How to choose the best bicycle insurance

It is important to choose good bicycle insurance, especially since most people who cycle as a sport spend thousands of rands to buy the best bicycle they can afford. It is also relatively easy to steal a bicycle and therefore not being covered if it is stolen can leave a big hole in your pocket.

The growing passion for competitive cycling was met in recent years by an increase in the uptake of cycling as a future-forward means of urban mobility. From health and cost-saving to convenience and less carbon intensive living, the rewards are endless. However, on the flip side, there are a few risks that must be managed to ensure you get the most out of your investment, Karen Rimmer, head of distribution at PSG Insure, says.

“With bicycles fetching increasingly high prices due to increased market demand, they must be seen and cared for as assets rather than just ordinary belongings. Today’s professional road bikers pay significant prices for high-performance bicycles that are engineered for racing.”

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The same goes for mountain bikes, she says. Then there is the cost of riding safety gear, such as helmets, custom saddles, cycling shoes, repair tools and sunglasses. If you consider the high rate of theft and house burglaries, having your bicycle stolen or damaged in an accident could set you back considerably in terms of repair and replacement costs, Rimmer says.

What to look for in bicycle insurance if your ride for leisure

If you ride for leisure, what should you look for in bicycle insurance? Rimmer says choosing the right type of bicycle insurance will depend on a few factors, including the main purpose you bought your bicycle for.

“Everyday cyclists who use their bikes for personal use and leisure will usually be able to insure their bikes under the home contents section of their home insurance policy. This would apply in cases where the bicycle is stored at your home address when not in use.”

Depending on the insurer, certain exclusions and conditions may apply, Rimmer warns. “In the same way that some insurers require homeowners to have a security system installed to prevent unnecessary incidents, bicycle owners may need to ensure that they have a safe and secure way of storing their bike when it is not in use.”

Failure to comply with these conditions, such as having a bike stolen because it was not locked up and stored securely, could lead to your claim being rejected or only partially paid.

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Rimmer says bicycle owners who require insurance cover for loss or damage when their bike is stored in other locations other than their home address, will be able to insure it under the all risks section of their policies.

“This is the best option for bike owners who also occasionally participate in races as amateurs and want to enjoy the same level of cover whether at home or on the road.”

Different insurance for pro racers

If you are a pro racer, your needs will be different. “The needs of professional cyclists who participate regularly in competitions are different to those who cycle for leisure. The risk exposure of professional cyclists is substantially higher and different in a few key ways.

“Therefore, insurers have a different approach to how cover works in these cases. Professional cyclists are advised to take out standalone policies that cover their bike’s unique replacement value and are tailored to their racing schedule and the type of races they compete in.”

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Unlike casual cyclists, professionals are also at greater risk of third-party liability, especially in high intensity race environments where cycling injuries often occur. For this reason, Rimmer says, they should consider taking out liability cover that would cover the cost involved if a third party suffers any loss or bodily injury in the event of an accident.

“Having this added level of cover can provide professionals with maximum peace of mind that all risks are accounted for.”

Insurance for your cycling gear

What about your gear? Rimmer says the cost of cycling gear can add up, especially given that many gear manufacturers rely on the latest technology to produce the safest, most aerodynamic equipment possible.

“If your cycling gear is stolen from your house, you will be covered under the home contents section of your policy. Alternatively, cyclists who want to enjoy the same level of cover for their gear when they are at home and at other locations, can specify the total value of their gear under the all risks section of their policies.”

Depending on the insurer, certain types of gear must be specified as separate belongings, such as a GPS device. Therefore, Rimmer says, it is vital to consult with an adviser on what can be included under the sum insured and how to obtain cover for individual items.

“As with all other insurance policies, bicycle insurance has a specified level of excess, whether cyclists are covered under the home contents or all risk section of their policy or a standalone policy. Before hitting the road or before important races, cyclists are advised to review their policies and work through any terms, exclusions and excesses with their adviser.

“Equipped with this knowledge, cyclists can have the assurance they need to know that they have financial protection against the unexpected.”