eBike Insurance for Aussies

[aussieskier]

Looking to insure my new pride and joy, I currently have house & contents with RACV.

Are you adding your bikes to H&C policies or doing a separate, bike specific policy?

Anything else I need to be aware of?

 

[Pdoz]

The racv policy only covers bikes up to $1500 and ( I think) doesn't cover them when away from the house. I asked about nominating the bike and extending the cover a couple of years back but it wasn't cheap . From memory, a $5.5 k bike increased the policy by more than what my $10 k motorbike costs to insure!

So I'll be watching tosee if anyone has suggestions - I'd live a bike policy that covers bike/ 3rd party plus ideally some injury protection

 

[CjP]

I use Velosure.
My stock 2019 Kenevo costs $48 per month and my highly modified 2020 Kenevo costs $78 per month.
I crashed the bike in December and got a full bike replacement and new Ohlins forks. All other mods were fine so I just swapped them over. The forks had a gouge in the stansions and the lower leg got bashed in. Frame took a nice hit to the left of the down tube which had a small hairline crack in it and just marked the battery.
Excess was $250 for a crashed bike
Very happy with the process.
Also Velosure cover just about everything. Check them out

 

[HORSPWR]

I've added both my bikes to my H&C but they are listed as specified items, which means they are insured for the full value anywhere in Australia and for one 90 day period overseas. This is with TIO in the NT. It added about 14 bucks a month to my policy.

Edit: It's not covered though if I crash it, only theft or malicious damage.

 

[CjP]

FWIW I’ve crashed my bike a few times now and never had an issue apart from light scratches. The fall I had when I properly broke it was the most basic fall I’ve had but the bike and myself just slide into a helmet sized jagged rock. Still amazed at just how easy I ruined it considering I’ve had full bike and body flips and done nothing but a scratch.
For the price we pay for these bikes and how (at least with Specialized) hard it is to get frame only I’d be wanting crash cover at a minimum. The chances of theft are wayyyy lower than crashing, well at least for me anyway.

 

[aussieskier]

Just got off live chat with Velosure, I plan on keeping my bike at my warehouse at work and they didn't like that, they said it can't be left unattended for more than 24 hours if away from home. That doesn't work for me at all because I might choose to leave it at our place at Buller if I know I'm coming back the next weekend. I'll call my insurance broker and see what he suggests.

 

[HORSPWR]

Just got off live chat with Velosure, I plan on keeping my bike at my warehouse at work and they didn't like that, they said it can't be left unattended for more than 24 hours if away from home. That doesn't work for me at all because I might choose to leave it at our place at Buller if I know I'm coming back the next weekend. I'll call my insurance broker and see what he suggests.

Velosure is crap, when at home your bike has to be locked up to an immovable structure with an approved lock and chain from their list of chains and locks, what a joke.

I can leave my bike leaning up against my letterbox and go away for a week and my bike is covered by my insurance.

 

[CjP]

Just got off live chat with Velosure, I plan on keeping my bike at my warehouse at work and they didn't like that, they said it can't be left unattended for more than 24 hours if away from home. That doesn't work for me at all because I might choose to leave it at our place at Buller if I know I'm coming back the next weekend. I'll call my insurance broker and see what he suggests.

Well that sucks!

My bike is in my room at all times and when I am away riding it’s locked up with an approved lock.
For the price my bike cost me, I wouldn’t be taking any un nescessary chances.
If theft is your only concern then maybe a house and contents is better suited to you.
Otherwise shop around, there are many other companies that may offer the service you need.

 

[aussieskier]

Just spoke to my insurance broker, I need to discuss some stuff with my business insurance as well so we will see what he can come up with.

 

[Softsand]

I contacted my Insurer (Elders) as I thought I’d be best adding as specified items but was informed no extra cost and no need to list. Checked the PDS and all seems good. Winning.

 

[aussieskier]

So I ended up adding it to my RACV H&C insurance as a portable item, they have a category for sports and recreational goods, full $9k purchase price covered and it added $12/mo to my policy.

 

[Pdoz]

So I ended up adding it to my RACV H&C insurance as a portable item, they have a category for sports and recreational goods, full $9k purchase price covered and it added $12/mo to my policy.

thanks fir the update , I was quoted twice that by racv so I might give them another call !

 

[aussieskier]

thanks fir the update , I was quoted twice that by racv so I might give them another call !

Sorry my bad, it was $22/month, just got the updated PDF emailed to me and compared to the original. I'm still happy with that amount.

 

[Pdoz]

Sorry my bad, it was $22/month, just got the updated PDF emailed to me and compared to the original. I'm still happy with that amount.

That's about what i was quoted, and then I realised they were charging as much to insure a $5.5 k mountain bike as a $10 k motorbike! It felt like a rort - when was the last time you heard of a mtb falling off the stand and being a write off, or crashing into another vehicle and having tens of thousands in 3 rd party ? I guess that my 30+ years of no claim on the motorbike is bringing the price down ? It'd be interesting to know if there is a bike specific policy that builds up a no claim discount over time.

 

[Andrew U]

Due to convid bike shortage and my mid life crisis only allowing me to get a specialized, I ended up spending a lot more than I planned on. Got a good price on the bike, but now looking at insurance with velosure... $730/year.

Having never bothered insuraning bikes of the past, this is a shock. That is more than either of our cars!!
Never had a bike stolen (touching wood) and never had a major crash that destored the bike (just minor repairs).

Thinking about just risking with no insurance. Instead put $60/month into seperate bank account and fully sercure the bike in the garage with something like this: HIPLOK AIRLOK + BIKE ID KIT+

I dont leave the bike anywhere when I take it out. Trails and home again. Ordered this bike hitch which also has built in lock cables, Holdup Evo 2" | Yakima.

