Australian Bicycle Insurance

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Re: Bicycle Insurance

Postby cjawnik » Thu May 24, 2012 1:16 pm

Chiming in. Recently hit by a car which has caused a few thousand dollars damage to my bike and associated gear. Home and Contents with AAMI. Because I got the 'portable cover' on account of my camera, I am covered up to $1000 for my bike. But the good part is that the $1000 is per claim, so I can claim damages to the bike, claim damages to my gear/helmet/exposure light (destroyed), claim for my prescription glasses. Each claim can be up to $1000 and each carries a $100 excess. This information about multiple claims was given to me by the (very helpful) AAMI operator.

Because the bike is actually worth closer to $5000 to replace (FPQuattro/Force/Fulcrum 5), I have specificed the details on my policy. As a result my monthly premium increased by $13.

I'll report back when all the bike restoration is complete, and all the gear replaced, but if everything goes as it should this is a really good arrangement by AAMI.
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by BNA » Thu May 24, 2012 7:22 pm

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Re: Bicycle Insurance

Postby skull » Thu May 24, 2012 7:22 pm

Also chiming in.

My bike is insured with velosure. I found a crack in it a while back when cleaning it, so off to the shop that deals with Cannondales here. They did an initial assessment and contacted c'dale, c'dale did a secondary assessment and decided it wasn't a defect and not covered under the replacement warranty. So offered me another frame at 1/2 price.

So I contact my insurer, they did their assessment, approve my claim and contact bike shop to proceed and order new frame. The claim also covers the labour costs involved in building bike (which I would have worn if it was a warranty job).

Hopefully bike back and on the road in a week or two.

One happy Skull!
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Re: Bicycle Insurance

Postby Fresh » Sat Oct 06, 2012 8:45 pm

Quick Q on insurance with Velosure. I have a quote for two bikes totalling $8500 living in Lane Cove, Sydney. $45 per month.

Is this a pretty standard rate, or can I do better elsewhere?
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Re: Bicycle Insurance

Postby boss » Mon Oct 08, 2012 11:34 am

birdbrain wrote:
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.


Third-ed. You are in the hands of a person who has been there 6-12 months, doesn't know the PDS inside out, and probably has never dealt with a claim. They are salespeople!

If you recorded the conversation you might be able to use that if you run into an issue with a claim, but otherwise it really doesn't matter what the consultant said, what matters is what is contained within the PDS and your policy statement.
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Re: Bicycle Insurance

Postby teeby » Wed Jan 23, 2013 2:11 pm

Just spoke to GIO about the potential to have a $2k bike insured as an addition to my home & contents.. they said an extra $45 per year, ~$3.75 per month.. NOT covered for damage to my bike when riding.. but will cover theft at home or out and about, will cover 3rd party damage - eg- smash into a ferrari. not a bad option, even as a backup if i decide to go with real or velosure..
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Re: Bicycle Insurance

Postby mitzikatzi » Wed Jan 23, 2013 2:23 pm

boss wrote:...snip...
If you recorded the conversation you might be able to use that if you run into an issue with a claim, ..snip...


Don't you need to make the other person aware they are being recorded? Otherwise it is against the law? (questions people not a statement of fact)
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Re: Bicycle Insurance

Postby gistane » Wed Jan 23, 2013 6:48 pm

teeby wrote:, even as a backup if i decide to go with real or velosure..


NRMA Insurance offer Bicycle Insurance as well now http://www.nrma.com.au/bicycle-insurance
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Re: Bicycle Insurance

Postby boss » Wed Jan 23, 2013 10:26 pm

mitzikatzi wrote:
boss wrote:...snip...
If you recorded the conversation you might be able to use that if you run into an issue with a claim, ..snip...


Don't you need to make the other person aware they are being recorded? Otherwise it is against the law? (questions people not a statement of fact)



In SA you can record any conversation that you are party to. You can't eavesdrop / phone tap.
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Re: Bicycle Insurance

Postby teeby » Thu Jan 24, 2013 10:26 am

gistane wrote:
teeby wrote:, even as a backup if i decide to go with real or velosure..


