How to choose the right cover for your bicycle

By: PSG Insure

On your marks, get set, go: How to choose the right cover for your bicycle…before it’s too late

The annual Cape Argus Cycle Tour is around the corner and many riders from all over the world will be gathering in the Mother City this weekend to take part in this popular race. For those who are participating, the right short-term insurance cover is essential.

“Cycling enthusiasts will be all too familiar with the costs of replacing a bike, or certain parts or accessories, and that these can be very expensive without adequate insurance, especially when replacing some equipment that may be imported,” says Bertus Visser, Chief Executive of Distribution at PSG Insure.

Bicycles are often insured under a standard personal policy, together with household contents, valuable equipment and sporting items. “This cover, however, is generally insufficient or inappropriate for a serious cyclist who typically owns very expensive and specialised equipment and uses their bicycle in circumstances where cover could be excluded under the general policy,” he adds. “The Cape Argus and other competitive races are cases in point, so it’s worth checking that appropriate cover is in place.”

Racing to the right choice

There are several specialist cycle insurance products that cater to serious competitive cyclists. An adviser provides access to these specialised products and will assist in ensuring all the nuances are considered and catered for by the product they recommend.

“When deciding to insure, cyclists need to protect against loss or damage to their own equipment, as well as have third party liability cover in place,” Visser comments. But what else should be considered?

Visser recommends that when evaluating a short-term insurance product offering, cyclists should ask themselves the following:

  • Are you covered when participating in a race?
  • Is your bike covered against theft during triathlon transitions?
  • Is your cover worldwide?
  • Are you covered against vandalism?
  • Are your accessories covered?
  • Do you need to install a tracking device to your bike?
  • Is theft from a vehicle covered?
  • Do you have cover while training for a race?
  • Is your bike covered while in transit?
  • Do you get a discount for multiple bikes that are not all being used simultaneously?
  • Does the policy provide new-for-old replacement cover?
  • Do you get fee refund cover for cancelled events?
  • Do you have third party cover – for third party person or property?

The above are just some of the more complex issues to consider. The risks, and costs involved with this professional hobby are best mitigated by making certain that insurance is in check.

“Working with a competent adviser is among the best ways to ensure getting the best advice – and answers to the questions above – in line with the most suitable products available, safeguarding against unexpected financial losses,” Visser concludes.