Quiteoftenwhentheconversationgoestobike
insurance,manywillscoffattheideaof
purchasingyetanotherinsuranceplanwhen
yourhomeandcontentsorrentersinsurance
alreadycoversyourbike.Nobrainer,right?
WhenyoudigintomosthomeinsurancePDS
documents,thisringstrue.Yourbikeisin-fact
covered,andsomeinsurancecompanieswill
addcoverageoutsidethehomefornoextra
charge.Buthowmuchisyourshinynew
carbonfibrefull-sussledwith160mmof
squishworth?Northof$5,000?$6,000?Maybe
evenupwardsof$10,000?Whataboutthose
carbonwheelsyouliketorideontheweekend?
Deepintheappendixofmostofthehome
andcontentsinsuranceplansthatwewere
abletosourceaPDS,whiletheproviderwill
coveryourbike,theywillonlyofferasmall
payoutforyourstolenorbrokenride.
“Wehavea$1000maximumlimitfora
bicyclethathasnotbeenspecifiedonapolicy.
However,ifyouhaveamoreexpensivebicycle,
itwillneedtobeaddedasaSpecifiedPortable
Itemtocoveritsfullvalue.Thiswillbetaken
intoconsiderationwhencalculatingthecostof
insurance,”saysJamesSpence,a
spokespersonfromAAMI.
Plans from other Suncorp Insurance brands
likeGIOandAPIA aswellasthosefromQBEmeansacustomershouldinsuretheiritemfor
whatitwouldcosttoreplacewithanewmodel.
Forbicyclesover$1000,thesewillneedtobe
listedasaSpecifiedPortableValuableitem
withanominatedcosttoreplace.“
Onthesurface,usingyourhomeinsurance
tocoveryourequipmentsoundsideal,buthold
onjustasecondbeforeyoucalltoupdateyour
policy.
IntheAAMI,NRMA,QBE,Westpacand
BudgetDirecthomeandcontentsPDSand
plansfromtherearespecificexclusions
regardinghowyouuseyourbike.
AAMIforexamplehasspecificexclusions
statingyouwon’tbecoveredwhileracingand
pacemaking,soweaskedFaulknerfor
clarificationonwhattheymeanhere.
“Forourinsurancepoliciesabicycleis
consideredbeingusedforracingiftakingpart
inorattendingeventsincluding,butnotlimited
to,organisedroad,offtrack,mountainbiking
orvelodrometrackcyclingraces,”hesaid.
“Pacemakingistheactofsettingapacefor
racecompetitors,andisthereforeconsidered
partofanorganisedrace.”Thisislikelytobe
morerelevanttodisciplinesonsealedsurfaces
andnotoff-roadpursuits,butyougettheidea.
Other home and contents insurance policies
alsohaveexclusionsthatruleoutmountainYOUR INSURANCE CHECK LIST
∙ Read the whole product disclosure
statement (PDS) before you purchase
insurance. You have to make sure the cover
is suitable for you and your needs, and that
responsibility is yours.∙ Understand what you want insurance to
cover: is it for you and your health while
competing? Your bike? Is it for public
liability?∙ Always record the serial number and
receipt for your bike. It’s easy to just take
some photos on your phone, and save a
back up. Remember to update it if you get a
new ride.∙ Has your bike changed? Don’t forget to
update your home and contents insurance if
that’s how you have insured your bike.∙ Keep records. If you do file a claim, keep a
copy of anything you submit, and record who
you spoke to and when for any phone calls.
You might need to be very persistant.ARE YOU COVERED BY HOME AND CONTENTS OR RENTERS INSURANCE?
http://www.ambmag.com.au 41BIKE INSURANCE