Bike insurance

[dunndog]

I have 3 bikes specified specifically on my home and contents through AAMI, plus ski gear, 15k total, didn't cost a shred extra and am covered for everything and anything anywhere anytime including travel to nz. I have photos of the bikes and ski stuff and a brief title for each (eg 2009 giant Glory DH0 - $7000), I was told to just put the rrp at time of release, not what I actually paid.. As stated, unless you go over a certain amount your premium should stay the same. This reminds me, better update that glory to my 2011 sesh 88....

 

[Exie]

I'm with Velo, have mixed feelings about it thought.

$11k bike for 30+yo = $700 which hasn't gone down for subsequent years.

I did loose my GPS (in Wombat Forrest somewhere) and called them, despite been specifically listed, they said it was only covered if the whole bike was stolen. Pft!

I tried talking to GIO about coverage under house & contents but the fine print was so restrictive (only covered in the home, if I had blue eyes, hopped on 1 leg whilst rubbing belly). I think Velosure were better, but still not ideal. Velosure still have requirements about specific bike locks and circumstances not covered.

For me it all came down to how much risk was I prepared to accept, no doubt Velosure are milk'n it ... but for my piece of mine, it has less risk than relying on Auto insurance or Home insurance to cover it.

 

[Science]

This was a very usefull thread, and just what i needed to bet me off my ass and investigate some insurance. Now have 3 bikes insured, and only cost me $45 a month.

 

[.:ROBBO:.]

Anyone got their home and contents with QBE? Have bikes attached to it? Been to busy today to make a call to them.

 

[dunndog]

I'm with Velo, have mixed feelings about it thought.



For me it all came down to how much risk was I prepared to accept, no doubt Velosure are milk'n it ... but for my piece of mine, it has less risk than relying on Auto insurance or Home insurance to cover it.

I disagree, your home and contents insurance, if taken with a credible reliable insurer(are there ANY?) should be fine provided the specifics of your individual policy satisfy your needs. Why have the costs, fees etc of multiple insurance policies when 1 would cover it? Again, this is provided everything stacks up that way, don't know your individual circumstances so certainly not trying to tell you how you should be doing things..

 

[j5ive]

Is no one with cyclecover? been with them for years, cheaper than the above listed
(500ish a year, up to 40K worth of contents or bikes, even while racing)

 

[Exie]

I disagree, your home and contents insurance, if taken with a credible reliable insurer(are there ANY?) should be fine provided the specifics of your individual policy satisfy your needs. Why have the costs, fees etc of multiple insurance policies when 1 would cover it? Again, this is provided everything stacks up that way, don't know your individual circumstances so certainly not trying to tell you how you should be doing things..

Fair comments. I can only speak from my experience, we're with GIO and they would only cover the bike if it was stolen from a securely locked part of the house (eg. not kept in shed etc). We asked about adding it on as a specifically named item, but again, they would only cover it at home. I then spoke to AAMI (car insurance) and they flat-out wouldn't cover it as its worth more than the car.

I did look at Cyclcover, but when I read the fine print it seemed like alot of caveats there to get them off the hook. I'm no legal beagle, but it was just about confidence for me. Cyclecover are probably very good, but I would likely go on a shooting ramage if I thought my bike was covered and it was blowen up/stolen and the insurance company piked out of the deal on a technicality. I know this happens, and I'm prepared to pay a bit more to avoid it, coz I'm not a very good shot!

Theres not way in walking around with 1/2 ton of security chains/locks and counter measures to (try)protect it when it was at the shops, in left in the back of the car or even at an event, simply because because my insurance company is too cheap to cover me. Cant imaging locking my bike up in the transition area at an event. Dont laugh, stranger things have happened!

I agree completely about having an extra insurance policy, it's madness. I spend about 10% of my annual wage on insurance (life, car, home, health, bike)! I keep telling myself to go to a broker one day and push one of the big boys to wrap it all up together and do me a good deal.

 

[muvro]

I just hooked up cover with Shannons. It's H&C cover only covered bikes to a total value of $1000.... Ummm not enough. lol So I got specified items cover for my bikes. I gave them brands, models and value. They are all covered, anywhere in Australia, for loss, damage, theft etc for a mere $20 odd a month (on top of my H&C policy which was cheaper than my previous insurer). I also get $10,000 enthusiast cover for nothing for all my car parts and tools etc, at no extra cost.

The only thing it doesn't cover is damage whilst riding. Which is fair enough I guess.

 

[dunndog]

Exie, sounds like you've done your homework then mate. Just wanna say I'm surprised at your response from AAMI, that's who we are insured with- auto and h&c- and they were only too happy to tack the bikes on to our policy. And I quizzed them extensively before signing off.. If my skis are stolen when I throw them in a totally un secured rack outside the pub and sit there till 8pm getting pissed, covered. If my bike is stolen from the back of my ute unsecured, covered. Must be so many different criteria with these companies for who and how they will provide cover, probably based on the value of your individual policy/policies, where you live etc.
1 thing I find as a potential plus with general insurance companies vs bike specific (or anything specific for that matter), general insurers, or ours atleast, weren't particularly interested in the specifics of my bikes, just the year make model and rrp at time of release. They were happy to add them as particular objects of value and weren't fussed with my passion for them. Whereas a specific insurer would know more about your bike and your love for it and charge you accordingly. Possibly. Just a half baked theory but in my experience it stacks up..

 

[Exie]

1 thing I find as a potential plus with general insurance companies vs bike specific (or anything specific for that matter), general insurers, or ours atleast, weren't particularly interested in the specifics of my bikes, just the year make model and rrp at time of release. They were happy to add them as particular objects of value and weren't fussed with my passion for them. Whereas a specific insurer would know more about your bike and your love for it and charge you accordingly. Possibly. Just a half baked theory but in my experience it stacks up..

Agree completely, even Velosure are a bit like that I think ... my wheels are described as "Custom - Kings with DT hoops" ... I think it's just a free-text description field and the guy typed it in as I described them. hahaha. I should have said it came with a Ferrari!

Probably easier if you have a bog standard Giant Anthem or something. Detemining what the bike is and sticking a value on it would be alot easier. The more customised you go its like trying to insure a piece of art!

At the end of the day its about the payout figure of $y for the insurance companies and they charge you $x gambling that you wont claim. The fine print of things they wont cover just reduces the insurers risk (increasing the risk for the consumer). The risk calculation includes obvious things like postcode (matched to crime stats) etc. The bonus with the bigger insurers is that it may be easier to make a claim if the company has a large customer base, it gives them a bigger pool to balance out the odd policy that they run a loss on.

I'm also very weary of all things "said", yesterday I spoke to an Optus salesman and he told me 3 times "Yeah, unlimited local calls", when checked the plan, sure enough, 30c local calls. I then got into an argument with him when he said "Nah, just ignore that". Bloody ex-used car salesman (apologies for the stereotype - obviously some used car salesman are honest traders with a sense of ethics).

 

[Cypher]

Is no one with cyclecover? been with them for years, cheaper than the above listed
(500ish a year, up to 40K worth of contents or bikes, even while racing)

I am, although I have never had to claim yet. I am not dissatisfied

It is important to read through all the details of your policy though. Sometimes they'll through in some narky detail (like your bikes need to be locked up in your lockable garage) in order for you to claim.