Bike Insurance

sedifus

Likes Dirt
So my mum has been looking around for insurance for my new bike and no-one wants to insure it, either because I am under 18 or because it is a downhill bike.
Does anyone know a company that will insure it for me?
 

SPECIALIST

Likes Dirt
So my mum has been looking around for insurance for my new bike and no-one wants to insure it, either because I am under 18 or because it is a downhill bike.
Does anyone know a company that will insure it for me?
find an insurance broker in your area or in the phone book and explain what u want to do.....thats what i did
 

Vinelink

Likes Dirt
No, do not go to your normal ins people, they will not do the deal that Velo insurance does, check it out, who else asks so many questions about your bike when insuring it?

www.velosure.com.au

I pay $38 per month to ins a $7500 bike for everything, racing, theft, accidents and also just riding normally.

Best place ever for peace of mind.
 

AngoXC

Wheel size expert
Many insurance companies will offer Specified personal property cover for speciality items such as jewellery and the likes. I've been meaning to carry this out in regards to my camera. My quote from memory was $29/month for $7000 worth of camera gear. As above, it covers against theft regardless of location, accidental damage, heck, even leaving my kit bag on the train. That's with RACV but I'm sure most companies will have something similar.

The difficulty comes with 'custom' bikes though, which is where the likes of the above post come in handy.
 

T-Rex

Template denier
Get mum to put your bike as a specified item on her home and contents policy.

As an example, NRMA will provide complete cover on a $6,500 DH bike against theft when it's away from home and non racing damage eg airline damage, getting crashed into when it's on the back of a car, for about $10/month. Heaps cheaper than Velo.

And this has been covered a lot here on RB - a search would turn up this information.
 

GDonehue

Likes Dirt
This one has been covered a bunch of times - including when I used to work for a certain bike insurer (which I no longer do - so no name calling)

The problem with the house insurance is twofold - firstly you are generally not covered for actually using the bike (racing or otherwise). This was the gap filled by Velosure/CycleCover/CycleSmart etc. There are a few premium home policies that do cover for riding, and if you have more than one bike to cover these are a great option.

The second problem is the some of the home insurers can be a right pain the ass to deal with for bikes. This is because they have preferred suppliers so you wrecked Commencal suddenly is only replaceable with a Giant... not a problem to some but a huge problem to others.

Being a DH bike does present issues. Cyclecover has a no DH clause - but this is very broad and really it would only be DH racing that would be excluded (Vinelink - your bike would have cost $24.mth). Velosure has no such clause but I think from memory you have to select racing cover.

The best thing to do is read the PDS (this is the nice 20 page document the insurer is obligated to provide you) - it has all the details and 'fine print'.
 

VTSS350

Likes Bikes and Dirt
The problem with the house insurance is twofold - firstly you are generally not covered for actually using the bike (racing or otherwise). This was the gap filled by Velosure/CycleCover/CycleSmart etc. There are a few premium home policies that do cover for riding, and if you have more than one bike to cover these are a great option.

The second problem is the some of the home insurers can be a right pain the ass to deal with for bikes. This is because they have preferred suppliers so you wrecked Commencal suddenly is only replaceable with a Giant... not a problem to some but a huge problem to others.

.
Your right on the first point.

But with the second point if you pick the right insurer then its not a problem. My contense is insured with AAMI and I also have the contense of my garage insured under the same policy. I have 4 bikes and the only bike noted on the policy was my M3.

Two years ago I had 3 bikes stolen. Luckily I had kept all my recipts and had a very detailed list of what was stolen. When I submitted this list to AAMI I also submitted a replacement cost from my LBS for what was stolen. I faxed them 28 A4 pages of recipts and quotes from my LBS. With in 8 days I had $28k sitting in my bank account!

I called AAMI to thank them for the speedy claim and they said it was all down to me and how I presented the claim. Most people are lucky to have a recipt for the stolen item and even then its very hard to read. I had mulitple copies of them and also supplied a quote for replacement.

In short choose the right insurance company and keep detailed records (reciepts and photos) of everything insured!
 

laura_spark

Likes Dirt
Being a DH bike does present issues. Cyclecover has a no DH clause - but this is very broad and really it would only be DH racing that would be excluded (Vinelink - your bike would have cost $24.mth). Velosure has no such clause but I think from memory you have to select racing cover.
No need to select Racing cover with Velosure - its an automatic inclusion - however unless they have changed their rating structure they do not cover under 18's
 

AngoXC

Wheel size expert
Most people are lucky to have a recipt for the stolen item and even then its very hard to read. I had mulitple copies of them and also supplied a quote for replacement.
I've started scanning my reciepts for this very reason...
 

yeahyeah

Likes Dirt
My mate recently got his bike stolen off the back of his car at Ruby's Cafe at Bulli after a ride, his insurance is through NRMA and it is covered just like a car.
Not sure how much he pays but i think thats a damn good cover!
 
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