5 Tips When Insuring Your Bicycle

As a cycling enthusiast, you’ve probably spent hours getting advice from cycling peers, researching gear and investing a lot of your precious money in this sport.

 

You, your bicycle and accessories need specialised cover which is where Cycle First from Oakhurst Insurance comes in – it’s a stand-alone insurance policy that considers all risks facing both the bicycle as well as the rider.

 

Here are 5 top tips when looking for the right bicycle insurance:

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1. Your personal insurance policy may not cover your bicycle sufficiently

 

Most personal insurance policies will only cover you for the theft of your bicycle at your place of residence. What if your bicycle or accessories are stolen when you’ve taken it out for a ride? Cycle First covers you for the loss of or damage to your bicycle, up to R150 000. It also comes with the option of adding portable possessions cover which enables you to specify the accessories you want to insure; such as your heart rate monitor, action camera, helmet and glasses.

 

Generally, personal insurance policies have a low cover limit which means your bicycle’s full value might not covered and in the event of a claim your entire premium may also increase. However, because Cycle First is a stand-alone bicycle insurance policy, your other polices will not be affected by a premium increase.

 

2. Bicycle insurance doesn’t have to be expensive

 

Bicycle insurance is affordable, especially when you consider the investment you’ve made in your bicycle and accessories – these could cost in excess of R100 000. A Cycle First policy will cover bicycles for theft, accidental damage or loss at a very competitive premium. You will also be able to build your cover according to your specific needs.

 

3. Amateur cyclists need insurance, not just professionals

 

Professional cyclists certainly do need insurance; but so do amateurs cyclists and anyone else who loves their bicycle. A Cycle First policy not only covers you for your bicycle, but also provides cover if you are injured in a bicycle accident with our built-in personal accident cover which provides up to R20 000*.

 

 

4. Make sure you have insurance in the event of damage or injury to a third party

 

With Cycle First, we offer third-party liability of up to R250 000 which covers injury to persons or damage to their equipment if caused by you while riding your bicycle. An example of this is if you were offloading your bicycle from your car, and in the process it caused damage to someone else’s car, you would be covered.

 

5. Get cover in the event of a race being cancelled

 

You’ll have the option of adding our entry fees protection benefit to your Cycle First policy. You can claim for financial losses for accommodation, travel and the cost of the race entry fee, if the race is cancelled or you are unable to attend for a number of valid reasons.

 

If you are a cycling enthusiast, you’ll benefit greatly from a Cycle First policy - specialised bicycle cover from Oakhurst Insurance.

 

 

*Cover limits apply.
Oakhurst Insurance Company Limited (Registration number 2006/000723/06) is an authorised financial services provider (FSP39925)




11 Comments

daniemare, Apr 25 2019 10:59

Still want to know if you insure my loss or my bicycle. Let me explain.

 

I do not need cover for theft/loss when my bicycles are at my house.  I do however want cover when I am riding (theft/hi-jacking and crash).  Having 3 bicycles, I can however ride only 1 at a time.

 

So is it possible to get cover without being quoted as if I am insuring each bike on it's own?

 

For example, get quoted on the most expensive bicycle only, but have cover for all 3. Off course to the payout will be limited to the value of the bicycle actually damaged/stolen.

Skinnyone, Apr 25 2019 11:46

Danie has a point, take my scenario into account, I work in the cycling industry, thus I have a few bikes - my 2 boys have 2 bikes each, I have an MTB, road and commuting bike, my wife also enjoys riding every so often so she has a bike....

 

now to pay for all 8 bikes as individuals becomes uneconomical...what solution do you have?

THill44, Apr 25 2019 12:49

How is this comparable to Cycle Sure? (as their premiums are expensive AF)

Oakhurst Insurance, Apr 25 2019 02:05

Still want to know if you insure my loss or my bicycle. Let me explain.

 

I do not need cover for theft/loss when my bicycles are at my house.  I do however want cover when I am riding (theft/hi-jacking and crash).  Having 3 bicycles, I can however ride only 1 at a time.

 

So is it possible to get cover without being quoted as if I am insuring each bike on it's own?

