Will I have to pay an excess?

Yes, an excess applies to each accepted claim. It's $75 on Velosure Basic policies for bikes with a sum insured value under $1,000, $125 on Velosure Basic policies for bikes with a sum insured value above $1,000, and $250 on Velosure Premium policies. A double excess applies if your bike is stolen from common property, if the loss happens outside Australia and New Zealand, or if the loss happens within 45 days of your policy first starting (renewals excluded).