Bicycle Insurance

[lodakeo]

Hi everyone,

My bike insurance policy with Swann hasn’t been renewed as they are no longer offering the policy. I’m tossing up between Velosure, wiggle and no worries. Anyone have any experience with these or would recommend someone else?

I don’t race but regularly go out in group rides and events (non competitive).

Thanks!

[AUbicycles]

Welcome to the forums. Unfortunately there is not an easy answer but I can share some guides to finding the right one.

First up is a primer which is a good overview of all of the options and type of insurance.
Insurance and Cycling – a Comprehensive Overview

I am assuming that you are looking for theft and probably accident / damage to the bike along with personal injury and third party. Advocacy organisations are not doing the bike theft / damage and only do some injury and maybe third party. The key with those is to really read the PDS for each as they are sold to appear grand but may not compete or compare with dedicated insurance policies.

With Wiggle - again compare because it is presented as an affordable option (backed by Hollard who also are behind Velosure) but it has different coverage or limits. Small disclosure as the site admin, Wiggle advertise on this website though of course this is not paid or promotional.

Velosure provide a full spectrum and you can essentially pick and choose, but also can rely on different insurance options such as theft under home and contents and personal injury and 3rd party elsewhere.

In the article a number of the providers are covered - once you have located providers that offer what you need - next step is actually reading the PDS. The better insurers have a good PDS that is clear and understandable. The ones from some advocacy groups (where insurance in included in the membership) can be filled with jargon and may even appear to have gone through a few photocopiers. Excess will also form part of your decision. Good luck.

[zebee]

What I'd like is an accident damage one with no theft insurance.

Seems to me that theft is what pumps the premiums up, and I am willing to bet that a couple of odd recumbents seldom left outside are not a great theft risk.

[Jmuzz]

Not sure theft would be the big impact because most do have very strict rules regarding locks and exclusions.

Must be approved lock (1.5kg D lock style).
Must be certain diameter poles, larger for wood.
Must be locked to a secure point when in car or on racks.
Must be locked in home, must be evidence of forced entry into home.
Only cover full theft not theft of parts leaving frame.
If unlocked at cafe must be within 5m and watched.

With so many rules the bike is actually pretty secure unless it is very high value worth professional targeting.

There are some with more relaxed rules, but $1000 excess in one case.

Crash on the other hand can happen to anyone.
Watch out for "road hazard" exclusion on cheaper cover though, which means hitting gutter, pothole, curb, concrete edge, stick etc and cracking things without taking a tumble.

Often exclude bikes on roof racks because that is a big claim cause (and I have heard a popular fraud method because there is no police consequences for crashing into your own garage and it gaurantees total write-off).

Each policy has to be studied because they all have some gotcha clauses which may not suit your needs.

Wiggle seemed ok as a straightforward policy, they have two levels of cover.

[lodakeo]

Thanks for your opinions.

I was looking at Wiggle and Velosure... both are Hollards i think. Policies seem really similar but higher benefits and higher excess with the Wiggle premium policy compared to the Velosure premium policy.

Thinking of going with Velosure but will look into the lock situation further...