Bicycles are not only a convenient mode of transport, but also a valuable resource.
There are two types of insurance policies.
The first covers a rider’s physical health and safety and the other is an insurance for the value of the bike.
These two policies cover a wide range of things, such as damage, theft and theft by other vehicles.
Both types of policies can be confusing for the consumer.
Here are three things to remember before you apply for bike insurance.
Insurance covers damage, not the value You might think that the value insurance covers will be the same as that of your car.
That’s not the case.
Insurance does not cover damage.
However, if you’re cycling on a dirt road or an urban area, you should consider having a separate policy for damage to your bike, say.
If your bike has a cracked frame, it’s worth looking into whether it’s a separate claim, says Dr. David White, a motorcycle and cycle trainer from Melbourne.
Insurance cover for theft If you’re not using your bike for work or recreation, you might want to consider having separate insurance for theft.
If you take your bike to a shop, and the shop uses a tag that has your address, you’re probably not in a position to claim the value for the bike, says Ms. White.
If the shop is not a recognised dealer, there’s a chance that you might not be able to claim for the damage caused.
Insurance can cover theft of your property When you take out your bike rental agreement, it usually gives you the option to claim damage for theft, she says.
You can get an insurance claim for damage in the form of a claim for theft against your property.
For example, a shop might claim the cost of repairing a broken front wheel or a broken rear wheel.
If that’s the case, you could use the claim to buy your bike back.
This could be for the amount you spent on the repair, which might be much less than the value you paid.
The value of your bicycle insurance policy depends on the type of insurance policy you choose.
Bicycle insurance can cover damage to the bike or its contents