Bicycle insurance - who has it
- familyguy
- Posts: 8364
- Joined: Wed Apr 16, 2008 2:30 pm
- Location: Willoughby, NSW
Re: Bicycle insurance - who has it
Postby familyguy » Thu Sep 10, 2009 3:45 pm
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
- aeroslave
- Posts: 1783
- Joined: Sun Nov 09, 2008 1:04 am
Re: Bicycle insurance - who has it
Postby aeroslave » Fri Sep 11, 2009 12:19 am
If you race, you have to have race coverage. Accidents happen all the time in races.
-
- Posts: 5470
- Joined: Mon Mar 12, 2007 2:23 pm
- Location: Yangebup
Re: Bicycle insurance - who has it
Postby Baalzamon » Fri Sep 11, 2009 2:57 pm
- cjrich
- Posts: 729
- Joined: Fri Mar 21, 2008 9:24 am
- Location: Central Coast NSW
- Contact:
Re: Bicycle insurance - who has it
Postby cjrich » Sun Sep 13, 2009 6:44 am
- 2015 Cervelo R3
- 2013 Cannondale CAAD 8
- 2019 Marin Rift Zone 3
-
- Posts: 1
- Joined: Thu Oct 07, 2010 6:11 am
Re: Bicycle insurance - who has it
Postby jsimpson121 » Thu Oct 07, 2010 6:13 am
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.
- Aushiker
- Posts: 22395
- Joined: Tue Jun 05, 2007 1:55 pm
- Location: Walyalup land
- Contact:
Re: Bicycle insurance - who has it
Postby Aushiker » Thu Oct 07, 2010 12:11 pm
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
Aushiker.com
-
- Posts: 266
- Joined: Tue Dec 29, 2009 8:08 am
Re: Bicycle insurance - who has it
Postby mjd » Thu Oct 07, 2010 8:38 pm
- limetang
- Posts: 401
- Joined: Fri Mar 19, 2010 2:27 pm
- Location: Woodcroft - SA
Re: Bicycle insurance - who has it
Postby limetang » Thu Oct 07, 2010 8:51 pm
- elStado
- Posts: 2363
- Joined: Tue Mar 16, 2010 12:27 am
- Location: Syd, NSW
Re: Bicycle insurance - who has it
Postby elStado » Fri Oct 08, 2010 1:57 am
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.
- CoffsGal
- Posts: 1000
- Joined: Mon Sep 22, 2008 8:35 pm
- Location: Mid North Coast NSW
Re: Bicycle insurance - who has it
Postby CoffsGal » Mon Oct 11, 2010 7:14 pm
- uncle arthur
- Posts: 1387
- Joined: Tue Oct 02, 2007 9:45 pm
- Location: Brisvegas
- Contact:
Re: Bicycle insurance - who has it
Postby uncle arthur » Mon Oct 11, 2010 9:17 pm
For everything else I make use of the insurance offered through my membership with Bicycle Queensland.
-
- Posts: 4
- Joined: Tue Oct 05, 2010 2:08 pm
Re:
Postby Helmet Head » Mon Oct 11, 2010 9:27 pm
Does it matter if you bought the bike second hand?aeroslavebigbelly wrote:I just got insurance yesterday for the SLC and has an interim cover note until I fax the Ownership verification today.
- Aushiker
- Posts: 22395
- Joined: Tue Jun 05, 2007 1:55 pm
- Location: Walyalup land
- Contact:
Re: Bicycle insurance - who has it
Postby Aushiker » Tue Oct 12, 2010 1:12 pm
Hiuncle arthur wrote:For everything else I make use of the insurance offered through my membership with Bicycle Queensland.
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
Aushiker.com
-
- Posts: 42
- Joined: Sun Nov 15, 2009 12:48 pm
- Location: Nsw
Re: Bicycle insurance - who has it
Postby Whitey22 » Tue Oct 12, 2010 9:37 pm
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
-
- Posts: 690
- Joined: Mon Jul 21, 2008 7:49 pm
Re: Bicycle insurance - who has it
Postby russellgarrard » Tue Oct 12, 2010 10:35 pm
-
- Posts: 11
- Joined: Fri May 10, 2013 9:37 pm
Re: Bicycle insurance - who has it
Postby xmpt » Sun Sep 01, 2013 10:46 pm
-
- Posts: 1451
- Joined: Mon Sep 12, 2011 1:15 am
- Location: Brisbane
Re: Bicycle insurance - who has it
Postby briztoon » Mon Sep 02, 2013 12:01 am
Bicycle Queensland membership does not cover damage to your bike. http://www.bq.org.au/join/insurance/" onclick="window.open(this.href);return false;
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.My bike and accessories N/A Bike loss or damage is NOT covered.
