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Bicycle Insurance

Want protection for theft, personal injury and liability? We break down your bicycle insurance options.

Updated

Fact checked

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.

Who offers bicycle insurance?

There are a variety of insurance providers who offer standalone policies. Some providers offering these options are:

  • Velosure
  • Bikesure
  • Wiggle
  • Real Insurance
  • NRMA
  • Swann Insurance
  • RAC
  • NoWorries Insurance

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 insurance can protect you for various scenarios, from personal injury to theft at home.

Bicyclce insurance comparison

Velosure logoVelosureBikesure logoBikesureWiggle logoWiggleReal insurance logoReal InsuranceNRMA logoNRMARAC logoRAC
Cooling off period
  • 14 days
  • 14 days
  • 14 days
  • 14 days
  • 21 days
  • 14 days
Theft away from home
  • $1,000 to $30,000
  • Yes
  • $30,000
  • Up to $20,000
  • Yes
  • Yes
Theft from home
  • $1,000 to $30,000
  • Yes
  • $30,000
  • Up to $20,000
  • Yes
  • Yes
Transit cover
  • $1,000 to $30,000
  • Yes
  • $30,000
  • Yes
  • Yes
  • No cover
Damage Cover
  • $1,000 to $30,000
  • Yes
  • $30,000
  • Yes
  • Yes
  • Yes
Malicious damage
  • $1,000 to $30,000
  • Yes
  • $30,000
  • Yes
  • Yes
  • Yes
Racing cover
  • $1,000 to $30,000
  • Yes
  • $30,000
  • Yes
  • No cover
  • No cover
Road hazard cover
  • $1,000 to $30,000
  • Yes
  • Yes
  • Yes
  • No cover
  • No cover
Worldwide cover extension
  • Optional worldwide cover
  • Yes
  • Yes
  • Yes
  • No cover
  • No cover
Custom parts cover
  • $1,000 to $30,000
  • Yes
  • $10,000
  • Yes
  • No cover
  • No cover
Personal accident cover
  • $1,000 to $30,000
  • $10,000
  • $100,000
  • $10,000
  • No cover
  • No cover
Bicycle rack cover
  • $1,000 to $30,000
  • Yes
  • No cover
  • Yes
  • No cover
  • No cover
Third party property damage cover
  • $10,000,000
  • Yes
  • $10,000,000
  • Yes
  • Yes
  • Yes
Third party bodily injury
  • $20,000,000
  • No cover
  • $10,000,000
  • No cover
  • Yes
  • Yes
Road hazard wheel damage
  • $1,000 to $30,000
  • No cover
  • Yes
  • Yes
  • No cover
  • No cover
Open rider cover
  • $1,000 to $30,000
  • No cover
  • No cover
  • No cover
  • Yes
  • Yes
Legal liability
  • $20,000,000
  • No cover
  • $10,000,000
  • No cover
  • Yes
  • Yes

What does bicycle insurance cover?

When choosing a bicycle policy, you've generally got three cover types to choose from:

  • Basic cover. Broadly speaking, you can expect almost all bicycle insurance policies to cover damage to your bike if it's damaged or stolen, as well as personal injuries from an accident.
  • Comprehensive cover. On top of this basic cover, comprehensive policies can cover everything from loss of income resulting from an accident to damage from use in racing or travelling, as well as custom parts and accessories.
  • Third party liability and property damage cover.Offered by most providers, this would provide coverage should you sideswipe an Aston Martin or run over someone's toe and send them to hospital. Your legal costs would be covered, as well as repair costs, up to a set amount. These are often offered as standalone insurance, which avoids doubling up on cover if you already have home, contents and health insurance sorted.

How do the policy types compare?

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.

BasicComprehensiveThird party liability
Theft away from home
  • Yes
  • Yes
  • No
Theft from home
  • Yes
  • Yes
  • No
Accidental or malicious damage
  • Yes
  • Yes
  • No
Road hazard cover
  • No
  • Yes
  • No
Travel and transit cover
  • No
  • Yes
  • No
Personal accident cover
  • No
  • Yes
  • No
Custom parts cover
  • No
  • Yes
  • No
Bike rack cover
  • No
  • Yes
  • No
Wheels and accessories cover
  • No
  • Yes
  • No
Third party property damage cover
  • No
  • No
  • Yes

What's the best way to insure your bike?

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.

Bicycle cover with your home insurance

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 insurerDo they cover bicycles?
Budget DirectYes. For bikes worth more than $1,000 outside of your home, you can get Specified Personal Effects cover.
YouiYes. 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.
VirginYes. For bikes worth more than $1,000 outside of your home, you can get Specified Personal Effects cover.
Real InsuranceYes. Up to $1,000 with Essentials Cover Content and $2,000 with Top Cover Contents.
Kogan InsuranceYes. Up to $1,000 with Essentials Cover Content and $2,000 with Top Cover Contents.

What isn't covered?

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:

  • Theft or damage of wheels and tyres (unless the bike was also stolen or damaged)
  • Riding gear and apparel (helmets, shoes, clothes, backpacks etc)
  • Any theft or damage where you haven't complied with the security conditions of the policy (eg using approved bike locks)
  • Use for hire, courier or carrying passengers
  • Depreciation and wear and tear
  • Deliberate action by yourself or anyone you entrust the bike to
  • Any rider under the age of 18

How else can I protect my bike?

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:

  • Ensure you lock your bike to a fixed and immovable object, such an authorised bike rack or telegraph pole.
  • Make sure your lock is done up as tightly as possible – the more room you leave, the more leverage someone has to break it open.
  • When locking your bike up, the public eye is your friend: thieves are less likely to operate with a crowd watching.
  • Storing it in different locations will also help shake off the more patient and observant thieves.
  • Bike engravings and personalisation (such as decals and stickers) are all good deterrents as the easier your bike is to identify, the less likely a thief can make a clean getaway. The PCYC and some police stations offer free engraving services.
  • Secure or remove detachable items such as quick-release wheels and lights.
  • Register your bike on the National Bike Register or buy a DataDot kit.
  • Photographing your bike is also an easy step you can take for extra protection.

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Picture: Unsplash

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