NRMA Insurance offer Bicycle Insurance as well now http://www.nrma.com.au/bicycle-insurance


$700 excess to make a claim on a carbon fibre bike! ouch
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Re: Bicycle Insurance

Postby JBark » Thu Jan 24, 2013 11:04 am

mitzikatzi wrote:Don't you need to make the other person aware they are being recorded? Otherwise it is against the law? (questions people not a statement of fact)

Generally, if you are a party in the call, are recording for legal interests, and won't be providing the recording to a 3rd party, then you can record away without asking for consent. Should be covered under Federal law, but most states have their own very similar laws, so best to check each state just to make sure.

So recording any sort of call like a conversation with your insurance company should fit the definitions perfectly. Recording every single conversation you have is probably a bit of a grey area, but the "legal interests" is such a vague description that you could probably make up any sort of excuse you want to give yourself a legal interest.
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Re: Bicycle Insurance

Postby Derny Driver » Thu Jan 24, 2013 6:05 pm

I often take my son or groups of cyclists to interstate or international races. I think on almost every occasion the airline has broken one of our bikes. Is there an insurance company who will cover me for damage or destruction of a bike by Qantas, Jetstar, Emirates etc ??
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Re: Bicycle Insurance

Postby g-boaf » Thu Jan 24, 2013 7:06 pm

teeby wrote:
gistane wrote:
teeby wrote:, even as a backup if i decide to go with real or velosure..


NRMA Insurance offer Bicycle Insurance as well now http://www.nrma.com.au/bicycle-insurance


$700 excess to make a claim on a carbon fibre bike! ouch


Yeah, very expensive! This might have been appealing but for that excess. I might contact them anyway - given my house is with them I might be able to get a better deal.
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Re: Bicycle Insurance

Postby macca33 » Thu Jan 24, 2013 7:16 pm

Umm, I love my bikes, but $500 a year to insure just one is a little over the top, is it not???
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Re: Bicycle Insurance

Postby Summernight » Fri Jan 25, 2013 2:55 pm

I've decided to get contents insurance (well, I've been thinking about that for a while, but previously when looking at renter's insurance I've been disappointed by the maximum limits and what it covers and took the risk of not having it).

Now, I have riding a bicycle as a requirement (not public liability, but the damage and replacement of my bike) - I'm currently getting quotes but I have noticed that a couple of the insurers mention that sporting goods are covered even during use of said goods outside of the home (and some cover for use overseas up to a maximum number of days). I received a quote from YOUI for $35,000 contents (and some sporting goods specifically noted as extras ie. the bicycle, skiis and a horse saddle) for around $50 a month (including the cost of replacement of my bike if damaged during use outside of the home). They also have an 'unspecified goods away from home' option that you can choose which means they will replace up to that value if some goods (which don't have to be specified - ie. handbag/purse/man bag contents) are lost while away from home. That is with an excess of $600.

I'm still getting quotes from a couple of the contents insurers that Aushiker mentioned on his blog - ie. BikeSure and CycleCover, but I'm really liking the idea of having my bicycle included in the contents policy and covered even during use.

I got quotes on Velosure and the quotes for just insuring my bike were expensive for the price of my bike (bought for just under $1000 but RRP of $1,600) - not worth $20/month just for the bike.
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Re: Bicycle Insurance

Postby aswal » Sat Jan 26, 2013 10:50 pm

cjawnik wrote:Chiming in. Recently hit by a car which has caused a few thousand dollars damage to my bike and associated gear. Home and Contents with AAMI. Because I got the 'portable cover' on account of my camera, I am covered up to $1000 for my bike. But the good part is that the $1000 is per claim, so I can claim damages to the bike, claim damages to my gear/helmet/exposure light (destroyed), claim for my prescription glasses. Each claim can be up to $1000 and each carries a $100 excess. This information about multiple claims was given to me by the (very helpful) AAMI operator.