 

[HORSPWR]

Due to convid bike shortage and my mid life crisis only allowing me to get a specialized, I ended up spending a lot more than I planned on. Got a good price on the bike, but now looking at insurance with velosure... $730/year.

Having never bothered insuraning bikes of the past, this is a shock. That is more than either of our cars!!
Never had a bike stolen (touching wood) and never had a major crash that destored the bike (just minor repairs).

Thinking about just risking with no insurance. Instead put $60/month into seperate bank account and fully sercure the bike in the garage with something like this: HIPLOK AIRLOK + BIKE ID KIT+

I dont leave the bike anywhere when I take it out. Trails and home again. Ordered this bike hitch which also has built in lock cables, Holdup Evo 2" | Yakima.

Or get it added to your home and contents insurance as a specified item, it's quite cheap but they usually only cover for theft not damage in use.

 

[Andrew U]

Tried that... They want $62/month. More than velosure!!

I work for Suncorp, so I do get a staff discount on insurance. But still this is too steep for me...

 

[Husky430]

Due to convid bike shortage and my mid life crisis only allowing me to get a specialized, I ended up spending a lot more than I planned on. Got a good price on the bike, but now looking at insurance with velosure... $730/year.

Having never bothered insuraning bikes of the past, this is a shock. That is more than either of our cars!!
Never had a bike stolen (touching wood) and never had a major crash that destored the bike (just minor repairs).

Thinking about just risking with no insurance. Instead put $60/month into seperate bank account and fully sercure the bike in the garage with something like this: HIPLOK AIRLOK + BIKE ID KIT+

I dont leave the bike anywhere when I take it out. Trails and home again. Ordered this bike hitch which also has built in lock cables, Holdup Evo 2" | Yakima.

Got one of those racks and IMHO they are the bees knees. Got it 2nd hand off gumtree, it was like brand new, for less than half that price and I'm sure I saw them at 99 bikes for under $500 so shop around

 

[davarello]

AMI insurance here in NZ do bike cover insurance at 5% of the replacement value (so $450 p.a. on a $9000 bike) covers theft and crash damage (including racing) with agreed value. Might be something similar in Australia?

 

[Andrew U]

Sounds close to here..quote on $10.5k bike

 

[HORSPWR]

Tried that... They want $62/month. More than velosure!!

I work for Suncorp, so I do get a staff discount on insurance. But still this is too steep for me...

That's ridiculous, I'm with TIO and mine only cost an extra $14 per month, no crash damage though, I can wear that cost.

 

[urastus]

wouldn't you be better starting a new account and doing an auto monthly transfer of $14 or $12 or $48 or whatever you're prepared to pay? I guarantee you'd come out in front over time and you wouldn't be encouraging bad business. No excess etc, no fine writing and all the unknown reasons they can find to not pay, which is their focus. If you're a long term client, they'll look after you because they've already made a lot out of you, and will continue to do so. If you're a new client, good luck!

 

[CjP]

Due to convid bike shortage and my mid life crisis only allowing me to get a specialized, I ended up spending a lot more than I planned on. Got a good price on the bike, but now looking at insurance with velosure... $730/year.

Having never bothered insuraning bikes of the past, this is a shock. That is more than either of our cars!!
Never had a bike stolen (touching wood) and never had a major crash that destored the bike (just minor repairs).

Thinking about just risking with no insurance. Instead put $60/month into seperate bank account and fully sercure the bike in the garage with something like this: HIPLOK AIRLOK + BIKE ID KIT+

I dont leave the bike anywhere when I take it out. Trails and home again. Ordered this bike hitch which also has built in lock cables, Holdup Evo 2" | Yakima.

I’m with Velosure and a while ago I crashed my Kenevo. Mine’s been modified and they ended up replacing the whole bike minus the un damaged mods and bought me new forks.
Damage was a gouge in the stantions and dinted lowers and a dint into the frame which just touched the battery.
Their coverage is pricey but you do get a lot for that money.

 

[HORSPWR]

I’m with Velosure and a while ago I crashed my Kenevo. Mine’s been modified and they ended up replacing the whole bike minus the un damaged mods and bought me new forks.
Damage was a gouge in the stantions and dinted lowers and a dint into the frame which just touched the battery.
Their coverage is pricey but you do get a lot for that money.

Why do Victorians always say "dint"?

 

[CjP]

Lol it does seem like we’ve made up our own language.

 

[urastus]

It's against my religion , but if some of you must have insurance, this might be another option? I imagine because they're dependant on the bicycle industry they might try to maintain a good reputation?

 

[mas]

Just put my $6k ebike on the contents insurance with NRMA. Cost me $50 for the year and it covers it when I take it out. We have both cars with them too.

 

[Andrew U]

These guys were a bit lower: Bike Insurance | Cover from $2 a week | RAC WA

 

[Matt_Rider]

Anyone use Bikesure? Got a combined contents and two E160's totalling $20,000 for $1,480 per annum. No depreciation and worldwide cover. Great for when we want to take the bikes to NZ and Europe / America.

 

[Matt_Rider]

Anyone use Bikesure? Got a combined contents and two E160's totalling $20,000 for $1,480 per annum. No depreciation and worldwide cover. Great for when we want to take the bikes to NZ and Europe / America.

So just checked the qoute again now the bikes have arrived and its just under $1,900 a year for both bikes :/

RACV addes another $40 per month to my contents insurance. Reckon this might be the way to go for now and when we travel, take out Velosure pay by the month and then cancel when we get back.