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;
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.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
- jasimon
- Posts: 1330
- Joined: Thu May 15, 2008 9:56 am
- Location: Riding
Re: Bicycle insurance - who has it
Postby jasimon » Mon Sep 02, 2013 3:12 am
- elStado
- Posts: 2363
- Joined: Tue Mar 16, 2010 12:27 am
- Location: Syd, NSW
Re: Bicycle insurance - who has it
Postby elStado » Fri Nov 01, 2013 5:34 pm
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" onclick="window.open(this.href);return false;
Here's the details of the insurance policy:
https://info.willis.com/site/cycling/Do ... vered.aspx" onclick="window.open(this.href);return false;
- HappyHumber
- Posts: 5072
- Joined: Wed Nov 14, 2007 11:48 pm
- Location: Perth, (S.o.R.) W.A.
Re: Bicycle insurance - who has it
Postby HappyHumber » Fri Nov 01, 2013 6:06 pm
Planning to do any rides with us though, Karl?elStado wrote:... I just signed up with Audax Australia Cycle Club...
Hit me up via the BNA dm; I'll get an alert. If y'know, you know.
- elStado
- Posts: 2363
- Joined: Tue Mar 16, 2010 12:27 am
- Location: Syd, NSW
Re: Bicycle insurance - who has it
Postby elStado » Fri Nov 08, 2013 4:37 pm
Sure will. I think my Vivente World Randonneur is up to the task. Not sure about my knees though.HappyHumber wrote:Planning to do any rides with us though, Karl?elStado wrote:... I just signed up with Audax Australia Cycle Club...
-
- Posts: 1
- Joined: Wed Nov 18, 2015 7:19 pm
Re: Bicycle insurance - who has it
Postby Knight Rider » Wed Nov 18, 2015 7:37 pm
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
-
- Posts: 9810
- Joined: Tue Dec 01, 2009 11:48 am
Re: Bicycle insurance - who has it
Postby human909 » Wed Nov 18, 2015 8:47 pm
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" onclick="window.open(this.href);return false;
- skull
- Posts: 2087
- Joined: Thu Oct 11, 2007 9:48 pm
Re: Bicycle insurance - who has it
Postby skull » Wed Nov 18, 2015 10:07 pm
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.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.
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.
- AUbicycles
- Site Admin
- Posts: 15583
- Joined: Tue Aug 23, 2005 2:14 am
- Location: Sydney & Frankfurt
- Contact:
Re: Bicycle insurance - who has it
Postby AUbicycles » Wed Nov 18, 2015 10:36 pm
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.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.
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
Return to “General Cycling Discussion”
- General Australian Cycling Topics
- Info / announcements
- Buying a bike / parts
- General Cycling Discussion
- The Bike Shed
- Cycling Health
- Cycling Safety and Advocacy
- Women's Cycling
- Bike & Gear Reviews
- Cycling Trade
- Stolen Bikes
- Bicycle FAQs
- Serious Biking
- Audax / Randonneuring
- Retro biking
- Commuting
- MTB
- Recumbents
- Fixed Gear/ Single Speed
- Track
- Electric Bicycles
- Cyclocross and Gravel Grinding
- Dragsters / Lowriders / Cruisers
- Children's Bikes
- Cargo Bikes and Utility Cycling
- Road Racing
- Road Biking
- Training
- Time Trial
- Triathlon
- International and National Tours and Events
- Cycle Touring
- Touring Australia
- Touring Overseas
- Touring Bikes and Equipment
- Australia
- Western Australia
- New South Wales
- Queensland
- South Australia
- Victoria
- ACT
- Tasmania
- Northern Territory
- Country & Regional
- The Market Place
- Member to Member Bike and Gear Sales
- Want to Buy, Group Buy, Swap
- My Bikes or Gear Elsewhere
- Cycling Brands
- Cannondale
- Garmin
- Giant
- Shimano
- Trek
Who is online
Users browsing this forum: OnTrackZeD
- All times are UTC+11:00
- Top
- Delete cookies
About the Australian Cycling Forums
The Australian Cycling Forums is a welcoming community where you can ask questions and talk about the type of bikes and cycling topics you like.
Bicycles Network Australia
Forum Information
Connect with BNA
This website uses affiliate links to retail platforms including ebay, amazon, proviz and ribble.