Because the bike is actually worth closer to $5000 to replace (FPQuattro/Force/Fulcrum 5), I have specificed the details on my policy. As a result my monthly premium increased by $13.

I'll report back when all the bike restoration is complete, and all the gear replaced, but if everything goes as it should this is a really good arrangement by AAMI.



How did your claim go?
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Re: Bicycle Insurance

Postby Dr_Mutley » Sat Jan 26, 2013 11:44 pm

Myself and a few friends have had claims with cyclecover when they were previously underwritten by QBE and they were great...
A friend recently had to make a claim since they changed over to Allianz as underwritters, and they were absolute pricks (according to her)
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Re: Bicycle Insurance

Postby SmellyTofu » Mon Jan 28, 2013 10:39 pm

I think it's kind of weird to think my small motorcycle cost less to insure comprehensively than my bicycle worth half the value (brand new prices).. sure you need a key to start the motorcycle but I think I'd do more damage at 70kmh with 120kg of bike than 40kmh with only 8kg of bike. Going to cancel my insurance with velosure and stick it on the home content insurance.
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Re: Bicycle Insurance

Postby __PG__ » Tue Jan 29, 2013 7:05 pm

Got a package quote from cyclecover (house+contents+bike) but it was almost three times the price of my current RACV quote. I can add my new bike my existing RACV insurance under 'portable valuables'. They will cover the bike for theft and damage while I am riding, but they do not cover 'sporting events'. I called them about this today and asked for more definition. Is an Audax ride a 'sporting event'? The answer she got back from the underwriter was that any sporting contest with prizemoney was not covered.

So Around-the-Bay in a Day would be OK. So would an Audax ride. But Amy's Grand Fondo would not, as prize money is offered.

This does raise the question that if you enter a C-grade race run by a cycling club, where there is no prize money..are you still covered for crash damage?

I'll speak to them again tomorrow to clarify (and I want to get things in writing), but this also does beg the question, does anyone know of vendors of one-off bicycle insurance for 'sporting events'?
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Re: Bicycle Insurance

Postby Dr_Mutley » Tue Jan 29, 2013 7:43 pm

__PG__ wrote:Got a package quote from cyclecover (house+contents+bike) but it was almost three times the price of my current RACV quote.


Must be a mistake?!
Did u get a quote for contents only?
I have contents only and found the premium was only $8 a month more than I was previously paying APIA for much better coverage, and less excess.
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Re: Bicycle Insurance

Postby Aushiker » Wed Jan 30, 2013 12:04 am

__PG__ wrote:Got a package quote from cyclecover (house+contents+bike) but it was almost three times the price of my current RACV quote. I can add my new bike my existing RACV insurance under 'portable valuables'. They will cover the bike for theft and damage while I am riding, but they do not cover 'sporting events'. I called them about this today and asked for more definition. Is an Audax ride a 'sporting event'? The answer she got back from the underwriter was that any sporting contest with prizemoney was not covered.


I would double check that myself and get it in writing as part of your insurance schedule if the policy you have is the one shown on the RACV website as my understanding is that the PDS is product as amended by the schedule that you are are buying not what is said on the phone etc. The PDS I have read appears to specifically exclude damage to sporting goods (bicycles generally fit within this term, but interesting the PDS does not define sporting goods) whilst in use.

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Re: Bicycle Insurance

Postby Summernight » Thu Jan 31, 2013 11:04 am

Dr_Mutley wrote:
__PG__ wrote:Got a package quote from cyclecover (house+contents+bike) but it was almost three times the price of my current RACV quote.


Must be a mistake?!
Did u get a quote for contents only?
I have contents only and found the premium was only $8 a month more than I was previously paying APIA for much better coverage, and less excess.


Not necessarily a mistake. I also got a quote from them and another bicycle specific insurer for contents only insurance and it is double the price of the quote I got from YOUI. They also charge the government levy on top of the premium and then add their brokerage fee and something else to that. The premium itself was about $100 more than the YOUI quote, but with the added extra costs it bumped the price right up.

