Home & Contents Insurance
Many cyclists are happy to have their home insurance cover their bikes as it’s usually inexpensive. However, don’t assume you bike is covered as home insurers will mostly have limitations and exclusions on how your cycle can be used. Home insurance simply wasn’t designed to insure the modern cyclist.
Once outside the home, almost no home insurance covers accidental damage, personal accident, public liability or any of the other benefits usually associated with specific cycling insurance. Home insurers often impose large excess amounts, commonly in the region of $500 and in addition to this, your home insurance ‘no claims’ may be effected. The real cost of covering a bicycle on your home insurance is worrying. We recommend you carefully assess the level of cycle cover you have on your home insurance and what your exposure is in the event of claim.
A few shortcoming of some home insurance:
- Low maximum cycle value
- No cover for theft or accidental damage away from the home
- Excess up to $500
- Exclude competitions