I may be the last one in Adelaide to realise this, but following a minor bingle with a car last week that caused me to call my insurance company re the repairs, I was advised that my policy no longer covers damage whilst my bike is 'in use' (ie., OK for theft or if it was damaged whilst NOT in use). They had clearly changed this cover since I last needed this support (Feb 2009). One might speculate that the interstate disasters in recent years (acknowledging their loss was FAR greater than mine) may have prompted these companies to minimise future liabilities through tampering with their policies. So my advice to AC members who think that the bike is insured for accidental damage, please check your current policy exclusion! I am now getting quote from that Cycle Cover Gold mob (http://www.cyclecover.com.au). Does anyone recommend them?
I am getting this checked but i have been told you are covered unless there is prize money involved.
Ray, I would appreciate you contacting the Ombudsman to get insurance companies to clearly word re bicycle insurance. Remind the Ombudsman about the recent flood insurance saga, and that cyclists are similarly entitled to clear wording. Also remind the Ombudsman that some bicycles are worth a few k.
I have CGU and it's quite clear what is covered and what is not. I was suprised as to what is actually covered (eg my race motorcycle is also covered (when not racing) as it's a small capacity unregistered machine, my 11" stand up paddle board is also covered etc) Just read your own policy and if it's not what you are after, get a different policy. Buyer beware, and don't believe everything you read on a forum.
Never a truer word spoken!
Better than calling your ins company, email them an have it in writing what is covered and if not happy, find one that makes you happy but insurance costs money, the better the cover the more you pay.
I am covered for replacement value, states it clearly but annual premium reflects just that.
I have recently had a claim and I am/was also with CGU and they paid up after some negotiations and providing proof of ownership like photos, receipts etc.
Im not sure if my bikes are covered but I recently put in a claim for a laptop that fell off the table after the kids tripped over the cord.
I got a phone call last week and a few questions and they said that they need to work out what my laptop thats nearly two years old is worth now, even though I had given them the receipt.
I thought that by giving them the reciept that I would be entitled to new for old. eg $800 less the $300 excess.
Maybe I should've played them at their game and told them it was a $2000 laptop. Then i would get enough money back to replace it.
After reading this I will be doing some insurance shopping.
@Ray, if you want $$ details pm me sir for the cost differences, but after conversatons with CGU and Velosure today I am taking out a policy with Velosure.
CGU "do not cover my bicycle while in use unless" I wish to upgrade to the tune of a further $450.00 per annum.
@Heather. I will likely end up with the Ombudsman, but CUMIS sent me the complaints procedure booklet, so have sent the first step complaint today, if/when that fails I WILL keep going through the process and it ends at the Ombudsman. I am thinking that the Ombudsman MAY not receive my complaint unless I have jumped through those earlier hoops, perhaps?
@ Steven. It may seem that the CGU person(s) you spoke to gave the same initial responses that I got, that is until the dude I spoke with actually did an investigation and called me back to apologise, saying that they DO cover bicycles except when racing or pacemaker (?how these are defined, of course) up to $20k under contents, so definitely did not need to pay more. He promised that this further investigation was clearly noted on my record, plus recorded our conversation for me to refer back to, if needed in the future. It certainly is a mess out there!
Ray, you are right about complaints procedure before the Ombudsman.
My H&C is with CGU and when I bought a good roadie in early 2011 I rang them up and changed my policy to an "accidental damage policy" so my bike would be covered (as long as I wasn't racing or pace-setting). My premiums increased by less than $5 p/a.
In Aug this year while riding by myself I crashed this good bike at high speed cracking the frame, forks, shattering the wheels ... and breaking my back in four places.
CGU were awesome. Paid me out the full cost to repair the bike (ie. replace all the broken bits with new bits). They also paid out for a new helmet (even though the old one was visibly OK they understood that you should throw away any helmet involved in a serious crash) and they replaced my full winter kit which was cut off me in emergency (even though the kits was thrown away and I had no proof of what I was wearing - just my word). Total cost to get me back on the road was over $9K.
I know this sounds like I work there (I don't) but CGU were fantastic.
Matt, how are your cycling injuries going? Broke your back in four places!!!
@ Heather - I was amazingly lucky and am back riding as hard as ever without any long term effects. THere's nothing I can't do now that I could do before on or off the bike ... except I lost two and half months of fitness :-(
@Matt, I am not trying to sound like I am bagging CGU or any H&C insurance company, but what I am saying is for CGU to cover my modest 3year old alloy Merida roadie they want an extra $450 a year.
It sounds like some people have a top level of H&C cover which is fine, but if you are not aware of the level I think it would pay to be certain.
Velosure for me is the cheaper option.