Bike insurance

[Xmetal]

As some of you might remember back in January my beloved BigHit was forcibly removed from my car early one morning. I've just about finished piecing together the new replacement bike and the missus reckons I shouldn't take it outside the house without first finding out if there is some form of comprehensive insurance available for bikes. Does such a thing exist or am I dreaming?

Thanks in advance.

 

[D_Nine]

G'day ,pretty sure a mob called Velosure is set up just to do bikes.Also check with your home and contents insurer as some of these will also cover bikes away from home.

 

[cramhobart]

When checking with your home and contents insurer be specific. I'm with RACT and they will not pay out more than 2K on a bike, and only if stolen from your home.

 

[DW-1]

As some of you might remember back in January my beloved BigHit was forcibly removed from my car early one morning. I've just about finished piecing together the new replacement bike and the missus reckons I shouldn't take it outside the house without first finding out if there is some form of comprehensive insurance available for bikes. Does such a thing exist or am I dreaming?

Thanks in advance.

http://www.velosure.com.au/?gclid=CJbp1brNw6kCFcgCHAodrHVHeQ

Elvis.

 

[DW-1]

G'day ,pretty sure a mob called Velosure is set up just to do bikes.Also check with your home and contents insurer as some of these will also cover bikes away from home.

I'm with NRMA for home and contents... Velosure ate them up for pricing and options.

Elvis.

 

[flamshmizer]

Wow, Velosure wants to charge me (21yo Male) roughly 10-12% of the bikes value each year. Thats a little steep.

 

[scblack]

I'm with NRMA for home and contents... Velosure ate them up for pricing and options.

Elvis.

I'm also with NRMA for home contents. NRMA was MUCH cheaper than velosure, for a $3,500 roadie and $8,000 DH bike. NRMA offers cover at ALL times, and I can even run it over in my own driveway and it is covered. No cover under normal usage though, like stacks or anything.


BUT it is only new for old policy, if you wish to receive a cheque rather than a replacement bike, you must then negotiate with them at the time of claim and they may not give you a cheque.

 

[indica]

I will reiterate what is already posted.
Contents insurance with the bikes SPECIFIED and whatever your particular company calls the SPECIFIED PORTABLE VALUABLES (racv in my case).
My policy states "we will... replace or repair any items that are damaged, lost or stolen anywhere in Australia or New Zealand" when they are itemised as Specified Portable Valuables.
From memory $16,500 worth of bikes covered was something like $20 a month.
The only place the velosure type policies win is if you race as they may cover you for that.

 

[Knopey]

When my previous bike was stolen from my garage, my regular Home & Contents insurance (with CommInsure) covered the whole replacement cost.
It was not specified on the policy.

YMMV

 

[ozimad]

I have all my bikes covered by NRMA (included on my home contents as a specific item) and there are barely any conditions to it.. Covered at all times eg if stolen rergardless of where and when, broken/damaged this includes if I have a stack and damage the Carbon frame... Most other insurers have conditions like if it get stolen from your car it must be locked and blah blah blah..

 

[harmonix1234]

I'm with Vero, an Aussie company.

I have contents only as I am a renter and it costs me $13 a month to be insured for $40K worth of contents.
My bike got nicked from the stairwell in my old block of flats, I rang them up and told them and within 72 hours the cheque was in the mail for a new bike.
It was only a $2K bike, but with a $100 excess I was stoked.

If your bike in your car was parked in your driveway or garage at the time you would have been covered by these guys I'm pretty sure.

Worth investigating.

 

[scblack]

I'm with NRMA for home and contents... Velosure ate them up for pricing and options.

Elvis.

Another thing I thought of favouring NRMA. Velosure reduce the insured value of the bike over time, reflecting the depreciation down to a "market" value, which is fine as long as you know that.

NRMA is added as a portable value item to home contents, which is a set value. That does not have to reduce over time.

 

[.:ROBBO:.]

Im interested to know how insurance companies value second hand purchased bikes and also custom builds.

