News Release

2015

Insurance Cover for Cycling Fanatics

Cycling is taking South Africa by storm with enthusiasts taking to the streets and participating in events that are growing in popularity such as the Cape Argus Cycle Tour (35 000 participants) and the 94.7 Cycle Challenge (30 000 participants). Many cyclists however underestimate the financial implications of having to replace lost or damaged peddle cycles and gear with top of the range cycles costing as much as R75k.

Mandy Barrett of insurance brokerage and risk advisors, Aon South Africa says that once you take your bicycle out of the house, it needs to be specified under the ‘All Risks' section of your insurance policy. "Standard Household contents policies restrict cover to goods inside the home and anything you take out of your front door needs to be specified," says Mandy. "Where you enjoy assets all risks cover under a household contents policy, your bicycle will be covered under this section on a worldwide basis," she adds.

In most cases it's not just the bicycle itself that's worth a lot; the majority of advanced cyclists have extras added to their bicycles pushing costs up to R140 000 for a mountain bike and R180 000 for a TP end Road bike. A lot of cyclists have multiple cycles.

David Maree, a professional cyclist from Cycle Lab says, "When travelling with your bicycle, make sure it is secured to your car using a proper bike rack. The majority of new bike racks come with a built in lock which makes it very difficult to remove the rack from the car or the bike from the rack. It is however important for cyclists to remove all extras from the bicycle whilst travelling."

"Most of our clients have extras on their bikes that can easily add up to R50 000 such as bottle cages (up to R1100), pedals (up to R5000), different wheels (up to R40000) and bicycle lights (up to R2500) in addition to specific items such as power meters that cost up to R50000. We urge all our clients to insure their bicycles and include all the extras into their policy to avoid being left out of pocket," says David.

Under an unspecified all risks section of cover, certain types of risks are limited with pedal cycles generally restricted to not more than R5000. "If your high performance bicycle is unspecified under the ‘All Risks' section of your insurance policy or it's not specifically covered for damages that happen while racing, it won't be adequately covered for any loss or damage," explains Mandy.

There are a few questions to check with your broker to ensure that your high performance, peddle cycle is specified and insured correctly:

  • Is your peddle cycle covered in transit? This would be an ideal question to ask if you are travelling to various locations to participate in races, even flying to Johannesburg for the 94.7 Cycle Challenge for example.
  • Is your peddle cycle covered for damage whilst in use?
  • Is your peddle cycle covered for professional racing?
  • Is your racing gear, such as sunglasses and helmets, specified and covered? Accessories costs can add up quickly.
  • What exclusions exist on my policy?
  • What is your excess?

Mandy urges cycling enthusiasts to discuss the cover of their peddle cycle with their broker. "The brokers' role is to examine your circumstances in detail and impartially recommend covers to meet those needs. Choice, simplicity of wording and customisation will ensure that your bicycle is covered correctly. Not only does it provide you with the peace of mind of competing without having to worry about the unforeseen, but a broker's expertise will also ensure prompt and fair settlement of any claims so you can get back to doing what you like best without delay," concludes Mandy.

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Tom Hatcher 7 Jun 2014 14:58 Comments Policy
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