Recently my contents insurance which included bicycle insurance came up for renewal and I took the opportunity to update myself with my insurer’s product disclosure statement (PDS) (policy) and found that it was no longer offering the level of coverage I desired so I started investigating the various options available to insure my bicycles and my home contents.
I investigated the known bicycle insurance providers as well as some general insurers whose policies cover bicycles in use. If you know of an insurance product that provides coverage of bicycles in use but is not included here please post a comment below and I will update this post.
For comparison purposes I used a contents value of $35,000 (appears to a be standard minimum value) and a value of $10,000 for the bicycles. Where bicycles are not required to be specified in contents insurance policies I obtained a quote on the basis of a content insurance of $45,000. The premiums quoted are as obtained in August 2010 and are indicative only. You should carefully review all PDS to ensure all aspects of the policy are suitable for your needs. I have only highlighted the bicycle insurance aspects here.
Other points to note:
- Mass participation events are often included in the definition of racing so if racing is excluded mass participation events may also be excluded.
- Where racing coverage is provided additional requirements/restrictions may apply.
Insurance Company/Policy Name
|Westpac Insurance – Quality Care||Contents||$468.31||$100||No racing or mass participation coverage|
|BikeSure – Updated October 2011||Contents||$578.85||Std – $300
Racing – $500
Carbon – $500
|Racing coverage with limitations|
|Cyclecover Gold (Bicycle specific)||Contents||$748.32||Std – $250Racing – $500 or 10% of repairCarbon – $500 or 10% of repair||Racing covered|
|CycleSafe Home Insurance
(Bicycle Victoria promoted bicycle specific)
|Contents||QBE – $923.77
Vero – $534.96(See note below)
|QBE – $100
Vero – $100
|QBE charge extra for racing coverage – no quote provided|
|Swann Insurance – CycleSmart Elite policy||Bikes only||$355.00||Basic – $200
Carbon – $300
Racing – $300
|Real Insurance||Bikes only||$642.24||Not stated in the quote||Racing covered|
|Velosure||Bikes only||$822.24||Not stated in the quote||Racing covered|
Based on their Quality Care product which is there mid-level contents policy;
No limit on the value of bicycles;
Does not cover damage to bicycles while training for or participating in any organised or competitive sporting activity or race,
but we will cover damage happening during general recreation activities (e.g., cycling to work, or children cycling for fun);
No other restrictions evident in the PDS.
- Insurance provided under Calliden Insurance Elite Care PLUS Home and Contents Insurance;
- Accessories included in value of bike – max amount of insurance per bike is $10,000 including accessories;
- Mass participation events are included in the definition of racing;
- Racing coverage needs to specified – should check this occurs if required;
- New for old replacement;
- Bicycles on cars insured if a bicycle lock is used.
Cyclecover Gold (Bicycle specific)
- No specified limit on value of bicycles;
- Covers in use including racing (no restrictions);
- 90 day world wide coverage;
- Insurance provided by QBE;
- Full replacement coverage – no depreciation applied;
- No locking requirements;
- Accessories included up to $1,000 per event.
CycleSafe Home Insurance – Insurance House Group of Companies – Providers are QBE or Vero
- This product is promoted by Bicycle Victoria and Insurance House Group is a broker promoting a product called CycleSafe Home Insurance. It turns out that they are simply repacking insurance products on offer from QBE Insurance and Vero Insurance.
- I requested a quote for $35,000 home contents insurance and $10,000 coverage for the bicycles. I received a quote for $35,000 contents coverage from QBE Insurance and $40,000 home contents insurance from Vero Insurance. Neither quote is reflective of what was actually asked for so becareful when dealing this broker;
- 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;
- Cover whilst racing available (if required). However QBE charge an additional premium for cover whilst racing and Vero automatically covers racing however they do not cover sporting clothing or sporting equipment (other than the actual bike) whilst in use whereas QBE automatically do.
- For the PDS it might be best to contact the Insurance House Group directly as they maybe offering a non-standard home contents product from these two insurers.
Swann Insurance – CycleSmart Elite policy
- Offers lower priced insurance options – Recreational and Commuter policies;
- Only covers your bike within Australia (no New Zealand coverage);
- Appears to only cover one bicycle – no multi-bicycle cover;
- Accident, Theft and Fire cover;
- $20,000 maximum claim limit;
- $20,000 maximum yearly cover;
- Racing and Carbon Fibre Cover.
- Security requirements to satisfy payments for theft;
- Proof of ownership requirements;
- PDS needs to be printed to read. Given the premium I haven’t bothered to investigate this product further;
- Optional accessories cover.
- Accidental / crash damage whilst in use;
- Accidental / crash damage whilst racing;
- Theft from your home;
- Theft away from your home;
- Loss or damage in transit – roof racks, airplane, bus, train etc;
- Up to $10,000 for death or disability or up to $1,000 towards non Medicare expenses such as dental, private hospital, ambulance, physiotherapy etc.;
- Coverage of bicycle accessories (extra wheels, HRM etc) cover whilst in use is an optional extra;
- Security requirements imposed;
- Proof of ownership requirements;
- Replacement bicycle only within two years of purchase;
- Approved locks policy.