Insurance cover for bicycles

Covering your bicycle through your home and contents policy commonly requires you to take out personal valuables cover as an optional extra (also known as personal effects or valuables cover). This is because regular contents insurance might not cover your bicycle as a standard inclusion.

Personal effects or valuables cover doesn’t just provide peace of mind for bicycles; it may also insure other portable items that may not be covered under a basic policy. This can include electronic devices (e.g. mobile phones, tablets), sports equipment, musical instruments and jewellery.

Going through a specialist insurer can give you access to different bicycle insurance policies. These policies may include cover for training, racing or competitive use, which aren’t typically covered by personal valuables extras under a home and contents policy. Professional cyclists and riders who are part of a cycling group may also be able to get cover through a club or employer.

With specialist policies, only your bicycle and related accessories will be insured. This makes specialist policies generally more suited to the hardcore enthusiasts, professionals and competitive athletes.

Some instances that can be insured by bicycle cover include:

• Theft
• Accidental damage
• Storm and fire damage
• Vandalism and malicious damage
• Accessories
• Legal liability.

You can find out exactly what’s covered and up to what limit by reading the policy wording in the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) may also help you figure out if the product is right for you.

Generally, you won’t be covered if your bike is damaged or stolen because it was left unsecured (e.g. you didn’t secure it with a bike lock). Some contents insurance policies specify that you need to secure your bike with a specific type of lock, so be sure to check the PDS to see if your policy specifies a lock and which locks are approved.

You also might not be covered:

• If the bike is damaged or lost while being transported by a professional freight or delivery service
• If your bicycle has illegal modifications
• For pre-existing damage.

When covering your bike with valuables or portable contents cover on your home and contents policy, the premium may be determined by several factors, including:

• The value of the bike and any accessories
• The suburb you live in
• Any other items you’re covering under these add-ons.

It may cost extra to include your bicycle on your policy since it’s not typically covered under standard home and contents insurance.

If you need to make a claim for a damaged or stolen bicycle, you’ll need to go through a few steps:

• Gather your policy details and supporting documents. Having receipts and other relevant documents (like a police report if the bicycle was stolen) could help your insurer process your claim.
• Contact your insurer to make a claim, or through their online claim’s process or app (if they have one).
• Your insurer may contact you with regular updates on your claim’s progress, though you should be able to contact them yourself if you’d like more information.
• Depending on the claim and the outcome, you’ll be contacted by your insurer to organise a replacement, repair or payout to help cover the costs.