The most frequently asked question
There is a question that is more frequently asked than others and so we’ll lead with it here by way of perhaps saving you some time.
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 if your bike is covered under your contents insurance, we've put together some questions to ask your current or potential contents insurer:
- Is my bike covered if it is stolen from the coffee shop after my ride?
With Velosure it is - bicycle must be 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 Velosure it is
- Is my bicycle covered if I have a bad crash with my bicycle whilst competing in a race?
With Velosure it is
- Am I covered if I have a serious crash?
With Velosure you have personal accident benefits
- Is my bicycle covered if it is worth more than $1,000 and stolen from my home?
With Velosure it is and 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?
With Velosure you don't
- What happens after I make a claim?
We will either:
- Repair or replace your bicycle or item; or
- Pay you the reasonable cost of replacing or repairing your bicycle or item
- What information do you need to start cover?
We need the details on the quote page.
- Is there a minimum/maximum age for the person insured?
The minimum age we insure at Velosure is 18 years. 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 already have personal accident cover through my club insurance?
Velosure's personal accident cover will pay out (if applicable) regardless of if your club insurance also pays out or not.
- 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 for advice before implementing the formal steps above. It can be a confusing time and we can talk you through all that you need to do.
- Do you only cover Australian citizens?
No, you don't have to have Permanent Residency or Australian citizenship to get cover. You can be in Australia on a visitor visa, but must live in Australia on a permanent basis.
Bicycle Insurance FAQs
- What risks am I covered for?
You're well and truly covered with us:
- Accidental damage
- Loss or damage in transit
- Damage caused whilst in use; including participating in any cycling event
- Malicious damage
- My bicycle isn't brand new - is it still worth insuring?
No matter how old your bike is it can still be insured at its market value. However we only cover bicycles with a market value greater than $1,000.
- How much will it cost to insure my bicycle?
It depends on a few variables. The best way to find out is to use our online calculator on the home page of this web site.
- What value should I insure my bicycle for?
For bicycles older than 2 years from date of purchase or purchased second hand, the Sum Insured should be reflective of the depreciated value (20% for the first year and 10% for each subsequent year from the original date of purchase).
- Is there excess payable on this policy?
Yes, there will be an excess depending on the nature of the claim.
The standard excess for theft is $350. The standard excess for all other claims is $250.
Note: No additional excess applies for carbon components or claims arising from incidents that occurred whilst racing.
- Do you cover more than one bicycle on a policy?
We can set up multiple policies on the one account. Additional bikes attract a multi bike discount of 10%. If for instance, your partner has their own bicycle, they will need a separate account for them.
- Can I add or make changes to the policy?
Definitely. All you need to do is to contact us and we will make the additions to the policy. 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.
Refunds are payable for cancellations, where the premium has been paid annually in advance. The refund amount is calculated on a pro-rata basis less any administration fees payable.
- How do I prove ownership of the bicycle I want to insure?
If you bought your bicycle new in the last 30 days we will accept a copy of the purchase receipt 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 smart phone) 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 a claim for a bicycle, will this affect my cover?
Whether the bicycle was insured or not you need to inform us of any bicycle related losses that you have had in the past three years. It is of paramount importance that we have this information.
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, however the maximum bicycle value you can purchase insurance for online is $20,000.
- Are there any specific security requirements if I transport or store my bicycle?
Yes. For the details on security requirements please refer to the PDS.
While at home
You must ensure that when your bicycle is left inside your home that your home is securely locked whenever there is no one at home.
If your bicycle is left in an outbuilding at your home (such as a garage) or any other fully enclosed building at your home with walls and a roof, these buildings must be securely locked. In the event of a claim we will require you to provide evidence of forcible and violent entry to these buildings.
If your bicycle is left anywhere else on your property it must be securely locked through the frame of your bicycle to an immovable object by an approved lock.
Away from your home
If your bicycle is left unattended while away from your home it must be securely locked through the frame of the bicycle to an immovable object by an approved lock. Go to approved locks to see a description of the locks we approve.
While your bicycle is being transported
If your bicycle is left unattended if it is in, or attached to, any motor vehicle including while it is in transit it must be securely locked through the frame of the bicycle to a properly fixed vehicle bicycle rack with an approved lock; or locked in an enclosed boot that is not accessible by removing any partition or breaking a window.
Note: All instances involving theft, attempted theft, malicious damage or impact require a police report in order to make a claim.
- Am I covered whilst travelling overseas with my bicycle?
We may extend your policy to cover your bicycle if you take it beyond Australia and New Zealand for a period not exceeding 90 days, provided that you have advised us beforehand and we have agreed in writing to provide cover. During this period the excess applicable to any claim for loss or damage to your bicycle will be doubled.
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. 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?
Yes, 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 300watts) bicycles.
- Can I get cover for extra things I have put on my bicycle?
Yes. You can extend your policy to include things such as panniers, a bicycle computer, racing wheels etc.
- Do you insure professional cyclists?
Unfortunately we do not insure professional cyclists as you need to be the owner of the bicycle insured.
In addition to this, we do not insure:
Riders who use their bicycles to deliver goods, 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
- Am I covered if I lend my bicycle to another person?
Yes, but the policy terms and conditions still apply.
Liability Insurance FAQs
- 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 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 an uninsured driver only. 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 whilst 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 (and you have selected Third Party Bodily Injury Cover), 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 you bicycle by an uninsured driver carry an excess of $250.
- What is the maximum amount I am covered for?
This depends on the policy you select.
The standalone Third Party Property Damage Cover only policy has a cover limit of $10 million per claimable accident.
The Third Party Property Damage and personal injury has a combined cover limit of $20 million per claimable accident.
The combined cover provided by the policy for accidental damage to your bicycle caused by an uninsured driver is $2,000 per claimable accident.
- Do you insure professional cyclists or couriers?
Unfortunately we do not insure:
- Cyclists who use their bicycles to deliver goods, parcels, packages or for any other type of courier service
- Professional cyclists or individuals who use or hire out their bicycles for compensation or for the carriage of passengers
- How do I know if my lock is approved?
We have a simple way of working this out. The locks Velosure currently approve are:
- Keyed armour padded cable locks as per the approved locks list less than two years old at policy inception
- Keyed D-locks as per the approved locks list less than two years old at policy inception.
About the company
- Who is Velosure?
Velosure is a group of very passionate cyclists who work in the insurance industry. Our goal is to provide affordable streamlined protection for cyclists against all perils. Read more about Velosure here.
Velosure is a trading name of Velosure Pty Ltd, ABN 81 151 706 69.
Velosure Bikesurance is issued and administered by the insurer, The Hollard Insurance Company Pty Ltd. ABN 78 090 584 473, AFSL No. 241 436, and is subject to the terms and conditions of the insurance policy as set out in the Product Disclosure Statement available on this website - VelosurePDS.pdf
- 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.
The wider Hollard Group now consists of insurance businesses in Australia, throughout Africa, in Europe, India, China and the United States, employing over 1,600 people and arranging cover for more than 6.5 million policy holders. Globally the Hollard Group holds assets exceeding AUD1.7 billion. Find out more about Hollard Insurance.
- How do I contact Velosure?
Phone: 1300 VELOSURE (1300 83 5678)
Velosure Customer Care
PO Box 199
Problems with documents
- 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).
If you have arranged to have your documents sent via email, please make sure we have your correct address.
- 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.