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Insuring your bike: basics

14 February 2018

I want to ride my bicycle, I want to ride my bike.

For many a Kiwi cyclist, your bike is probably one of your most cherished (and maybe even valuable) assets. Whether it’s for road cycling and mountain biking, it’s only natural that you would want it covered for potential damage, theft and other unexpected events. So, we’ve put together some tips and advice on the best ways to protect your bike, under your contents insurance, which can help save you money and time. 

 

Why do I need cover for my bike?
Bike insurance is designed to give you peace of mind should something unforeseen happen. Without insurance, you may need to pay for damage repairs or replacement out of your own pocket, because no matter how careful you are, you can’t control the outcome of an accident, theft or fire.

Then there’s the legal liability component of your policy, which covers the accidental damage you may cause to someone else’s property, like losing control of your bike and riding it into their car. Without insurance you’d need to foot the bill out of your own pocket. If you’re an AA Insurance customer, you’re covered up to $2million.

 

Is my bike covered under my contents policy?
In most cases, yes. Although it’s worth knowing that many policies will only cover bikes up to a certain limit and in certain circumstances. If your bike is over your policy’s unspecified item limit, you may want to consider specifying it to increase the level of cover.

If you’re an AA Insurance customer your bike is covered under your contents policy for up to $5,000 (excluding accessories). Although, if it’s worth a lot more then consider increasing your level of cover. If you have one or more particularly expensive bikes, you are a serious cyclist, or you require cover for racing, you may want to consider a specialist cycle insurer.

It pays to check the details of your cover with your insurer, to make sure you are adequately insured.

 

What specific policy benefits should I look for?
It’s important to ensure your policy provides coverage for whatever your greatest concern is. Only you can decide if a policy is right for you, but common areas you may want to check with your insurer include cover for fire, theft and legal liability. It also pays to consider any exclusions that apply.

If you’re a cyclist who travels or races, then it’s worth noting that some contents policies offer no protection for bikes damaged while racing, or stolen under certain circumstances. For example, general contents insurance, like that provided AA Insurance, will cover your bike at home and while temporarily away from home within New Zealand, but not while racing.

 

How much should I insure my bike for?
Just like your car’s insurance, your bike should be covered for its replacement value, or how much you’d need to pay to get the same bike back. You may like to factor in its age and condition, as well as the make and model if it’s an item not readily available in NZ If it’s a specialist bike then it’s worth considering getting a valuation.

Deciding on your replacement value will also help you determine the type of insurance you choose for your bike. For example, if its worth $5,000 or less, then it’s automatically covered by your AA Insurance contents cover. But if it’s worth more (say, $10,000) you can increase your level of cover, so you’ll know your bike is protected at its full value.

 

Can I buy or get a quote for bike insurance online?
Yes, AA Insurance’s contents insurance policy is available for quote and purchase online and there is provision for bikes under that policy, along with your other cherished belongings. However, if you need to increase your level of cover to a higher value you’ll need to talk to one of our team over the phone. If you’re purchasing cover with specialist insurer, you may need to complete the application process over the phone.

 

How can I save on my insurance?
There are several ways you can reduce your premiums without skimping on cover, such as increasing your excess, excluding benefits you don’t need, or making sure you’re receiving all the discounts you’re entitled to. Some insurers offer a discount if you have more than one policy with them (like our multi-policy discount). Having your policies with the one insurer also means that at claim time, you will only need to deal with one insurer and pay only one excess if it’s for the one event.

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