm

brenton289 wrote:There is no doubt it's certainly worth it, especially if you're going to be racing. I'm atleast considering getting it for my first year of cycling, but there's alot of insurers out there, with a range of different options and prices.

I was initially leaning towards Velosure because that's all they specialise in, and I'm guessing they were the first company in Australia offering bicycle insurance(oh and they sponsor this forum ofcourse!)? The quote I got from them was $432.72 annually for my TCR Advanced 1. I also got a quote from Real Insurance which was a whole 12 cents more annually at $432.84... But then I got a quote from Swann Insurance which was considerably cheaper at $235. My concern is; are all insurers 'top' cover really all the the same at the end of the day? Real 'seems' to offer the best cover, and from what I've read so far on these forums they have great service too, same with Velosure.

Who are you with? How has your experience with them been so far? What's their cover, and service been like etc?

The purpose of this thread is to help myself, and anyone else who stumbles accross it make the right decision for their bicycle insurance.

Cheers!


Just a headsup guys, a lot of these places DON't cover cosmetic damage, so if you bin it, rip your seat, bar tape, scratch the RD and the leavers if they are still functional and not broken they might not cover you. That might be $900 worth of damage if you wanted it back like new but no coverage...

The insurance is worth it for sure if you have a catostrophic crash ie. broken frame + wheels. For minor off's though one would have to question the value of the insurance if you are looking for it in regards to crash protection. I guess theft is a whole other issue but you might not need specific cycle cover to cover you for theft (ie. home & contents).

If someone finds an insurance company who will ONLY do the bikes without contents and they will cover cosmetic damage then I am interested.
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Re: Bicycle Insurance

Postby vitualis » Fri Jan 08, 2010 1:34 pm

I doubt any insurer will cover for "cosmetic" damage. That is entirely unreasonable. In any case, there will usually be an excess payable of a few hundred dollars for a claim so it would be counterproductive to make small claims.

As for cover for theft, most home and contents insurance will have limits placed on any one item and usually there are specific limits for things like bicycles. If you have an expensive bike, the cover will generally be poor for a bike. Furthermore, home and contents insurance will not cover (in general) for damage to the bike while in use or theft on the street. IMHO, is the entire point for bike insurance.

Regards.
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Re: Bicycle Insurance

Postby James Craig » Wed May 11, 2011 2:59 pm

Mate for my mind it has to be BikeSure.

I've been a cyclist for many years so I've tried a number of different service providers. You could always insure your bike as part of your home and contents, but if you want a company who actually cares about your bike, and understands you as a cyclist you need to go with a specialist insurer, that way your bike is covered even if you're away from home. If you ask me, BikeSure are the best around for a number of reasons:

1. Automatic worldwide cover.
Essential if you're thinking about traveling with your bike. Velosure dosn't offer this service

2. Flood cover.
Considering the crazy whether we've been having, this is a welcome addition to the bikesure policy. Again, Velosure does not provide this level of cover.

Check out their website if you need any more info:

Bikesure bicycle insurance
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Re: Bicycle Insurance

Postby Gio » Thu Apr 12, 2012 8:31 am

I am now looking at insurance, I lock my bike up but am very wary of people knowing where I lock it. I am going to look for insurance that covers theft mostly.
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Re: Bicycle Insurance

Postby jules21 » Thu Apr 12, 2012 9:05 am

James Craig wrote:Mate for my mind it has to be BikeSure.

I've been a cyclist for many years so I've tried a number of different service providers. You could always insure your bike as part of your home and contents, but if you want a company who actually cares about your bike, and understands you as a cyclist you need to go with a specialist insurer, that way your bike is covered even if you're away from home. If you ask me, BikeSure are the best around for a number of reasons:

1. Automatic worldwide cover.
Essential if you're thinking about traveling with your bike. Velosure dosn't offer this service

2. Flood cover.
Considering the crazy whether we've been having, this is a welcome addition to the bikesure policy. Again, Velosure does not provide this level of cover.

Check out their website if you need any more info:

Bikesure bicycle insurance

always good to hear an independent, objective review from a new member :)
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Re: Bicycle Insurance

Postby dungee » Thu Apr 12, 2012 9:17 am

BIkeSure - The clause below translates to your bike must be locked in the boot of a car, not many car boots big enough to lock a bike in?

If your bicycle is in transit or left unattended while it is in, or attached to, any motor vehicle it must be:
• locked in an enclosed motor vehicle boot that is not accessible by removing any partition or breaking a window.

I took out Cyclecover, they will cover it while at a cafe and not locked up provided you remain "near" the bike. The consultant agreed that going into the cafe was near the bike.

