Our bikes have never meant more to us than they do now. With so many of us suffering from lock-down fatigue, our bikes give us the freedom to exercise and explore. They can help us find some peace and sanity through turbulent times.
We insure many of the valuable things in our lives. Our homes, contents, our cars, even our lives. Yet many people who value their bikes highly, perhaps use them every day, don’t insure their bikes.
Bike retail values seem to be always rising and supply issues during the pandemic are driving those values even higher. It makes sense then, that something that means so much to us is covered, should harm befall it. It could be an opportunistic thief, a pothole in the road, or a careless driver.
This article will look at the two main ways that bikes are typically insured. Those being, under a home and contents policy, or under a standalone bike insurance policy. In many cases, there are significant, if not always obvious, differences between the two. Read on to see which option might be right for you.
Standalone bike insurance policies vs. home and contents
Insuring your bike under a home and contents policy can be an attractive option. After all, keeping your home, contents, bike, and other items insured under the same policy and premium is convenient. However, you might not realise you’re making sacrifices for those conveniences.
For example, does your home and contents cover you for accidental damage when you’re actually riding your bike? Your bike might be covered if it’s stolen from your main residence, but is it covered if it’s stolen when away from home? At the café or when you’re on holiday?
While both home and contents insurance and standalone bike insurance can cover your bike, it is worth understanding the differences between the two (and between each individual policy). It is always advised to read the product disclosure statement and other policy documents.
You may find that standalone bike insurance policies can cover you for more of the obstacles that the everyday rider might face. Furthermore, standalone bike insurance policies may also include other perks and add-ons that you may not find in a home and contents policy.
So, do I need standalone bike insurance?
As with any insurance, this choice is based on several highly individual factors. These might include:
- The value of your bike
- The type of riding you do
- Your own financial situation
Some everyday scenarios that standalone bike insurance will usually cover that home and contents insurance may not, can include;
- Damage when being transported as part of checked luggage
- Theft and vandalism away from home
- Accidental damage from a crash
- Listed accessories
Furthermore, standalone bike insurance policies may also include other perks and add-ons, unique to that product or insurer. If you think that a standalone bike insurance policy sounds right for you, Bicycle Network has an option for you.
A recent survey of Bicycle Network members found that a large proportion (over 30%) had bikes of significant value which were not insured. We asked what they would want to see featured in a bike insurance product, and from their answers, Bike Insure was developed, exclusively for Bicycle Network.
Bike Insure includes coverage* for
- Theft from home and away
- Damage caused by a crash
- Vandalism/malicious damage
- Cover when your bike is being transported on a bike rack
- Damage that occurs when your bike is part of checked-in luggage
In addition, you get a new-for-old benefit should a claim arise within the first two years of owning a new bike. This means depreciation won’t be applied when considering the replacement, repair or sum insured settlement if your new bike is damaged.
We’ll also cover your kit in the event of a crash, up to $500, and there’s a discount for insuring multiple bikes.
You can learn more and get a free quote at www.bikeinsure.com.au. If you take out a policy with Bike Insure, not only will your bike be protected, but you’ll also be helping Bicycle Network in their efforts to improve riding conditions for all Australians.Get a quote
*Subject to limitations and terms and conditions of the policy. Consider the PDS and the Target Market Determination, both available at www.bikeinsure.com.au
Bike Insure is promoted and distributed by Bicycle Network Incorporated ABN 41 026 835 903 AR No. 128571 acting as an authorised representative of the issuer, The Hollard Insurance Company Pty Ltd, ABN 78 090 584 473 AFSL No. 241436. Any advice provided is general only and insurance coverage is subject to the policy terms and conditions. Underwriting eligibility criteria applies to insurance applications. The Product Disclosure Statement (PDS) and Target Market Determination are available at bikeinsure.com.au. Read the PDS before deciding on this product.
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This article was made possible by the support of Bicycle Network's members who enable us to make bike riding better in Australia.