 

For example, get quoted on the most expensive bicycle only, but have cover for all 3. Off course to the payout will be limited to the value of the bicycle actually damaged/stolen.

 

Good Day @daniemare

 

Thank You for your query.

 

This product is designed to cover you and your bicycle, and if you have more than one Bicycle, each needs to be specified separately. To illustrate by example, it would be similar to motor insurance where each vehicle is assessed based on it’s own risk and insured separately.

 

You are more than welcome to request a quotation and get one of our expert consultants to give you a call.

 

Best Regards

 

Oakhurst Insurance Company Limited 

Oakhurst Insurance, Apr 25 2019 02:12

How is this comparable to Cycle Sure? (as their premiums are expensive AF)

 

Good Day @THill44

 

Thank You for your query.

 

You are more than welcome to put us to the test and request a quotation from one of our expert consultants.

 

Best Regards

 

Oakhurst Insurance Company Limited  

daniemare, Apr 25 2019 02:30

Good Day @daniemare

 

Thank You for your query.

 

This product is designed to cover you and your bicycle, and if you have more than one Bicycle, each needs to be specified separately. To illustrate by example, it would be similar to motor insurance where each vehicle is assessed based on it’s own risk and insured separately.

 

You are more than welcome to request a quotation and get one of our expert consultants to give you a call.

 

Best Regards

 

Oakhurst Insurance Company Limited 

OK Thanks

 

Not interested then, as it will be a product that does not insure my identified risks. It is not like my motor vehicles in 3 destinct ways:

1 - I do not want theft cover when at my home

2 - I do not want 3rd party cover for damage I cause

3 - Unlike my cars that can be driven at the same time (Me in one, my wife in the other) my bicycles can only be ridden one at a time

 

So no, it's not the same, and clearly still not a product that is suitable for me. I need my loss covered, not the physical bike. I know this type of insurance exists in makrets like Aus and UK. Maybe my all risk first loss insurance is still the better option

 

Thanks

MudLark, Apr 25 2019 02:59

I got a quote from Cycle Sure. Then I got a quote from my short term insurance broker, adding it all to my existing household insurance. For less than Cycle Sure quoted me for just my one bike, I got cover for all three of my bikes, all my accessories (computers etc) and anything else unspecified that gets lost or damaged along the way... And yes, it includes crash damage etc. Not that I'm in the habit of claiming for minor stuff anyway. 

DCJ, Apr 25 2019 04:30

@MudKark - it might be worth noting, that cyclesure also covers crash damage of individual components and the frame. So if you somehow wreck your front fork (a R5000 - R12000+ component), you can claim for just the fork. Alternatively, if you buy a second hand bike, that is no longer covered by warranty (warranty is not normally transferable to the new owner), and the frame cracks, or breaks due to a crash, you can claim for just the frame. This won't make the extra expense justified for some, but it could be worth it to others.

Dieter ( ͡° ͜ʖ ͡°), Apr 26 2019 08:54

Cyclesure has been outstanding to me. I will stick with their high-ish premiums!

MudLark, Apr 26 2019 10:27

@MudKark - it might be worth noting, that cyclesure also covers crash damage of individual components and the frame. So if you somehow wreck your front fork (a R5000 - R12000+ component), you can claim for just the fork. Alternatively, if you buy a second hand bike, that is no longer covered by warranty (warranty is not normally transferable to the new owner), and the frame cracks, or breaks due to a crash, you can claim for just the frame. This won't make the extra expense justified for some, but it could be worth it to others.

 

Understood but no different with my insurance. In fact, the day after I took out the insurance out I cracked one corner on one of my prescription Rydon lenses. They paid for a new one (R5.5k), no questions asked. In fairness though, I have been with the same broker for more than 20 years and I have an excellent record of not claiming except when its really justified. 

Forthelove, Apr 29 2019 10:14

I called Oakhurst talked to a lovely lady who asked me so many questions ,,nearly asking me my blood type I preferred not to get a quote and declined after tenth question. To hard to much effort to get a quote called my broker sorted it out in two seconds. He told me also to avoide cyclesure, I think part of bidvest or hollard now , told not worth the money and make claiming a nightmare.