Bicycle insurance - who has it

[Chaderotti]

I'd love to insure my mistress just incase some slob wants to steal my girl away from me!
But... Have to be 18 to insure a bike.
Is there any insurance for riders under 18?

how far off from 18 are you? have you tried calling insurers to see what they can offer?

2 and a half years. No I haven't actually... Not sure where to start

[Ant.]

For those who say it's a ripoff:

(We won't mention the powertap Zipp wheels, or the groupset - both potentially damagable in such an accident) Frame replacement is $6000. How many years of premiums would it take me to "repay" (for want of a better word) to make up for what I would've lost out on? The answer is many. If you can't justify it, then each to their own, but don't go slandering it; it is well and truly worth it, at least for me, and presumably most other people in similar situations to myself.

Is $6000 how much it would cost to replace or how much it is covered to replace? Here's a question, if your bike was totalled in a crash (say the bike falls into the path of an 18 wheeler) then would you be able to replace it with your insurance payout..?

The quote given to me by velosure works out to just under 8 years 3 months of premiums to replace my bike (if it were insured for its replacement value). I got a quote for car insurance to cover my 2008 volkswagen golf, and due to my age and gender (22, male) I can be covered for $24000 for a premium of $1200 per annum. I know comparing car and bike insurance is like comparing apples and oranges, but it doesnt take a physics degree to work out it would take 20 years of premiums to amount $24000.

I dont know if it is a ripoff, it just doesnt make sense to me that it could be so much more expensive to insure a bike here than in Europe. So while it may be worth it for you, that doesnt mean people cannot have their own opinions (and voice them as you have) which differ from yours.

Cheers

Bart

$6000 to replace the frame, and intelligently enough, that's the amount it (frame)'s insured for (complete bike is insured at a higher value). There is no way my bike is falling in the path of an 18wheeler, but hypothetically, yes, I would be able to replace it with my insurance payout.

re: the bikes vs cars insurance - It also doesn't take a physics degree to work out that any old John at any panel beater can assess a car and repair it, whereas my bike is en route to somewhere in the Eastern states because there's only one company in the country up to the job. Also, that physics degree is not required to tell you that a lot car accidents are sorted out with cash, as no one wants to lose their no claim bonus they've spent the past five years building up. Perhaps a commerce degree would.

If you had to guess, honestly, who do you think is turning over a larger profit: RAC or VeloSure?

re: Aus vs Euro - European cyclists (probably don't wear ipods) don't ride on shared paths full of lousy pedestrians with ipods blaring in their ears, and there's a bit more respect for cyclists - someone isn't going to steal a Bianchi that is up against a table at a cafe, or drivers are actually avoiding running down cyclists, so there's less claims? Or maybe it's a numbers game - they've got a much greater quantity of cyclists with insurance so it sorts itself out that way.

I think jasimon has a good handle on it all.

[Aushiker]

re: the bikes vs cars insurance - It also doesn't take a physics degree to work out that any old John at any panel beater can assess a car and repair it, whereas my bike is en route to somewhere in the Eastern states because there's only one company in the country up to the job.

Has to go east? From what I have seen/heard claims are getting sorted out okay here in the West without going east. Care to provide the numerous examples to suggest this trip east is necessary? Frame is broken into two part. Why does it have to go east? There was a warranty issue discussed here a while back in respect to a carbon frame. Issue resolved in WA ... didn't go east for that. Oh the person concerned got a new frame ...

I have been involved in one too many quotations to determine repairs on trucks to know that maybe your statement about panel beaters lacks some creditability.

Also, that physics degree is not required to tell you that a lot car accidents are sorted out with cash, as no one wants to lose their no claim bonus they've spent the past five years building up. Perhaps a commerce degree would.

Funny how insurance companies have big yards etc if all these jobs are sorted out without them ...

This also ignores that point that same argument can apply to bikes .... so why bother with insurance then?

someone isn't going to steal a Bianchi that is up against a table at a cafe

Mmm ... must have misread all the those reports on the high rate of the thefts in at least some bicycle friendly European countries. Oh I know, its the degree I have ... makes me read and get informed

Just a little fun with the silliness of some of your comments .... now lets please be a bit more rational with the discussion, okay?

If people want to insure with Velosure so be it, but there is no reason why their fees can't be questioned/challenged.

Andrew

[bJay]

...

Just a little fun with the silliness of some of your comments .... now lets please be a bit more rational with the discussion, okay?

If people want to insure with Velosure so be it, but there is no reason why their fees can't be questioned/challenged.

Andrew

That whole post pretty much sums up what I have been trying to put into words for 10 mins

[JV911]

anyone dealt with Real Insurance?

[zozza]

anyone dealt with Real Insurance?

Probably same supplier (Hollard insurance) ?? Dunno

[JV911]

you're on the ball zozz!

The Hollard Insurance Company Pty Ltd (Hollard) ABN 78 090 584 473 AFSL 241436, trading as Real Insurance

[Ant.]

Yup. They (guy from VeloSure) told me they were launching a sister company during the tour.

