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Is your bicycle insured correctly?

As a cycling enthusiast in South Africa, you’re probably going to need insurance for your bicycle and kit. You may also want to get specialist cover if you participate in cycling events and races.

Anyone can benefit from bicycle insurance. You could be a bicycle enthusiast, a casual bicycle rider or even a competitive cyclist; if you have an expensive bicycle you can and should insure it.

Falling for some of the common misconceptions surrounding bicycle insurance means you could end up having insufficient coverage, or no coverage at all – costing you more money and time than necessary and leaving you feeling frustrated.

In fact, the smartest thing to do is to get a specialist broker to insure it for you.

Some questions to ask when shopping around for Bicycle Insurance:

  • Check territorial limits – will your Bicycle Insurance cover you abroad?
  • Will your bicycle be insured whilst in transit?
  • Will you enjoy cover on a full replacement basis, for both your bicycle and your bike accessories?
  • What are the cover options on your Bicycle Insurance? Will you be covered for perils such as theft, accidental loss, damages and fire?
  • Make sure to compare the various Bicycle Insurance policy’s excess structures, as some insurers give fixed excesses whilst other may vary.
  • Consider the entire package knowing your level of participation in the sport of cycling. The more active and serious you are about cycling, the wider the scope of cover you should explore – such as legal liability, damage at time trails or track events. Also, look for medical benefits and personal accident for death or disability.
  • Niche specialist Bicycle Insurance products may also offer trauma counselling in the event of an armed robbery, provided the incident happens while you’re training.
  • Specialist bicycle products will also cover you if your trip is cancelled due to certain prescribed circumstances. This may be of value, given the costs attached to some cycling events and races.
  • Good bicycle insurance should cover your bike regardless of whether it’s mounted on the back of your car, you’re riding it along the beachfront, or if it’s safely parked in your garage.

Your home insurance may cover your bicycle, but only to a certain extent. Limits are placed on the value of your bicycle and you may not be covered if something happens to it while it’s not on your property. Also, your home insurance won’t cover you for third party liability and accidents.

Like you, we’re passionate about cycling and we want you to be able to cycle and enjoy your bicycle without having to worry about your bicycle insurance coverage.

If you’d like to find out more, or if you’d like to speak to one of our specialist brokers, please contact us on 044 382 0550.

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