NICK ATKINS
Likes Bikes and Dirt
Just got my self a nice shiny new whip and got me thinking has any got their bike insured? Who did you got with and what have they been like to deal with?
Bike insurance
- Thread starter NICK ATKINS
- Start date
pink poodle
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What a great topic to put through a search...I could only imagine that this topic must already have inspired quite a few threads on here.
alrsv1
Likes Bikes
When was the last time you had a renewal notice from Cyclecover?
I was with them, but got the nasty shock as detailed in this thread:
http://www.bicycles.net.au/forums/viewtopic.php?t=94857
http://www.bicycles.net.au/forums/viewtopic.php?t=94857
It seems everyone's excess went up to $1000 "for each and every claim". Be interested to know if you got the same.
pink poodle
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How does that scenario work if you are a pedestrian? Bikes are a pedestrian form of transport...
Perhaps the vehicle owner or their insurer would pursue a civil/small claims case against you.
teK--
Eats Squid
Probably in the last 3 months I think. It included a $500 special excess ($1000 total) for any bike related claim. The standard excess was still $500.
eastie
Likes Bikes and Dirt
I go through AAMI contents insurance with bikes listed as specified items, which then covers them to an agreed value if they are stolen, are damaged by some numpty riding them beyond their skill (me), if they get hit by lightning or even more unlikely your carbon santa cruz tallboy lt happens to fly off your bike rack on the way to Buxton on a training trip for the B24.
Costs about $150 a year premium and $100 excess for loss, theft or damage, excluding damage while racing. Problem is though that like most general insurers they then hand over the claim to insurance bikes aus, who to their credit maintain an "employee of the month maca's smile" while screwing you on replacement at full $RRP when they have wholesale buying power, which means you'll suffer from the inevitable fate of 99% of insurance claimants - being under insured. I thought I'd be covered with $9k on the Tallboy Lt given that it was built up from a frame only with hangover parts from my old bike, some rotorburn trades and internet specials. So it hadn't cost me anywhere near that to put it together, but almost 2 years of Santa Cruz changes and price creep meant for a similar build $9k wasn't going to go far to regaining the same spec at full AU$ retail price, which is the only currency insurance bikes deal in. If you needed more convincing that insurance bikes aus like any insurer has no respect for you, no bike shop wanted an insurance bikes aus bike of this nature delivered via them, as insurance bikes pays the importer not the shop, so there's no margin for the shop as there would be on a sale for simply putting a bike together. The shop then owns any issues with warranty/bearing replacements, etc.
Moral of the story: insure it, but be prepared for dealing with an insurance company who has no interest in your bike, it's replacement or future warranty; don't rely on ANY bike car rack hold downs/ties - use extra's; and lock the fuck out of it so it's not stolen.
Costs about $150 a year premium and $100 excess for loss, theft or damage, excluding damage while racing. Problem is though that like most general insurers they then hand over the claim to insurance bikes aus, who to their credit maintain an "employee of the month maca's smile" while screwing you on replacement at full $RRP when they have wholesale buying power, which means you'll suffer from the inevitable fate of 99% of insurance claimants - being under insured. I thought I'd be covered with $9k on the Tallboy Lt given that it was built up from a frame only with hangover parts from my old bike, some rotorburn trades and internet specials. So it hadn't cost me anywhere near that to put it together, but almost 2 years of Santa Cruz changes and price creep meant for a similar build $9k wasn't going to go far to regaining the same spec at full AU$ retail price, which is the only currency insurance bikes deal in. If you needed more convincing that insurance bikes aus like any insurer has no respect for you, no bike shop wanted an insurance bikes aus bike of this nature delivered via them, as insurance bikes pays the importer not the shop, so there's no margin for the shop as there would be on a sale for simply putting a bike together. The shop then owns any issues with warranty/bearing replacements, etc.
Moral of the story: insure it, but be prepared for dealing with an insurance company who has no interest in your bike, it's replacement or future warranty; don't rely on ANY bike car rack hold downs/ties - use extra's; and lock the fuck out of it so it's not stolen.
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pink poodle
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^ no lock = no cover.
Mica
Likes Dirt
Not sure about other states but Bicycle Queensland membership includes liability insurance to cover such issues.
Without insurance and on the off chance you actually caused some serious damage (eg civil suit for hitting a pedestrian with ongoing medical costs/lost income) you could be in for some serious financial issues. That said risks are pretty low compared to driving a car but it does happen.
As for home insurance I was with cyclecover and never personally had claims but mates were well looked after. Their premiums went through the roof a while back and with my “cheap” bikes better value to bundle with RACQ home insurance. Touch wood yet to try it out.
Had a bike stolen years back out of the home and was paying extra w Suncorp through parents insurance and had zero issue getting funds from them.
teK--
Eats Squid
Cyclecover gold doesn't even require the bike to be locked.
Say what U want about the $1000 excess their policy wording is second to none based on the insurers I compared and so I think it's good value.
pink poodle
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That is quite impressive. Sadly for most owners of quality bikes theft is too much of a reality these days.
ozzybmx
taking a shit with my boobs out
CGU Premium Home & Contents. Costs about $300-400 more than 'regular' insurance but everything you own is insured for accidental damage... including a certain 2 wheeled item... EACH bicycle you own is insured for up to $20,000. This insures you for damage (crash damage) too, except when racing.
Definitely worth the extra premium when you have more than 1 bike.
Definitely worth the extra premium when you have more than 1 bike.
pink poodle
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And I was hoping this thread would fizzle out quickly, leaving the OP to learn how to use the search function...
If you aren't racing, in my experience the cgu contents insurance slays the other options. (However I haven't fully investigated Tek's advice recently posted). Their cover is huge and wide reaching, the service is exceptional, you can set the excess as low or high as you like, premiums are reasonable (cheaper and wider reaching than most of the competition), they offer a variety of resolutions to suit your circumstances, their valuation process is fair...I could waffle on for lengthy periods of time about it.
I currently have all my insurance through them, except travel insurance. I have used a wide variety of other insurers and none have even come close. I've made a lot of insurance claims over the years - house claims, contents claims, landlord claims, travel claims...I haven't made a vehicle or health insurance claim, but I don't own a car nor have health insurance.
But you know...if the OP had done a search I'm pretty sure this is detailed in about 1004472849 other threads already.
If you aren't racing, in my experience the cgu contents insurance slays the other options. (However I haven't fully investigated Tek's advice recently posted). Their cover is huge and wide reaching, the service is exceptional, you can set the excess as low or high as you like, premiums are reasonable (cheaper and wider reaching than most of the competition), they offer a variety of resolutions to suit your circumstances, their valuation process is fair...I could waffle on for lengthy periods of time about it.
I currently have all my insurance through them, except travel insurance. I have used a wide variety of other insurers and none have even come close. I've made a lot of insurance claims over the years - house claims, contents claims, landlord claims, travel claims...I haven't made a vehicle or health insurance claim, but I don't own a car nor have health insurance.
But you know...if the OP had done a search I'm pretty sure this is detailed in about 1004472849 other threads already.