[tangentfunk]

some home and contents will let you register a bike as an item you take out of home and insure for full value.
Had a racer mate drive into an underground car park after training and forget his bike was on the top of his car.
CRUNCH!
$5k of carbon bike destroyed.
And was soon replaced with a $300 excess.

[JV911]

some home and contents will let you register a bike as an item you take out of home and insure for full value.

most wont cover you while racing or even while the bike is in use i.e. they cover it away from home but not in use...go figure

[Speedster]

some home and contents will let you register a bike as an item you take out of home and insure for full value.

most wont cover you while racing or even while the bike is in use i.e. they cover it away from home but not in use...go figure

My bike and my fiancee's two bikes (3 bikes total) are covered under the Valuables component of my H&C insurance, with specified values, $0 excess and cover out of the home whether they are being ridden or not. The only exclusion is racing, which neither of us do so it's perfect.

[snedden9485]

Im ditching my velosure cover. Its costing me $33 per month for $4k. Putting it on the home and contents with a cover away from home. $70 per year. Not covered in racing, but il take that risk.

[sparkles]

sure, covered away from home - but are you covered whilst you are using it - you need to be very careful with home & contents providers as their exclusions regarding sporting equipment, which a bicycle is, generally exclude whilst in use.

[RobRollin]

The insurance company I work for, doesnt cover whilst racing, and it's covered under home and contents. So if your bike is damaged whilst you drive into a garage (very common), or gets accidently run over then it's covered under H&C. Personally I've got my bikes and accessories covered under Velosure.. Covers me for training, racing, theft, damage etc and all my accessories.

[gdt]

Can't say I'm happy with any of the insurance options.

The Velosure insurance doesn't offer third party, so that has to be obtained separately (such as through BikeSA membership, etc). It's also got a strict policy term on securing the bicycle, even when its not being used and at the residence. The "one window" clause hasn't been clarified with regard to coverage of bicycles within hatchbacks. It's expensive, but that's to be expected as all speciality insurance is expensive. You're looking at about $200 of security on top of the premiums (a D lock and a floor shackle). If the bike is transported on a bike carrier you've got to work out how to secure the bike to meet the policy, which could be tricky if you didn't buy the carrier with that in mind.

Home insurance policies don't cover sporting goods in use. They've also typically got a misadventure clause that excludes racing. If your bike is in an outbuilding I'd read the clauses on locks and windows closely and probably make that a disclosure when renewing. A lot of policies require expensive portable property to be explicitly listed. That could be worth the paperwork even if you have the Velosure-style insurance, as if someone comes and empties your house you can claim on the house contents policy and avoid the additional excess.

[I've got the Velosure and BikeSA insurance, and it's a $0 listed item in the house contents, which is a policy re-sold through my industry super]

[sparkles]

The Velosure insurance doesn't offer third party, so that has to be obtained separately (such as through BikeSA membership, etc). It's also got a strict policy term on securing the bicycle, even when its not being used and at the residence. The "one window" clause hasn't been clarified with regard to coverage of bicycles within hatchbacks. It's expensive, but that's to be expected as all speciality insurance is expensive. You're looking at about $200 of security on top of the premiums (a D lock and a floor shackle). If the bike is transported on a bike carrier you've got to work out how to secure the bike to meet the policy, which could be tricky if you didn't buy the carrier with that in mind.

Most home & contents policies can be endorsed to include your third party liability coverage - just depends on the provider. Easy enough to ask them directly.

Velosure wording states that if your bicycle is located inside the home then the home must be securely locked - not the bike. Of course, if you leave your bike in the yard, you will need to secure it but if it is inside and the house is locked then there is no requirement under the policy to have the bicycle locked.

"one Window" clause - to what clause are you referring as I cannot locate anything relating to "one window" within the wording.

Transportation - wording states that if the bicycle is left unattended whilst in or attached to a motor vehicle then it must be locked. There is no requirement stated in the wording that states you are to lock it at all times.

[Aushiker]

"one Window" clause - to what clause are you referring as I cannot locate anything relating to "one window" within the wording.

I believe this is referring to the carrying of the bike in hatchbacks. When I was considering Velosure, this clause put me off the product and I went elsewhere. It may have changed now of course.

Regards
Andrew

[topaz]

From my quick searches there does not seem to be many options
Real Bike
Velosure

Who are some of the other major players in the market?

[Aushiker]

From my quick searches there does not seem to be many options
Real Bike
Velosure

Who are some of the other major players in the market?

There is another outfit whose name escapes me, but I think they are "associated" in some way with Bicycle Victoria and the like. Maybe check BV website if no one mentions them.

Regards
Andrew

[leximack]

i use real Insurance
Insured 2 x bikes
TCR and Anthem insured - i think its $6000 total value ($3200 for TCR and $2800 for Anthem)
Less than 2yrs old the bike is replaced in case of theft/damage etc for new replacement model
More than 2yrs old it is replaced with the same model of same age or payout of agreed value, much like car insurance i guess
Covered for theft whilst at home, away from home, commuting, at race events, anywhere in aus and NZ, overseas is covered but you must inform them first and they must agree to it.
Covered for damage whilst at home, racing, commuting, whatever
Covered whilst racing also for damage or theft (this was importnaht to me)
I think its $33 per month
Excess is $250 for damage and $300 fro theft or something close to that)
Also covered for personal injury as well, wasnt too concerned about this as i have a separate policy with someone else.

