How will my claim be settled?

If your claim is approved, we will at our option:

1. Repair your bicycle or any other custom part & accessory;
2. Replace your bicycle or any other custom part & accessory with a new item of at least equal specification;
3. Cash settle you based on the lesser of:
   • your sum insured, or
   • the cost we can purchase a new bicycle or any other custom part & accessory of at least equal specification, or
   • the estimated cost we can repair the bicycle or any other custom part & accessory, or
   • the original recommended retail price of the bicycle or any other custom part & accessory when it was first sold as new; or
   • the depreciated value of any bicycle or any other custom part & accessory that is 1 purchased second-hand or 2 first purchased new and not insured within a year of the purchase date.