Bicycles & insurance

YOU’RE HIT BY THEFT

According to insurance companies most claims are linked to accidents and other damage. But because bicycles and other cycling accessories are so pricey, the theft of bikes – and unfortunately also armed robberies and hijackings – is on the rise. There’s even a name for bicycle hijacking: “bike jacking”. Make sure your insurance covers you in the event of damage and theft or your claim may be rejected.

HOW THIS TYPE OF INSURANCE WORKS

Some insurers include your bike under your home contents insurance policy in the event of theft or damage on your property – but make sure this applies to your policy; don’t assume that your bike is covered. Some insurers require that your bike be specified under all-risk cover. You want your bike to be covered no matter where you’re cycling, which is why you should specify it under your all-risk cover.

ALL THE EXTRAS

Your equipment and any modifications you’ve made to your bike – such as GPSs, helmets and special saddles – can also be worth thousands of rands. The same applies here as with the bike: insure them under your all-risk cover.

WHAT YOU NEED

In order to insure your bike under your all-risk cover, you need to provide the insurer with the following information: the brand name, model and value. The proof of the value of the bike is the receipt you got when you bought it. If you bought your bike second-hand, a bicycle dealer can verify the value for you. List any modifications and improvements made to your bike and also other equipment you bought, as well as the cost of it, otherwise your cover will be insufficient. The insurer also needs to know if you use your bike for leisure only or if you use it to compete in races.