What does Velosure Bicycle Insurance cover?
My bicycle isn’t brand new – is it still worth insuring?
We cover for loss or damage to your bicycle arising from:
* Racing Cover is only available on our Premium Bicycle Insurance policies.
- Accidental damage
- Loss or damage in transit
- Damage caused while in use; including participating in a cycling event*
- Malicious damage
How much will it cost to insure my bicycle?
We do insure bicycles purchased second hand, provided its market value is between $350 and $3,000 when taking out our Basic Bicycle Insurance, or between $1,000 and $30,000 when taking out our Premium Bicycle Insurance.
One of our methods to determine market value is to apply depreciation:
Depreciated value means the recommended retail price of an item when first purchased (new) reduced by 10% for each year (or part thereof) measured from its first purchase date (as a brand new item).
2016 - 2017 = 10%
2017 - 2018 = 10%
2018 - 2019 = 10%
2019 - Aug 2019 = 10% - note clause "or part thereof", as seen above.
What value should I insure my bicycle for?
It depends on a few variables. The best way to find out is to get a quote
or contact our team via email, phone or live chat.
For bicycles purchased second hand, the Sum Insured should be reflective of the depreciated value. Depreciated value is calculated from the recommended retail price of an item when first purchased (new) reduced by 10% for each year (or part thereof) thereafter measured from its first purchase date (as a brand new item).
For bicycles purchased new, the sum insured should be reflective of the recommended retail price when new. Please refer to the "How your claim is settled" section of the Bicycle PDS for more detailed information on how we consider the value of your bicycle in the event of a claim.
Is there an excess payable on Velosure bicycle insurance policies?
Yes, each claim made for your bicycle under this insurance will be subject to an excess, the value depends on the policy you have taken out and the nature of the claim.
For our Premium Bicycle Insurance the standard excess is $250 for and double excess is applicable when your bicycle is stolen from a common property area, worldwide cover and when a claim arises from an event within 45-days of commencement of cover.
The excess on our Basic Bicycle Insurance is based on a fixed excess relative to the insured value of your bicycle and ranges from $75 standard excess for bicycles insured for less than $1,000 to $125 for bicycles insured for $1,000 or more. 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 commencement of cover.
Do you cover more than one bicycle on a policy?
No, only one bicycle can be insured per insurance policy. However, we can list additional bicycle policies under your Velosure account. Additional bicycle policies attract a multi-policy discount, you qualify for a 10% discount on the second bicycle insured with us, a 7.5% discount on the third bicycle and a 5% discount on the fourth bicycle However, if your partner has their own bicycle, they will need to have their policy listed under their own account – the policy for their bike cannot be listed under your account.Can I make changes to the policy?
How do I prove ownership of the bicycle I want to insure?
Definitely. All you need to do is to contact us and we will gladly assist you with the additions you would like to make to the policy, if we accept the changes you will receive new documentation to reflect this accordingly. Please note that certain changes/additions may affect your premium. You can ring us on 1300 VELOSURE (1300 83 5678) or email: [email protected]
If you bought your bicycle new less than 30 days prior to purchasing this insurance, we will accept the bicycle’s serial number and a copy of the purchase receipt showing the purchase date and providing full details of the bicycle and all custom parts and accessories listed on the Insurance Certificate as proof of ownership provided that you send it in within 14 days of purchasing your policy.
If your bicycle is older than 30 days, take a nice clear high-resolution image (with your smartphone) from each side of your bicycle with a sheet of paper clearly displaying your policy number in the field of view. Be sure not to obscure any part of your bicycle. Please also provide a clear image of your serial number.
Can I choose the bike shop to replace or repair my bicycle?
Yes. You can nominate a bike shop of your choice, but we retain the right to take the work to a bike shop of our choice.I have previously made an insurance claim for a bicycle, will this affect my cover?
The short answer is 'yes, it might'. We assess each policy on individual merits, but it's imperative that – whether the bicycle was insured or not – you inform us of any bicycle related losses that you have had in the past three years.
Not to get all heavy on you, but it really is of paramount importance that we have this information. If you don't let us know, it could affect any future claims and even your insurance policy. If you are in doubt you should inform us.
What is the maximum bicycle value you insure?
The maximum value per bicycle is $30,000, but you can insure more than one of your bicycles on the same account. Are there any specific security requirements if I transport or store my bicycle?
Am I covered while travelling overseas with my bicycle?
Yes, for details on this, please refer to the security conditions under the "What you need to know" section of the PDS.
We expect you to secure your bicycle and other custom parts & accessories in a manner that would mitigate certain reducible risks like theft. Failure to comply will lead to us not paying out for your claim.
Your bicycle must always be securely locked with an approved lock through the frame to an immovable object the only circumstances where we will settle a claim when this condition has not been met are:
- When your bicycle is kept inside your house, garage, or outbuilding and all windows and doors are securely locked and thus fully enclosed.
- When you are at a coffee shop/restaurant/park or possibly even brewery, and you can prove that your bicycle was never more than 5-metres away from you and in your direct line of sight.
- When your bicycle is being transported inside a securely locked vehicle or inside the securely locked canopy of a ute during daylight hours.
- When your bicycle is being transported on a bicycle rack and is locked with the rack’s standard lock during daylight hours.
Increased theft risk areas worth special mention
- Common Property - Most common property even when access-controlled are high-traffic areas. You must always lock your bicycle to an immovable object using an approved lock. As stated above, double excess applies.
