Home and Contents Vs Specialised Bicycle Insurance

Your bicycle may serve as your source of pride, a vehicle to get you to the finish line, or even a means of transportation to work. Every biker is aware that their bike is so much more than just a bicycle, whether they utilise it for daily commuting, family time, or mental clarity. Cycling enthusiasts are also aware of the fact that having something bad happen to your bike is the very worst scenario. Insurance is one of the greatest ways to keep your bike safe, but researching the countless options for insurance policies and cover kinds may be challenging. And that is why you need an Insurance broker. The differences between policies are often a difficult subject for the common people to decipher. It is confusing as well as challenging to understand whether your bicycle with a specialist bicycle insurance Australia is the right choice or under your home and contents insurance. 

7,385 bicycles in total, or 20 per day, were stolen in Victoria alone in 2022. Even while these numbers are concerning, they still don’t accurately reflect theft rates. Authorities aren’t informed of many bicycle thefts, and malicious damage is much less frequently recorded. In general, collision or accidental damage is not reported. Despite this, these accidents can be expensive and prevent you from using your bicycle until the damaged parts are fixed or replaced. According to our records, bike insurance claims were consistent throughout the year with little indication of a decline. The vast majority of the claims involved damage, and the remainder involved theft.

Factors to consider

It’s crucial to make sure your bike is adequately insured. Understanding what to look for will help make this process easier. A person’s personal items (and possibly the property’s structure) are covered by home and contents insurance in the event of catastrophes like fire, flooding, theft, or natural disasters. Make sure your bike is protected if it is stolen or destroyed away from your home if you are adding it to your home and contents insurance. Take into account your bike’s intended function. Consider whether you need racing cover if you frequently race with it. Travel insurance could be your ticket if you frequently travel with your bike. The last thing you want is to be left without a plan because life may be unpredictable.

There are a few myths about bicycle insurance. Many people believe it to be unnecessarily costly, intended for serious bikers, or only worthwhile to purchase if your bike costs more than a particular amount. Experts will tell you why none of this is true. There are insurance companies that provide options, so you may pick the one that best meets your requirements. Regardless of whether you only need cyclist liability insurance to protect you while riding, your commuter bike needs basic coverage, or you require complete coverage.

Find a company that offers a solution for you if you need protection for your precious item. When you make a claim on your Home and Contents insurance for expensive things like bicycles, you run the risk of experiencing excessive rate hikes. When you request more peace of mind, your insurance agent should not raise your premiums. In addition to maintaining the same rates, the insurance is more likely to have smaller excesses on claims than Home and Contents.