Insurance for road bike away from the home

Insurance for road bike away from the home

Postby Just*managing » Tue Sep 11, 2012 2:04 pm

I'm sure this must have been asked but I can't find it doing a search through tapatalk. Are there companies that will insure your bike if it is either stolen whilst you are relaxing with an espresso at the local cafe or if you are involved in an accident and the bike is damaged. Your will cover my bike at home but not once I take it off the premises.


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by BNA » Tue Sep 11, 2012 2:30 pm

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Re: Insurance for road bike away from the home

Postby r2160 » Tue Sep 11, 2012 2:30 pm

There are two companies that I am aware of

www.velosure.com.au
www.cyclecover.com.au

Pretty sure both will do exactly that!!

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Re: Insurance for road bike away from the home

Postby rpmspinman » Tue Sep 11, 2012 4:05 pm

+1 for velosure.

On the topic of bike insurance, just be aware that insurance companies will not cover you for component failure. Only accidents. I say this only because I had a Ultegra RD go on me recently which chewed out my wheel spokes & chain resulting in all brand new stuff from my own pocket. PDS states that they will not cover component failure. So read your PDS carefully to see what your covered for, theft included.
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Re: Insurance for road bike away from the home

Postby Just*managing » Tue Sep 11, 2012 4:20 pm

Wow, thanks for the quick reply. Cycle cover only go within contents cover which I already have even though I miss out on the free jersey:). Velosure looked great and their website literally answered all the questions I asked. However, to qualify, I need to carry with me an armour padded cable lock worth at least $80- or a Dlock. I expect each of these would be about a kilo in weight. At $200- per year, I think I'll just have to risk it.


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Re: Insurance for road bike away from the home

Postby Phil » Tue Sep 11, 2012 4:44 pm

The Cyclecover policy covers all valuables outside the home up to $10K each without specifiying them, albeit with a $450 odd excess - these are normally a very pricey policy. I had a read of the PDS, cancelled my existing H&C insurance and took it out.

A week or two later we had a home invasion with some punks breaking in to steal the keys to my BMW. They were disturbed and ran (still managed to grab some valuables) - Homer Simpson moment ;-)

Claims process was excellent. You get what you forpay for.
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Re: Insurance for road bike away from the home

Postby moosterbounce » Tue Sep 11, 2012 6:40 pm

We moved our contents to cycle over too. We have 6 bikes and they added up pretty quickly on other policies. We've claimed one thing in the past (not bike related) and it was super quick.

I'd go with them over most others now.
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Re: Insurance for road bike away from the home

Postby Llewellyn » Tue Sep 11, 2012 6:43 pm

Our H & C insurer (Calliden) covers bikes away from home up to a total of 25% of the total contents insured (ie up to $25,000 for $100k cover). That should cover most bikes. The bike needs to be locked if you're at a cafe for it to be covered for theft but they don't specify what type of lock so a small combination padlock should be OK, and I'd have to check about accident damage but I think the broker said that was covered as well.
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Re: Insurance for road bike away from the home

Postby pawnii » Tue Sep 11, 2012 6:53 pm

I'm with Cycle Cover. Made 3 claims in the last 3 years. First time I hit a car and the other two times I drive into the garage with my bike on the roof of the car.
Total payout over 15k, paid within 2 weeks.

I'd recommend them.




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Re: Insurance for road bike away from the home

Postby Kenzo » Tue Sep 11, 2012 7:15 pm

pawnii wrote:I'm with Cycle Cover. Made 3 claims in the last 3 years. First time I hit a car and the other two times I drive into the garage with my bike on the roof of the car.
Total payout over 15k, paid within 2 weeks.

To be fair to other insurers, all of them would likely have paid for the last two if you had listed your bikes as specified items.
The crash with the car, even without specifying they would have paid for the damage to the car, but not for your bike (repairs or replacement).
The quotes I've received tell me I could replace a bike every 2nd year with a brand new full carbon ultegra roadie if I simply stuck with my current insurer instead of paying the extra charged by cycle cover.
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Re: Insurance for road bike away from the home

Postby Aushiker » Thu Sep 20, 2012 9:16 pm

I did a bit of research into this awhile back and summarised my findings here. Might be of value.

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Re: Insurance for road bike away from the home

Postby Yagan » Fri Sep 21, 2012 4:35 pm

I am with swann cycle smart. Never claimed so can't comment on pay outs but their policy is a lot more relaxed about what locks are required when you are out and about. I would suggest reading the pds very closely.
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Re: Insurance for road bike away from the home

Postby moosterbounce » Sat Sep 22, 2012 8:02 pm

Had a letter this week from hbf I think and bikes being ridden are now covered. Perhaps mainstream companies are changing their policies?
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Re: Insurance for road bike away from the home

Postby ratter » Sat Sep 22, 2012 8:11 pm

rpmspinman wrote:+1 for velosure.

On the topic of bike insurance, just be aware that insurance companies will not cover you for component failure. Only accidents. I say this only because I had a Ultegra RD go on me recently which chewed out my wheel spokes & chain resulting in all brand new stuff from my own pocket. PDS states that they will not cover component failure. So read your PDS carefully to see what your covered for, theft included.



off topic, but are you on the "Australian Ford Forums" ?
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Re: Insurance for road bike away from the home

Postby Dr_Mutley » Sat Sep 22, 2012 11:50 pm

Can't go wrong with cyclecovergold...
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