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If you've just spent some money on a new bike, you want to make sure it's protected from theft and damage. It's also important to protect yourself while you cycle.
You might think bike insurance is the solution, and it can be, but there's a chance you're already covered with more common forms of insurance. So before buying bicycle insurance, it's worth finding out what else can protect your bike. Let us break it down for you.
There are a variety of insurance providers who offer standalone policies. Some providers offering these options are:
You may find that you already have cover for many of the benefits included in bicycle cover. For example, Medicare, private health insurance, and home and contents cover can protect you for various scenarios, from personal injury to theft at home.
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Cooling off period |
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Theft away from home |
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Theft from home |
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Transit cover |
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Damage Cover |
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Malicious damage |
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Racing cover |
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Road hazard cover |
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Worldwide cover extension |
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Custom parts cover |
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Personal accident cover |
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Bicycle rack cover |
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Third party property damage cover |
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Third party bodily injury |
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Road hazard wheel damage |
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Open rider cover |
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Legal liability |
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When choosing a bicycle policy, you've generally got three cover types to choose from:
While each provider will differ in the detail, in general bike policies can be divided into three categories.
Check the table below to see what you can expect from each policy.
Basic | Comprehensive | Third party liability | |
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Theft away from home |
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Theft from home |
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Accidental or malicious damage |
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Road hazard cover |
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Travel and transit cover |
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Personal accident cover |
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Custom parts cover |
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Bike rack cover |
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Wheels and accessories cover |
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Third party property damage cover |
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Finder's survey indicates that most Australians are well aware of the risks. 60% of respondents believe cyclists should have compulsory insurance in order to ride.
It all depends on what you're looking to get covered for. If you're concerned about accidents to yourself, you may decide that Medicare or private health insurance will be enough. If you're worried about someone stealing it on your property, most home and contents insurance policies will cover you.
In most cases, your contents insurance policy will cover your bicycle. Like bicycle insurance, you probably won't be covered if you don't lock your bicycle up properly (and with a device designed specifically for bicycles) but it will cover you for things like fire, theft and damage while at home.
The caveat? You generally won't be covered for anything while you're riding your bike away from home. However, if you have Medicare or private health insurance, you should be covered for personal injuries.
To fill in the gaps, you might want to think about third party liability and property damage cover for your bicycle. This ensures that if you get in an accident while on the road, and it's your fault, your insurance will cover you.
If home and contents insurance seems like the right way to go, we've listed some of the insurers that provide cover for bicycles for you to choose from.
Home insurer | Do they cover bicycles? |
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Budget Direct | Yes. For bikes worth more than $1,000 outside of your home, you can get Specified Personal Effects cover. |
Youi | Yes. If kept outside, the most they will pay for each claim is $2,500 after excess, unless you have requested a higher amount and it's shown on your policy schedule. |
Virgin | Yes. For bikes worth more than $1,000 outside of your home, you can get Specified Personal Effects cover. |
Real Insurance | Yes. Up to $1,000 with Essentials Cover Content and $2,000 with Top Cover Contents. |
Kogan Insurance | Yes. Up to $1,000 with Essentials Cover Content and $2,000 with Top Cover Contents. |
Each insurance provider will have their own list of exclusions, as will each policy they offer. However, some general exclusions from most bicycle policies are:
Even with bicycle insurance, you must ensure you have taken all reasonable steps to prevent its theft or damage. This means making sure you have an approved bike lock, which usually means a D-lock, however each provider will confirm this in their policy.
Here are a few other tips for protecting your bike:
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