Main reason I have insurance is to cover someone else’s screwup. Lost two bikes to motorists not looking where they’re going, was lucky in that both times their insurance cover paid out (but took 6 and 9 months to do so). I can only begin to imagine the fun you’d have trying to get some ute driving bogan tradie type to payout your 5k carbon roadie he drove over.
Being covered for racing incidents and my own screw ups is just a bonus.
Currently with Velosure, but renewal is coming up soon. May look at dropping my ‘agreed value’ to a more representative market value, as based on the above, that’s how it seems to work :(. OR, switch to a home/contents deal. 5k bike, premium $400ish per annum.
The problem is horatio if you spend say $10k on a bike and put away $20 a week it will take 10 weeks just to afford a shifter, if you stuff your frame that’s about 150 weeks.
For that same $20 a week you could be covered from the start for any thing
That was my reasoning for getting insurance Dayne! Sure I could put money away for this kind if thing but if something happens when I only have a few hundred saved I’m out of luck. My biggest worry is the replacement cost of my frame if I get stuck not finding one second hand and have to purchase one new.
Yep, but really no one pays for new BT’s do they?
I thought they were only for crazy rich kids or sponsored athletes or for the rest of us to snap up when the above mentioned change the colour of there shoes.
Yeah that’s pretty much it! Stealths seem to be up for sale all the time luckily. If anything did happen I’d probably go for one of those new carbon Fuji frames or the felt TK1.
All my bikes are covered under the home and contents package we have at no extra cost (we live in a suburb where break ins are common so I wanted to know). What I thought was cool was that under the same policy they are even insured for crashes and thefts outside home.
All it required was that I send the insurance company a series of photos and a parts list detailing my bikes and that I have receipts for them and the parts on them incase of an incident. Our excess is something like the first $400 but if my Pinarello got stolen 400 to replace a bike I’ve spent close to 5k on is worth it in my opinion.
Thought this may help someone as I found it particularly awesome as it meant I didnt have to deal with any bike specific insurance companies and didnt know my bikes were insurable under my home policy until I asked!
I have my main road bike nominated on my H&C policy to a replacement value of 5k, they were very specific in advising that whilst it was covered for damage/theft/loss anywhere (even if I left it leaning up against the wall of a milk bar unlocked), it was not covered for damage caused while riding.
That’s kind of the most likely location though IMO… Thats with AAMI and I haven’t really looked at my arrangement since, I’m just ignorantly hoping it gets stolen and not crashed…
I will find out tonight I cant remember off the top of my head. I dealt with them regarding my bikes a while ago but my mother took out the original policy.
Been having a bit of an investigate. With Cyclesafe (which people off the forum linked previously said was the best) there are two types of cover.
Bike only and contents (including bike). Below is from the insurance company as of today.
Bike only
quotation for insurance for your Bicycle & Accessories valued at $8,000 and the annual premium including all fees and charges would be $544.53.
This policy covers your bicycle, including any accessories while fitted to your bicycle if:
Accidentally Damaged whilst riding (including while being raced) or
burnt (lol), or
stolen from a locked building, or
stolen whilst securely locked to a fixed object, or
stolen from within a locked vehicle
The excess applicable to this policy is $800. - I’ve asked, there is no way to lower this excess
Contents + bike
Benefits of the policy:
Accidental Damage or Loss/Theft cover for your contents (including your bikes whilst riding) 24 hours a day, 7 days a week anywhere in the world
Valuable items such as jewellery and watches are covered up to $10,000 per item and in total up to 25% of the sum insured. Items over $10,000 are able to be specified on the policy if required.
No limitations on the value of your bike/s – the policy is replacement new for old
All your bikes are insured by the policy without the need to list them specifically
Public Liability of $20 Million automatically included
Racing automatically covered
Items used for earning an income are automatically covered up to $10,000 in total (ie business use laptops, printers etc).
Personal use photographic equipment and musical instruments are automatically included at no extra charge.
Alternative excesses are available if required.
Payment is able to be made annually or via monthly direct debit from a credit card or bank account at No Extra Cost.
Vero Insurance $40,000 Contents (minimum amount)
$818.22 with a standard $250 excess
$747.49 with a standard $500 excess
Vero do not cover bicycle accessories & clothing such as helmets and knicks (other than the actual bike) whilst in use. They do however cover these items for theft.
I went the same route when I was in melbourne. My insurer also covered accidental damage to bikes, including during training and racing. Also covered theft, even if left unlocked. I will try to find who it was with.
I went the same route when I was in melbourne, with Cyclesafe. They covered accidental damage to bikes, including during training and racing. Also covered theft, even if left unlocked. I will try to find who it was with. I claimed with them on a non-bike related claim (wifey smashed her iphone) and they paid out no questions asked.