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?
@ 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
+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.
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.
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).
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.
@ 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".
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.
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.