Whether you’re a cycling commuter, a competitive cyclist or someone who rides every now and again for leisure, there are many different bicycle insurance policies available to cover you and your bicycle. Yes, that’s right. You can insure your bicycle. That’s especially good news for serious cyclists who spend upwards of $5,000 on a bicycle.
What is bicycle insurance?
Bicycle insurance is insurance cover designed specifically for bicycles and cyclists and differs from other insurance policies such as home insurance, which may not automatically cover your bicycle or may have restrictions.
A number of companies in Australia offer specialist bicycle insurance to cater for the growing number of cyclists on the road. While the policies vary, most cover your bike against theft and damage, whether inside or outside the home, as well as for personal injury and liability.
Some bicycle insurance policies also offer specific cover for cyclists who regularly enjoy trialling, road racing or circuit cycling.
Many bicycle insurance policies will also offer roadside assistance should you need it.
What does bicycle insurance cover?
In Australia, bicycle insurance usually covers three main areas – insurance against personal injury, insurance for damage or theft and insurance against damage you might cause to other people or their property.
Most insurers will look at the average use of the bike, how often you ride it, and where you ride it when they are considering appropriate insurance cover.
Here’s a breakdown of what bicycle insurance covers:
Personal injury
Personal injury cover will pay for your medical and dental expenses resulting from an accident and will often cover income loss.
Accidental damage or theft
Accidental damage or theft cover will compensate you for accidental damage or theft of your bicycle at home or away from home. You can choose the level of cover you need based on how secure you feel riding and leaving your bike around your local area. You may be able to get discounts by using insurer approved locks and anti-theft devices.
Liability insurance
Liability cover protects you financially from having to pay health care and repair or replacement costs for other people and their property if you cause an accident.
Personal injury
Personal injury cover gives you financial protection for your own health care costs resulting from a cycling accident such as medical bills
Overseas cover
Overseas cover provides you with cover for loss or damage in transit when you are overseas.
Is bicycle insurance compulsory?
No, you are not required to take out bicycle insurance in Australia. However it is a good idea to cover yourself and your bike because if you have a crash involving another person or their property, you may be financially liable for any injury or damage you cause. Bicycle insurance includes third party insurance to provide you with cover in case you injure someone or damage his or her car or bicycle.
Most bicycle clubs members in Australia can cycle with the confidence of knowing that they are automatically covered by personal accident and third party insurance while they are riding their bicycle.
How much does it cost?
Bicycle insurance quotes will vary depending on what you’re insuring against. Make sure you choose the right level of cover for your bicycle.
Joanne Lemke is a final year creative writing student at UOW, who is looking to break into the corporate copywriting space once she graduates and hopefully go on to eventually some day write a book around her other passions, finance, namely cooking and travel.