Cycling is a hugely popular sport, which has made cycling accessories more and more expensive as they have evolved. It should come as no surprise that taking out bicycle insurance is imperative to insure against damage or theft. Insuring all those bits and pieces also makes good sense. Children’s bikes are also becoming increasingly lavish, and professional bikes can cost over R100,000!
What to Expect When Insuring Your Bicycle:
- Your bike will be insured against damage and theft.
- You bicycle can sometimes be included under the household contents section of your policy schedule. This offers cover if the damage occurs in your home or outside in your yard or outbuildings.
- For some insurance companies, bicycle insurance needs to be specified under the all-risks cover.
- Your insurance broker will be able to advise you accordingly.
What If I am Taking My Bike on Holiday?
If you are taking your bike away from home you will need to specify this under your all-risks insurance cover. This way, you will be guaranteed that your bike will be covered should it get stolen or damaged. If your bike is damaged during transportation, then you need to enquire from your insurance broker if you will be covered.
Ensure that your additional cycling equipment is also covered by your insurance service provider. Your biking equipment is usually covered under your policy’s household contents section while on your property. All expensive accessories and equipment are usually specified under the all-risks section of your insurance schedule if it is no longer on your insured property.
What About When I am Participating in Sporting Events?
If you damage your bike while taking part in an event such as a marathon or a race, the cover will differ from one insurance provider to the next. It is wise to consult with your insurance service provider prior to taking part in these activities. If you ride your bike when under the influence, your Insurance service provider will in all probability refuse your claim.