Is your bike insured?
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?
Tags: insurance
Replies to This Discussion
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Permalink Reply by Matt Sarre on -
@ Steven - my CGU policy covers my bike up the $20K which is more than I'll ever need. As I said, my premiums increased by about $3 a year from memory
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Permalink Reply by Rob (Chewbacca) on -
Probably more important than bike insurance is income protection and ambulance cover....usually the rest is sorted out one way or another:-)
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Permalink Reply by Steven Orr on -
+1 there Rob, and I have my bicycle SA cover as well as private health.
To date I have not been out of pocket regards damage to my bike as the driver/s have come up with the dollars, but also I have not cracked the alloy frame either.
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Permalink Reply by Craig Button on -
I have had conformation today from a senior underwriter that CGU insurance does cover your bike whilst riding but not in a "timed event". If you ride in a bikesa event it is covered because it is not a timed event. I would suggest that if you do go with CGU list the bike on the policy separately even though you are covered up to $20k.
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Permalink Reply by Mikael Liddy on
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Having sold the CGU policies previously through the bank I work for I can confirm that you don't need to specify the bike separately as it falls under the general contents banner & not special valuables. You are automatically covered up to $20k for the bike, plus as Matt mentioned they will cover any other gear damaged in the crash with a replacement quote from your LBS.
I've also been in the position of having to claim after taking a dive off the bike up in the hills & all I had to do was get the guys at Mega Bike to quote the repair/replacement costs for my bike & gear and the claim was sorted in about a week & a half (much quicker than it took for the injuries to heal).
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P.S. all of the above is for CGU's Accidental Damage & Loss H&C policy (top level of the 3 they offer), which covers your contents anywhere within Australian borders.
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Permalink Reply by Mike Andy on -
Mine is insured under my home contents cover for accidental damage around Australia for up to $20,000 provided it is not being used for racing or pacemaking. Doesn't even have to be specified.
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Permalink Reply by colin ware-lane on -
@ michael its important that you understand what the PDS says is " pacemaking" some would suggest that if your at the front of a group for anytime then your "pacemaking".
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Permalink Reply by Big Block on -
When I took my policy out with CGU, pacemaking was agreed (albeit unwritten) as following a motor cycle or motor vehicle with that rider/drivers knowledge, at close range so as to benefit from the slipstream generated. The risks associated with that activity as well as racing are substantially higher than regular unassisted riding.
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Permalink Reply by Mike Andy on
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I should probably also mention this is with CGU and lets just say I am very familiar with their policy.
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Permalink Reply by Ray Morris on -
Thanks Michael, yes, that's exactly what I was eventually told, but it did take a call back and an apology from the CGU call-centre dude, who incidentally did check with the underwriter whilst I was on hold initially and both got it wrong. As I have said earlier, don't believe what you are told when you call, necessarily.
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Permalink Reply by Mike Andy on
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Yep - ultimately the insurer is bound by the PDS which is essentially a legal document that defines what is and isn't covered and any abiguity in the PDS needs to be settled in favor of the insured party (which is how the ombudsman will see it).
The CGU Accidental Damage PDS (as current: http://www.cgu.com.au/cgu/CGU%20Documents/CGU%20Accidental%20Damage...) describes contents as being covered for accidental damage anywhere in Australia for up to $20,000, but goes on to exclude sporting equipment which comes under it's own sublimit of $2,500 or thereabouts. It then goes on to specify that sporting equipment does NOT include pedal cycles. It also specifies in the "Contents we will cover" section that contents do NOT include Pedal Cycles while they are being used for racing or pacemaking.
It can be confusing if you are looking for something that specifically says "we cover bikes" but ultimately the extracts above show that a bike that is used for recreational cycling is covered for up to $20,000 for accidental loss and damage and I would challenge anyone up to and including the ombudsman who would try and tell you otherwise.
Liability however for damage you cause to other property or people while on the bike I am not sure on...
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