- Night-time - We will not cover any bicycle left on a bicycle transport rack outside a vehicle during the night. If a bicycle is left inside a securely locked vehicle or inside the securely locked canopy of a ute overnight, it will need to be locked to an anchor point inside the vehicle or canopy.
You can extend your policy with our Worldwide Cover extension to extend your policy to cover your bicycle if you take it beyond the Commonwealth of Australia and New Zealand. The extension is for a period not exceeding 90 days over the aggregate of the 12-month policy period, and provided that you have advised us beforehand and we have agreed in writing to provide cover. During this period the standard excess applicable to any claim for loss or damage to your bicycle will be doubled for claims arising from international travel.
Note: If you are purchasing bicycle insurance online and have already planned to travel, there is an option to select this cover in the policy purchase process, however the bicycle must be in Australia at the time you apply for this insurance and when a policy is issued. If you intend to travel at a later date, please call our Customer Service Team when you have finalised your travel plans.
I ride a unicycle. Am I covered?
Can I get cover for extra things I have put on my bicycle?
You sure are. The Velosure definition of a bicycle
is any cycle, tricycle or tandem powered by human pedalling. This includes mountain bikes, recumbents and electric
(pedal-assist not exceeding 250watts) bicycles.
Yup. If you purchased our Premium Bicycle Insurance you can extend your policy to include accessories such as panniers, a bicycle computer or additional wheelsets such as racing wheels etc. Do you insure professional cyclists?
Unfortunately we do not insure professional cyclists as – among other things – you need to be the owner of the bicycle insured, and most pro riders don’t actually own their machines.
In addition to professional sportspeople, we also don’t insure; riders who use their bicycles to deliver goods or food, parcels, packages or for any other type of courier service, riders or individuals who use or hire out their bicycles for compensation or for the carriage of passengers.
Is my bicycle covered if I lend it to another person?
Yes, provided the person is over 18. The full policy terms and conditions apply to the person you entrust the bicycle to, just as they would to you. You can find the security and other conditions in the Bicycle PDS. Do you cover electric bicycles?
Yes we do! For the purposes of this policy this definition includes electric ‘pedal assist’ bicycles not exceeding 250watts and with a maximum assisted speed of 25 km/h but excludes bicycles fitted with an external combustion engine or other source of powered assistance. An e-bike must be pedal-assist and configured as per the bicycle manufacturer’s original specification. The motor may operate without the rider pedaling up to a maximum speed of 6km/h.
For the sake of clarity, the bicycle is understood to include a standard set of components necessary to render the bicycle functional (i.e. frame, wheels, handlebars, saddle, group-set, etc.).What is the difference between a custom part and an additional accessory?
'Custom part' means a part fitted to your bicycle that replaces a manufacturer-supplied part on your bicycle, or which you have specifically selected in lieu of a manufacturer-supplied part and is listed on your Insurance Certificate. The value for all the custom parts should be included in the sum insured nominated for the bicycle. As an example, if you upgrade the wheels on your race bike, or swap out the factory-issue stem to give you a bit more reach – that’s a custom part.
'Accessory' means an item of equipment listed on the Insurance Certificate as an accessory. Additional accessories are listed as separate entities on the policy with their own sum insured nominated which will contribute to the premium charged. We’re talking here about GPS computers, mounts, pannier racks (if your bike didn’t come with one originally).
Do I get a discount when I have more than one bicycle insured? (multi-bike)
We are happy to say that yes, we do offer a multi-bike discount. You qualify for a 10% discount on the second bicycle insured with us, a 7.5% discount on the third bicycle and a 5% discount on the fourth bicycle. The quote line will automatically pick up your details and apply the discount to a quote requested online.Can professional athletes or sponsored riders use Velosure?
No, we're afraid not. Amateur racers are covered as long as they have a financial interest in the bike and have not received more than a 50% discount on it. Any racers who receive an income for racing will not be covered. Please refer to the PDS for full terms and conditions. If you're in any doubt at all, do call us on 1300 83 56 78.What happens if I already have personal accident cover through my club insurance?
In the event of a valid claim arising, Velosure will pay out the Personal Accident sum insured noted on your Insurance Certificate regardless of whether your club insurance also pays out or not. Personal Accident cover is only available on our Premium Bicycle Insurance and provides personal accident benefits up to $10,000 in the event you suffer a personal injury caused directly and solely by a crash whilst you are riding your bicycle. Please refer to the PDS for full cover terms, conditions and sub limits.What information do you need to start covering me and my bike?
We need all the details mentioned on our quote form. What happens after I make a claim?
Am I able to update the bicycle listed on my policy?
Once we've approved your claim, we’ll either:
- Repair or replace your bicycle or item; or
- Pay you the reasonable cost of replacing or repairing your bicycle or item
How does depreciation work?
Yes indeed. This can be done by sending us an email to cust[email protected]
or giving us a call on 1300 83 56 78.
If a bicycle is not defined as new as per the PDS depreciation will apply. Depreciated value is calculated from the Recommended Retail Price at the time of purchase.
Here's the detail from our PDS:
Depreciated value means the recommended retail price of an item when first purchased (new) reduced 10% for each year (or part thereof) thereafter measured from its first purchase date (as a brand new item).
2016 - 2017 = 20%
2017 - 2018 = 10%
2018 - 2019 = 10%
2019 - Aug 2019 = 10% - note clause "or part thereof", as seen above.