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Bicycle Cover

• Is my bicycle covered as part of my contents insurance? Most people are unsure if their bicycle is currently covered under another insurance policy they may have. To find out how your bike is covered under your contents insurance, we've put together some questions to ask your current or potential contents insurer. And underneath, our answers to those same questions.
• Is my bike covered if it is stolen from the coffee shop after my ride? With Velosure it is, although you need to keep it in your direct line of sight and less than 5 metres away.
• Is my bicycle covered if I drive into a parking lot forgetting it is on my car's roof? With our Premium Bicycle Insurance it is, theft and damage cover is extended for when your bicycle is being transported on a motor vehicle bicycle rack. Please refer to the PDS for full cover terms and conditions.
• Is my bicycle covered if I have a crash with my bicycle while competing in a race? With our Premium Bicycle Insurance it is, we cover you for loss or damage arising from crashing while participating in a cycling event or cycling race. Please refer to the PDS for full cover terms and conditions.
• Am I covered if I have a crash? With our Velosure Premium Bicycle Insurance you have 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.
• Is there a limit to the value I can insure my bicycle for? With Velosure you have the option to be insured for bicycles up to the value of $30,000 per bicycle.
• Do I have to insure my home contents with you to be able to get cover for my bicycles? Nope! Not with Velosure.

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Renewing your insurance

‍We will send you a renewal notice at least 14 days before your insurance expires. this notice outlines our renewing terms for your insurance or if we are not offering renewal, we will advise you. unless you notify us in writing to the contrary, your cover will be automatically renewed for the following year.‍

Do you have a policy that covers minors?

The minimum age we insure at Velosure is 10 years of age for our Cyclist Liability Insurance, unfortunately the minimum age for our Bicycle Insurance policies is 18 years of. If you are under 18 years of age, then the Cyclist Liability cover must be taken out in the name of a parent or legal guardian with you being listed as the insured.

How do I update my payment details?

You can either send us an email requesting a call back, or give us a call directly on 1300 83 56 78 and any one of our agents would be able to assist you. If you’re worried about security of your details, rest assured that we are able to stop the call recording on our secure telephone line while updating your sensitive private information.

Is there a minimum/maximum age for the person insured?

The minimum age we insure at Velosure is 10 years of age for our Cyclist Liability Insurance, and 18 years of age for our Bicycle Insurance policy. If you are under 18 years of age, then the Cyclist Liability cover must be taken out in the name of a parent or legal guardian with you being listed as the insured.

The maximum age is 85 years. If you are older than 85 years and need to have your bike insured, please contact us and we will try to assist you.

What happens if I need to make a claim?

• Do what you can to prevent any further loss, damage or cost
• Report the incident or loss to the police if the event involves theft, attempted theft, malicious damage or impact
• Report the incident as soon as possible by calling us on 1300 Velosure (1300 83 5678)

Of course, you can also ring us first should you have any questions before implementing the formal steps above. It can be a confusing time and our team of patient, empathetic fellow cyclists can talk you through all that you need to do.

Do you only cover Australian citizens?

You can take out cover with Velosure even when you are not a Permanent Resident or Citizen. You do however need to reside or live in Australia when taking out cover and for the period of the policy in order to be covered.

Why have you declined to offer me insurance?

When developing our product, we establish criteria to ensure that we create a viable product which meets the needs of our customers. These criteria include:

• Your location
• Value of the bike
• Claims history

When we decline to offer you insurance, it’s because the information you have provided to us does not match our criteria. We will always provide you with the reasons why we have declined to provide you with insurance, so you understand our decision. We will also provide you with information about where you can go to find other insurers (such as from findaninsurer.com.au) that offer products similar to ours and that may be better suited to your needs. At any stage, you can contact us with any questions you may have about our decision. If you are not satisfied with our decision, you may also make a complaint, please refer to our Complaints Handling Process.

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What does Velosure Bicycle Insurance cover?

We cover for loss or damage to your bicycle arising from:

• Theft
• Accidental damage
• Loss or damage in transit
• Damage caused while in use; including participating in a cycling event*
• Malicious damage

* Racing Cover is only available on our Premium Bicycle Insurance policies.

My bicycle isn’t brand new – is it still worth insuring?

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 your bicycle value is to apply depreciation:

Depreciated value means the original recommended retail price of an item when it was first sold as new reduced by 10% per full year up to the date of policy inception. We will not apply any further depreciation after the inception of your policy.

For example:
2016 - 2017 = 10%
2017 - 2018 = 10%
2018 - 2019 = 10%
2019 - Aug 2019 = 10% - note clause "or part thereof", as seen above.

How much will it cost to insure my bicycle?

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.

What value should I insure my bicycle for?

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?

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: CustomerCare@Velosure.com.au.

How do I prove ownership of the bicycle I want to insure?

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?

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.

Am I covered while travelling overseas with my bicycle?

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?

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.

Can I get cover for extra things I have put on my bicycle?

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?

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

Am I able to update the bicycle listed on my policy?

Yes indeed. This can be done by sending us an email to customercare@velosure.com.au or giving us a call on 1300 83 56 78.

