Bicycle insurance - what’s covered if your bike is stolen or damaged?
2 April 2019
Unlike driving a car or riding a motorbike, bicycle insurance isn’t compulsory. But with tens of thousands of bicycles stolen every year in Australia, it’s something many cyclists consider to help protect their ride.
Whether you commute to work on two wheels or like to take your bike out for a spin every now and again it can be an inconvenience and an expense to deal with a lost or stolen bike.
Find out how to protect your bicycle with Suncorp and what we’ll do to help if you ever need to make a claim.
What’s covered with bicycle insurance?
It depends whether you take out separate bicycle insurance with a specialist provider or if you’re looking for standard cover for your bike under a Contents Insurance policy.
- Your bicycle is stolen
- Your bicycle is damaged in an accident while you are cycling (as long as you’re not pace-making or racing)
- Your bicycle is damaged in one of the insured events e.g. fire, flood, storm etc
When travelling in the same direction as cyclists and passing, motorists need to stay at least one metre away in a 60 kilometre per hour zone,
and one and a half metres away when the speed limit is above sixty.
If a cyclist moves to pass an obstacle, drivers should maintain this safe passing distance.
If a car doesn’t keep its distance, the driver could cop a $413 fine and this could increase to $5,500 if it goes to court!
So only pass a cyclist if it’s safe to do so. To pass a cyclist safely, you can drive over a painted island…
Drive over centre lines, including double unbroken lines…
And straddle or cross a lane line on a multi lane road
If a cyclist is in front of you and you want to turn left, wait for the cyclist to turn left or continue straight, before turning left behind the cyclist.
Make sure to do your own research on Queensland’s road rules.
Accidents happen… even when we follow all the road safety rules.
That’s why it’s important to have insurance cover for your car.
Plus, did you know you can get $50 off a new Suncorp Comprehensive Car Insurance policy when you quote and buy online?
How to add insurance cover for your bicycle with Suncorp
To cover your bicycle, you can add the optional extra ‘Personal Valuables’ to your Home & Contents or Contents Only policy. Personal valuables includes some of those valuables you’re likely to take with you when you leave the house. That also includes things like your mobile phone, laptop and jewellery.
To do this, you can get in contact with us.
Should I choose specified or unspecified portable valuables cover?
It depends on the value of your items. Unspecified portable valuables cover has an item limit of $1,000. So if your bicycle is worth $1,800 and you make a claim, the most you can be paid is $1,000 (minus any excess, fees or charges).
If you choose to specify the item – by providing specific details of the make, model and value – you can insure it for the full amount. So that $1,800 bicycle would be covered for the full amount – up to $1,800 (again, minus any excess, fees or charges).
What happens if I need to claim for my lost or damaged bicycle?
Here’s a step by step guide covering what to expect if you need to claim for your bicycle.
Step 1: Have your details ready. We’ll need your policy number and details of the event. It will also help us settle your claim as quickly as possible if you can provide evidence of ownership or a repair quote for your bike.
Step 2: Lodge a claim 24/7 online, via the Suncorp App, or on the phone. Some bicycle claims may be able to be settled instantly if you have all your details ready when you call.
Step 3: Track your claim. Track the progress of your claim online at any time through your online account or the Suncorp App.
Step 4: A member of our claims team will review your proof of ownership or repair quote.
Step 5: Finalise your claim. We’ll follow up with you to arrange replacement or settlement if your claim is covered, and ensure you’re happy with the outcome.
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Information provided is general advice only and has been prepared without taking into account any person's particular objectives, financial situation or needs. Please read the relevant Product Disclosure Statement before making any decision regarding this product. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.