(edit spelling)
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Re: Bicycle Insurance

Postby R12RT » Thu Apr 12, 2012 11:28 am

ClownBoy wrote:
Alycat wrote:Your contents insurance covers you whilst out riding? Who is it with?


HBA.

I asked 3 times. Then gave examples - before I would believe. This was accross 3 calls with 2 different consultants.

My examples where:
1 - If my bike was stolen while at home or at work or anywhere else, would I be covered? She said yes
2 - What if it wasn't locked up properly or they ran off with the lock and I had no proof of the lock. She said not a problem as far as she can tell but she wouldn't want to push the unlocked part as it could cause a problem
3 - I said what if I am riding and am hit by a car, am I covered? She said yes
4 - I said what about my helmet, etc. She said they, same as the bike itself, are all portable possessions so these rules apply to all of it. In fact, she said they do not distinguish between these (including the actual bike) and my mobile phone, for example. If my mobile is lost or stolen - they will cover it.
5 - I said what if I ride into a wall. She said I am covered.

I do know I am in a high level of cover so am not sure if that changes the rules. For example, instead of having to name and describe everything over $x - and therefore pay more insurance for those things - I am covered for anything valued at up to $20k. Without paying extra.

So I don't pay a higher premium for having the bike.

I was quite happy.

That being said - not covered while racing.


Interesting.
With SGIO you have to pay extra for portable possessions insurance which includes bicycles while away from the home. However, they do not cover damage to sporting goods while they are in use. Therefore, crash you bike and damage it - no cover,
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Re: Bicycle Insurance

Postby rpmspinman » Thu Apr 12, 2012 12:58 pm

I am with BikeSA which covers for personal Injury, loss of income protection (for me) & 3rd party Indemnity in the case of an accident. http://www.bikesa.asn.au/RiderInfo_Membership_Cyclecove

I am also with Velosure for my Bike as it covers me when the bike is in use including racing events. I do not intend to travel overseas with my bike either. I have my bike within an enclosed carport/garage. http://www.velosure.com.au/WhatsCovered.aspx

My Home and Contents insurance covers my bike for theft or Fire while it is at home. NOT for when its in use off the property.
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Re: Bicycle Insurance

Postby danny the boy » Thu Apr 12, 2012 4:40 pm

R12RT wrote:
ClownBoy wrote:
Alycat wrote:Your contents insurance covers you whilst out riding? Who is it with?


HBA.

I asked 3 times. Then gave examples - before I would believe. This was accross 3 calls with 2 different consultants.

My examples where:
1 - If my bike was stolen while at home or at work or anywhere else, would I be covered? She said yes
2 - What if it wasn't locked up properly or they ran off with the lock and I had no proof of the lock. She said not a problem as far as she can tell but she wouldn't want to push the unlocked part as it could cause a problem
3 - I said what if I am riding and am hit by a car, am I covered? She said yes
4 - I said what about my helmet, etc. She said they, same as the bike itself, are all portable possessions so these rules apply to all of it. In fact, she said they do not distinguish between these (including the actual bike) and my mobile phone, for example. If my mobile is lost or stolen - they will cover it.
5 - I said what if I ride into a wall. She said I am covered.

I do know I am in a high level of cover so am not sure if that changes the rules. For example, instead of having to name and describe everything over $x - and therefore pay more insurance for those things - I am covered for anything valued at up to $20k. Without paying extra.

So I don't pay a higher premium for having the bike.

I was quite happy.

That being said - not covered while racing.


Interesting.
With SGIO you have to pay extra for portable possessions insurance which includes bicycles while away from the home. However, they do not cover damage to sporting goods while they are in use. Therefore, crash you bike and damage it - no cover,


Same for me with AAMI. I pay $20 a year for theft from home and they tell me if Im hit by a car or am not the cause of an accident I will be covered but the PDS doesnt exactly say this so I'm doubtful of things you are told over the phone from insurance companies. For me to get cover from any of the bike specific companies I was looking at $20 a month. Individuals have to weigh up why they think they need insurance, I dont race, I avoid the weekend peloton and shop rides, so if I crash because of my own fault I'm happy to wear the cost.
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Re: Bicycle Insurance

Postby birdbrain » Thu Apr 12, 2012 4:52 pm

I'm doubtful of things you are told over the phone from insurance companies.


I would'nt believe anything from insurance companies unless it was in writing.
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Bicycle Insurance

Postby Gio » Thu Apr 12, 2012 7:31 pm

Lol jules21 I noticed that too.
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Re: Bicycle Insurance

Postby Mustang » Thu Apr 12, 2012 8:00 pm

I spent last year with Velosure.
Tried every company this year with the house/contents/bike insurance...quotes were ridiculous... may be Qld?
Ended back up with Velosure.
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