And YOUI cover your bike during a sporting event for loss or damage (not personal liability) if you have it specifically listed (or it is under their monetary threshold) with their 'Away from Home' option (an extra option you need to opt into).

Aushiker is correct that you should double check the 'whilst in use' part of your policy.

The lady on the phone from YOUI was saying (and I was reading other insurers' PDS in addition to the YOUI one) that most insurers don't cover sporting goods while in use, although if they agree to amend this they will specifically put it in your schedule like Cyclecover does with their quote - if you read the Allianz underlying PDS it excludes it whilst the Cyclecover schedule then includes some stuff again like coverage during racing. The YOUI PDS does include during use. The major downside with YOUI is that they do not cover for Flood whereas most other insurers do that I've seen.

eg (in addition to Aushiker's link): YOUI PDS (search 'Away from Home')
AAMI PDS (sporting goods while in use specifically not included - search 'portable valuables' - page 34 of the PDS)

EDIT: A bicycle is a 'portable valuable' under the RACV PDS. See page 44 of that PDS Aushiker linked.
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Re: Bicycle Insurance

Postby Dr Hackenbush » Thu Jan 31, 2013 12:21 pm

Dr_Mutley wrote:Myself and a few friends have had claims with cyclecover when they were previously underwritten by QBE and they were great...
A friend recently had to make a claim since they changed over to Allianz as underwritters, and they were absolute pricks (according to her)

I've had a great experience with Swann which was mentioned in the op. For an insurance company they were a joy to deal with.
OTOH I've also had the misfortune of dealing with Allianz and I can back up your friend, they were absolute pricks who will pull any stunt to get out of paying.
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Re: Bicycle Insurance

Postby __PG__ » Wed Feb 27, 2013 9:20 pm

RACV are now stuffing me around. Initially they said all I had to do was supply receipts/invoices to support the valuation.

Now they are backtracking, and say that I have to get a 'valuation certificate', although they have not provided any details as to
a) How to procure one
b) What is acceptable

Has anyone else ever had to do provide this to their insurer?
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Re: Bicycle Insurance

Postby merlin6014 » Thu Feb 28, 2013 7:20 am

My bike is insured with Velosure as I like the idea that if I crash its covered (broken frame or wheels).

However I also have recently switched to Coles Home Insurance. $1000p.a. vs my previous policy with GIO which was $2400p.a. (AAMI wanted $2000p.a. as a point of reference). Coles let you list individual possessions for their full value at no extra charge so I also have the bike fully insured under this policy (I guess it is thus double insured). I doubt it applies to crashes though, hence the extra Velosure cover. Point of my post is check out Coles for your house insurance - saved me $1400 this year and PDS is similar to GIO and its all insured same amounts (difference is GIO charges more again to list individual items, its free with Coles) (no I don't work for Coles just saving my fellow forum members some money).
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Re: Bicycle Insurance

Postby Aushiker » Thu Feb 28, 2013 8:17 am

merlin6014 wrote:My bike is insured with Velosure as I like the idea that if I crash its covered (broken frame or wheels).

However I also have recently switched to Coles Home Insurance. $1000p.a. vs my previous policy with GIO which was $2400p.a. (AAMI wanted $2000p.a. as a point of reference). Coles let you list individual possessions for their full value at no extra charge so I also have the bike fully insured under this policy (I guess it is thus double insured). I doubt it applies to crashes though, hence the extra Velosure cover. .


Don't ride your bicycle at all if you want insurance coverage from Coles. As per page 42-43 of the PDS ...

We will not cover the following items under bundled or specified cover: ...

bicycles, skateboards, scooters, surfboards or other watercraft’ tents or camping equipment or their accessories, when in use


Pretty pointless insurance if your plan is to be protected when you are actually using your bicycle. I would stick to using your savings to pay for your Velosure insurance :wink:

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