Ive got a couple of custom built DH bikes that neither were bought new but I couldn't replace the builds for under 8.5k for one and 5.5k for the other. How do I put a value on them to an insurance Co though? I imagine they will only look at the fact one is a 2004 Demo 9 and the other is a 2007 Big Hit. Which in reality prob arn't worth all that much.

 

[harmonix1234]

Im interested to know how insurance companies value second hand purchased bikes and also custom builds.

Ive got a couple of custom built DH bikes that neither were bought new but I couldn't replace the builds for under 8.5k for one and 5.5k for the other. How do I put a value on them to an insurance Co though? I imagine they will only look at the fact one is a 2004 Demo 9 and the other is a 2007 Big Hit. Which in reality prob arn't worth all that much.

My bike was second hand when it got stolen, and I didn't even have a reciept. Lucky I had a photo though.

When the insurance company asked I said I had a 'Custom build trek'.
I did a full spec list of every component right down to the cables and bolts.
I took it (the spec list and photo) to three LBS' in the area and they did a quote based on a the closest matching factory build based on the spec list.

So based on the value of all the added high end components it pushed the value of the build up to the value of a great specced factory bike.

So just make sure you keep the receipts for your upgrades (not that I had any) and that way when you get a quote from the LBS they will (should) give the insurance company a great bike recommendation, even if it is second hand.

As I didn't have a receipt for the bike, I just wrote a stat-dec signed by a JP saying that I purchased it off a guy from the trading post and paid cash and upgraded the parts bit by bit as I went and they were happy with that as I had pics of me riding the thing.

 

[.:ROBBO:.]

My bike was second hand when it got stolen, and I didn't even have a reciept. Lucky I had a photo though.

When the insurance company asked I said I had a 'Custom build trek'.
I did a full spec list of every component right down to the cables and bolts.
I took it (the spec list and photo) to three LBS' in the area and they did a quote based on a the closest matching factory build based on the spec list.

So based on the value of all the added high end components it pushed the value of the build up to the value of a great specced factory bike.

So just make sure you keep the receipts for your upgrades (not that I had any) and that way when you get a quote from the LBS they will (should) give the insurance company a great bike recommendation, even if it is second hand.

As I didn't have a receipt for the bike, I just wrote a stat-dec signed by a JP saying that I purchased it off a guy from the trading post and paid cash and upgraded the parts bit by bit as I went and they were happy with that as I had pics of me riding the thing.

Thanks. Who were you insured with?(forget this just re-read your previous post) I doubt I have many receipts for any of the components either. I have a lot of detailed photos.

I had just been content that bikes were covered under our house and contents but with in excess off 20K worth of bikes here now I prob should look more into it.

 

[harmonix1234]

Thanks. Who were you insured with?(forget this just re-read your previous post) I doubt I have many receipts for any of the components either. I have a lot of detailed photos.

I had just been content that bikes were covered under our house and contents but with in excess off 20K worth of bikes here now I prob should look more into it.

I am with Vero, and it's covered under my H&C.
However, if you are gonna get a policy you may want to consider doing what I did and fax them a copy of all your precious stuff (with photos) and get it actually listed on your policy.
I now have a little section at the bottom of my policy with all my music gear and bikes itemised one by one with total value and serial numbers on each item. It's all there.
Dosn't cost any extra unless you go over X amount of dollars worth of specifics. Can't remember how much it is for specifics but even if you oonly get $10K listed on your policy as bike specific it may help when you need it?
Vero do this, but $20K worth of bikes... Might be worth looking at some proper bike specific insurance.

Also, this is not personal financial advice, just an opinion of what worked based on my experience.

 

[.:ROBBO:.]

Just got a Quote from Velo sure. They are quoting $1700 per year to insure them

 

[indica]

For 1700 you would be better saving the money yourself ie self insuring - that is extortion.

 

[.:ROBBO:.]

For 1700 you would be better saving the money yourself ie self insuring - that is extortion.

Oh thats for 4 bikes though. But its still expensive.

 

[indica]

From memory $16,500 worth of bikes covered was something like $20 a month.
.

Robbo - mine is 4 bikes too... they did not ask for custom specifics, just a model and replacement value.
If you are concerned about the custom aspect get a valuation from a bike shop.