Two road cyclists on track bicycles admiring the sunrise

Why you should have specialist bicycle cover

January 22, 2024

The list of things to insure seems to get longer each day, but certain items, like your bike(s), are worth covering. It’s a great feeling knowing that if an accident did happen, your possessions would be taken care of. When it comes to bicycles, you wouldn’t take your bike to any shop to be serviced. The same goes for insurance.  

What does bicycle insurance typically cover?

Bicycle insurance covers exactly what it says: your bicycle. Bicycle insurance policies would typically cover your bike against unforeseen damages, like accidental damage, travel damage, theft, etc. Certain insurers may also cover your cycling accessories under your bicycle insurance policy.

Do I need separate insurance if my bike is already covered by my home and contents insurance?

It is possible to cover your bicycle under your home and contents insurance; however, there are several benefits to covering it with a specialist insurer instead. If you’re riding a higher-end bike, it may not be covered under your home and contents policy. These policies often have caps on the insurance value of specified items. Your home and contents often have higher excesses when claiming, and claiming on your bike can cause your premiums to increase.

When insuring your bike with a specialist bicycle insurer, you’re dealing with individuals who are cyclists and understand cyclists. You don’t have to worry about trying to explain how you sent it a little too hard over that gap jump out at Thredbo, totalled your front wheel, smashed your derailleur and mangled your arm. At Velosure, we get it. Because we understand, we’ve tailored our insurance accordingly. You can insure bikes up to $30,000, and your bicycle is covered against much more than just theft from your house.

Is there an excess for bicycle insurance, and how does it work?

At Velosure, an excess amount is payable for each claim you make on your policy.  The value of the excess depends on which policy you’ve taken out and the nature of your claim. With our Premium Bicycle Insurance policy, the standard excess is $250. The excess on our Basic Bicycle Insurance is based on a fixed excess relative to the insured value of your bike and ranges from $75 standard excess for bicycles insured for less than $1,000 to $125 for bicycles insured for $1,000 or more. A double excess is applicable when your bicycle is stolen from a common property area and when a claim arises from an event within 45 days of the commencement of cover.

Does bicycle insurance cover accessories, custom parts, or wheels added to the bike?

It’s never just a bike; there’s always a host of other items you need, like a helmet, GPS, lights and more. For this reason, Velosure allows you to add accessories to your policy. This gives you peace of mind when out on the trails. These accessories need to be listed as separate entities on your policy and have a value different from the value of your bicycle.

As cyclists, we’re constantly tinkering, upgrading and fixing our bikes. You can add custom parts to your bike and have them covered by your insurer. Custom parts or upgrades on your bike are valued as part of the bicycle and contribute to its overall value. It’s important to consider any upgrades you have done when valuing your bike to insure it. Listing these custom parts is always helpful in the event of a future claim.

If you still have questions about why you should insure your bike with a specialist bicycle insurer, why not call us? We love to chat bikes and can talk you through all the ins and outs of bicycle insurance.

Otherwise, take out a quick obligation-free quote with Velosure and ensure your bike is completely covered.

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