SCRUTINISE YOUR PDS
Unfortunately dealing with insurance
companies isn’t always easy, and to make
matters worse, the policy wording can see
like it’s written in Ancient Sumerian rather
than plain English.
As we’ve pointed out before every policy
offers different cover and most importantly
various exclusions, however, there are a few
common ones across most plans.
Don’t forget your bike lock or most
importantly the approved locks list in a PDS.
Even if your bike is secured, and a thief
manages to steal it, if you’re not using an
approved lock, you may not be covered. Peel
noted that combination or plastic coated wire
locks won’t be included.
Carbon fibre and electronic failures also
often make a list of things that won’t be
covered or will require additional excesses.
Knott says carbon is a red flag for insurers
because it’s considerably more fragile than
alloy, while insurers are hesitant regarding
electronic drivetrains and eMTB motors and
batteries as something more prone to fail.BIKE INSURANCE
SophieKnott,anAccountBrokerfrom
Insurance House, says, when looking for
bike specific policies, it’s paramount to dig
deep into the paperwork and not to make any
assumptions about wordings or cover.
“A lot of bike insurance policies that
have additional excesses or exclusions that
are applied to particular claims, so racing
claims, carbon fibre, and things like that.
Make sure you ask a lot of questions and
make sure that it covers everything that you
want it to cover and look at excesses as well.”
Peel notes that Velosure’s along with
most bike insurance policies are tailored for
recreational riders, and there are exclusions
for professional, sponsored riders, or those
who use their bikes for any business purpose
like bike messengers or delivery riders. If
you’re a bike messenger, you’re probably
going to need business insurance; however,
there are policies available for sponsored
and pro riders.
“We actually have a few clients who doHINGS YOU’LL NEED IF YOU’RE
OING TO MAKE A CLA IM
the time does come to make a claim, the
insurance company is going to request a
range of documents to assess whether or
not you’re covered. To speed up the process
and limit frustration on both sides, it’s best to
come in well-prepared.
“You always need proof of ownership,
so obviously the best proof of ownership
is a receipt, but sometimes people don’t
have them, so a photo (of the receipt) is
also accepted. We also need a quote for
replacement or repair of the bike. If there
is damage we also need a report from a
bike shop that basically confirms that it’s
damaged, and to what extent—is it repairable
or does it require a full replacement,” Knott
says.
“If it is a theft of a bike, we need a police
report (to be) lodged.”
Knott also said it’s a good idea to have
a few photos of the bike itself, as well as
the serial number—usually found on the
underside of the bottom bracket.
Faulkner noted that MTBA doesn’t actually
process the claims, that is handled by42 AMB
BIKE INSURANCE