How does depreciation work?

Depreciated value means the original recommended retail price of an item when it was first sold as new reduced by 10% per full year up to the date of policy inception. We will not apply any further depreciation after the inception of your policy. For example: 2016 - 2017 = 10% 2017 - 2018 = 10% 2018 - 2019 = 10% 2019 - Aug 2019 = 10% - note clause "or part thereof", as seen above.

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What is Cyclist Liability Insurance? ‍

Sometimes through a lapse of concentration or a bit of poor judgement, we cyclists can do damage or cause injury to others. Cyclist Liability Insurance covers you for the cost you may become responsible for should you cause personal bodily injury to a third party or physical property damage to their property while making use of a bicycle.‍

Can I take out a Cyclist Liability Cover policy if I am under 18?

Yes. We provide cover for young adults and children over 10 years of age. However, because insurance policies are legal contracts, minors require the consent and assistance of a parent or legal guardian in order to take out a policy.

Am I covered overseas?

Unfortunately no. In order to keep premiums at affordable levels to the average cyclist, our Cyclist Liability Cover provides you with financial protection for accidents that happen in Australia only.

Is damage to my bicycle covered by a Cyclist Liability Cover policy?

The policy provides cover for accidental damage caused to your bicycle by a driver of an uninsured motor vehicle, up to the benefit limit of $2,000 (including GST). You will need to take out a separate bicycle insurance policy if you want broader cover for your bicycle such as, accidental damage caused to it while you are commuting or training or if it is stolen.

Is there an excess payable if a claim is made?

Yes, an excess of $1,000 applies to each accident event where a claim is made. The excess applies separately to each cover type. For example, if a claim is made for damage to someone's car under the policy's Third Party Property Damage Cover, a $1,000 excess will be applied. If as a result of the same accident, a 2nd claim arises for injury caused to the driver of the car, then another excess of $1,000 will apply to this claim against the policy’s Third Party Bodily Injury Cover. Claims for accidental damage caused to your bicycle by an uninsured driver carry an excess of $250.

What is the maximum amount I am covered for?

The Third Party Property Damage and Bodily Injury cover have a combined cover limit of $20 million per claimable accident. The policy also provides cover for accidental damage caused to your bicycle by a driver of an uninsured motor vehicle up to the benefit limit of $2,000 (including GST).

Do you insure professional cyclists or couriers?

Unfortunately we do not insure:

• Cyclists who use their bicycles for hire, reward, courier services or the carriage of paying passengers.
• Sponsored or Professional cyclists or individuals who rides or races bicycles as their primary source of income.

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How do I know if my lock is approved?

We have a simple way of working this out. The locks Velosure currently approve are:

• Specific keyed armour padded cable locks as per the approved locks list less than two years old at policy inception
• Specific keyed D-locks as per the approved locks list less than two years old at policy inception.
• Check out our approved locks page for more detail.

I have a lock of a high security rating that is not on the approved lock list, how do I find out if it is acceptable to use? Please fire us off an email to customercare@velosure.com.au with the specific details of your lock and we’ll provide you with written confirmation of whether it is acceptable or not. Best not to use the lock in question until you’ve heard from us – just in case.

I haven’t received my Insurance Certificate in the mail

‍Please allow five business days for your insurance documents to arrive via mail. If you haven't received them by that time, please call us on 1300 VELOSURE (1300 83 5678) and we’ll see what the deal is. If you have arranged to have your documents sent via email, please make sure we have your correct email address. If they don't show up in your inbox, have a look in your spam folder. If they're not there either, best to call us on the number above.

‍I can’t open a PDF document.

If you are unable to open any PDF documents, please download the latest version of Adobe Acrobat Reader. Alternatively, please call us on 1300 VELOSURE (1300 83 5678) to request a paper copy of your documents to be posted to your address.

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Who is Velosure?‍

Velosure is a group of very passionate cyclists who work in the insurance industry. Our goal is to provide competitively priced, streamlined protection for cyclists against perils such as theft and accidental damage. Read more about Velosure here. Velosure is a trading name of Velosure Pty Ltd, ABN 81 151 706 69, AFSL 554438. The product issuer for bicycle insurance products (unless otherwise specified) is The Hollard Insurance Company Pty Ltd ABN 78 090 584 473, AFSL 241436 (Hollard). Velosure Pty Ltd ABN 81 151 706 697, AFSL 554438, distributes this insurance as an agent of Hollard, the insurer. All product information displayed on the website is subject to policy terms and conditions (including eligibility criteria, exclusions and limits). Any advice provided is general only and does not take into account your personal objectives, financial circumstances or needs. Product Disclosure Statement available on this website:- Bicycle PDS – Liability PDS

Who is Hollard?

The Hollard Insurance Company Pty Ltd, ABN 78 090 584 473, AFSL No. 241436 is Velosure’s underwriter for Velosure Bicycle Insurance policy.

How do I contact Velosure?

Phone: 1300 VELOSURE (1300 83 5678)

Email: CustomerCare@Velosure.com.au

Postal address: Velosure Customer Care PO Box 19 Alderley 4051

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