Main reason for me was the Racing aspect, lots of crashes in races, if my TCR is written off in a crash i dont have a spare $3000 to go and buy a new one, but $300 excess i can handle.

I havent got my 2 commuters covered becuase they are not worth much and as long as they dont get stolen at the same time i will still have a bike to ride to work.
I have public liability cover with someone else so if i injure someone on any of the bikes i am covered also.

IMO if you race then its a must, and if you commute i think you need some sort of cover incase you injure someone, imagine if you run into someone, its your fault and they become seriuosly injured and sue you for all that you have now and will have for the rest of your life, you are screwed big time.
$30-$40 a month is a small price to pay for peace of mind.


http://www.realinsurance.com.au/Bike.aspx

Don

[gdt]

There is another outfit whose name escapes me...

That's probably Cyclecover. Their website now says they have optional racing cover for their Cyclecover Gold policy (a modified home contents insurance policy). The claim excess seems to be $500. This *is* a home contents policy, so I'd be asking about the underinsurance penalties if you are thinking of just insuring the value of the bikes.

Really, you've got to line up the various policies and compare them against each other and against what works for you. That's a rather tall ask and it would be nice if there was simply an equivalent to the well-understood comprehensive insurance for a car (with a racing option).

[gdt]

Velosure wording states that if your bicycle is located inside the home then the home must be securely locked - not the bike.

Yep. That's not quite my circumstance (my bike is kept in an outbuilding) so I didn't pay enough attention to that clause.

Transportation - wording states that if the bicycle is left unattended whilst in or attached to a motor vehicle then it must be locked. There is no requirement stated in the wording that states you are to lock it at all times.

SECURITY REQUIREMENTS
Your bicycles location -- While it is being transported
If your bicycle is left unattended while it is in, or attached to, any motor vehicle including while it is in transit it must be:

• securely locked through the frame of the bicycle to a properly fixed vehicle bicycle rack with an approved lock; or
• locked in an enclosed boot that is not accessible by removing any partition or breaking a window.

...

• Any armour padded cable lock with a purchase price of more than $80
• Any D-lock with a purchase price of over a $60

You're also right here -- I'd missed the "unattended".

The approved locks are pretty chunky bits of metal, and not many bike carriers will work with them. I had the engineering firm at the end of my street drill two big holes in my bike carrier to take a D lock. So the bike is covered when I call into a bakery on the drive home

The "breaking a window" is generally read as excluding transport in hatchbacks or station wagons or cars with the back seats laid down.

(Having an "engineering firm at the end of my street" is one of the reasons I love living in an industrial part of Adelaide.)

[hitch]

re: Aus vs Euro - European cyclists (probably don't wear ipods) don't ride on shared paths full of lousy pedestrians with ipods blaring in their ears, and there's a bit more respect for cyclists - someone isn't going to steal a Bianchi that is up against a table at a cafe, or drivers are actually avoiding running down cyclists, so there's less claims? Or maybe it's a numbers game - they've got a much greater quantity of cyclists with insurance so it sorts itself out that way.

re: Aus vs Euro, I think it is just because the whole insurance market (not just bike insurance) is different in the UK. I lived there for a few years, and was quite surprised to find some of the big differences in car, contents, travel and individual item insurance. They seem to have a much more flexible, cheaper system than we have here. eg. with car insurance, it was a simple matter to call up the insurance company and add another named driver to a policy if going away for a weekend, and wanting someone else to be able to drive your car and be covered - for less than GBP2 for the weekend - something I'd never really heard of here.

On a slightly different topic, has anyone had any dealing with third pary claims through Bicycle Victoria/similar state cycling bodies? I had a bit of a prang this morning and took out a rear tail light on a moving car. The driver has been good about it, but wants to get a quote for a replacement tail light. I'm just wondering whether I should be able to make a claim through BV (or any other organisation) to cover me. I've spoken with them, and they're sending out the paperwork, but there was mention of a $1000 excess on the policy... has anyone been involved in a claim like this?

[cjrich]

I'm picking up my new bike tomorrow and need to arrange insurance. Anyone here had any experiance with Swann? Seems OK on paper, they include Public Liability and only a couple of $ more per month that Velo and Real. I was looking at their Elite cover, excess is a bit high though for carbon bikes at $500.

Thanks
CJ

[318ute]

This thread has proved interesting as I am now investigating the insurance options that exist.
I had the misfortune and battle scars from a heavy collision last Wednesday morning and my bike is in the shop as I add to this thread..

In my case, I don't race, but I do commute daily (or try to) and like to get on a bike on weekends either the roadie or mtb for the pleasure of riding any where I choose.
As my road bike was only just over $2k then add the usual accessories and if like me you purchase some accessories including a decent helmet (Specialized Propero) which post accident was cracked in four places, plus clothing etc all quickly add to the possible damage repair bill including xrays, and other medical costs..

Once I have nailed down what insurance options I can find I will post my choice and costs for all to view.

Now where are the pills and creams!!

Steve.