Have you ever considered what would happen if your bike was stolen or you were involved in an accident that you were at fault for? How would you cover the costs?
Cycling is more than just a hobby and a mode of transportation—it’s an integral part of your life. This comes with risks, leading to significant financial strain if you’re not insured. That’s where finding the best bicycle insurance in Australia becomes crucial. However, with so many available options for bicycle insurance, how do you choose the best one?
At Cycle Law, we understand your practical needs as a cyclist to select the best bicycle insurance for your protection. We're here to support you before you purchase your policy. In this guide, we’ll explore the best bicycle insurance in Australia and offer the legal advice you need.
Why Cyclists Need Bicycle Insurance
Bicycle insurance is designed to protect you from the financial consequences of accidents, theft, or damage to your bike. This insurance covers the cost of repairs or replacement, medical expenses and third-party liability. It offers peace of mind, allowing you to enjoy your rides more fully.
Types of Bicycle Insurance Coverage
1. Bicycle Damage/Theft
While home and content insurance often provides limited coverage for stolen bikes, particularly high-end models, bicycle insurance offers broader protection. It often covers theft away from home and damage from car or garage dooring accidents—where home insurance lacks coverage.
2. Personal Injury or Death
Insurance may also include coverage for injuries or deaths whilst riding your bike. Some policies even extend this coverage internationally, ensuring protection while riding overseas.
3. Third-Party Property and Liability
Most insurers offer third-party liability cover if you damage someone’s property or injure a pedestrian while cycling. Coverage limits vary (often from $1 million to $30 million).
This cover is important to anyone riding a bike.
4. Bike Insurance for Travel
Some insurers extend coverage beyond Australia if you travel with your bike. While certain policies require notification before you travel, others offer worldwide coverage without prior notice.
Since not all insurance policies offer the same level of coverage, it’s crucial to choose one that aligns with your specific needs. Now, let’s explore the best bicycle insurance options available in Australia.
Some Bicycle Insurance in Australia
If you are in Queensland, you should contact Bicycle Queensland about their memberships. They offer insurance as part of their membership.
Other insurer’s include:
| Insurer | Key Features | New for Old Replacement | Accidental Cover | Liability Cover | Racing Cover | International Cover |
|---|---|---|---|---|---|---|
| QBE | Add-on to home contents insurance; Bike accessories & equipment; Malicious damage; Fire; Theft damage based on the chosen cover value | Yes, bikes under 2 years of use | Included | Up to $30 million | No | Not specified |
| Sundays Insurance Cycle Cover | Combined with Allianz home contents insurance; Damage in-transit baggage handlers; Multibike discount; Theft & vandalism damage; No premium increase for claims | Yes; replaces bicycles that are 60 days to 2 years old; even second hand | Included; Third-party bodily injury and property damage liability | Yes | Yes | Up to 90 days |
| Bike Insure | Covers multi-bike discount; Damage in transit; Listed accessories; Vandalism damage; Theft away from home | Bikes that are under 2 years old can be replaced | Included | Yes | Optional | Up to 90 days |
| NRMA Insurance | Covers burnt; stolen from a locked building; stolen whilst securely locked to a fixed object; stolen from within a locked vehicle | Yes, if your bike is less than 2 years old | Included | Capped at $1 million | Bike Plus only | No |
| Velosure | Covers theft away from home; Multi-bike discount; Crashes, In-transit; custom parts for premium bikes | Can replace new bikes that are insured within 30 days from purchase or delivery | Included; pays up to $1,000 for non-medicare medical expenses | Yes; Liability cover is separate at a $60 per year standard for up to $20 million in cover | Yes | 90 days for Premium Bicycle Insurance If you travel within 30 days of policy inception, the full annual amount is needed upfront. |
We do not provide insurance or financial advice. You should consult the insurer, their PDS and/or an insurance broker for advice specific to your circumstances.
How to Choose the Best Bicycle Insurance
When selecting the best bicycle insurance, consider the following factors:
1. Coverage
Ensure the policy covers all your needs, including accidental damage, theft and liability. Some policies also offer additional benefits, such as old bike replacement, coverage for racing, or overseas travel.
2. Cost
While affordability is important, remember that low premiums might not be the best deal if you want to secure your safety and bike usage, as some insurance may not cover bike replacement. Typically, prices vary based on the policy's coverage. It's best to invest in bicycle insurance that is worth the money. As the old saying goes - you get what you pay for.
3. Exclusions
Read the policy's exclusions carefully. Some policies do not cover damage to tyres or bike accessories. Insurers also exclude coverage for bikes damaged in races or stolen when left unlocked.
4. Claims Process
A smooth, hassle-free claims process is crucial. Check customer reviews to see how the bicycle insurers handle claims.
5. Customer Support
Outstanding customer service is important, especially after a bicycle accident or theft. Choose an insurance provider known for reliable and responsive support.
Seek Legal Advice with Cycle Law
At Cycle Law, our principal Emily Billau knows how important it is to understand the legal details of your insurance if you have had an accident..
Our legal team can consult with you after an accident about your insurance.
Contact us today to review your options.