Whether you choose four wheels or two as your primary mode of transport, you potentially face many risks and pitfalls. Stalwart bicycle and motorcycle enthusiasts who prefer handlebars to a steering wheel, need to know that insurance is an absolute must.
Before considering motorcycle, car, and/or bicycle insurance it’s important to do some research, and with a great variety of insurance comparison websites online, the job is much easier.
Cycling enthusiasts or those who ride a bike for recreation are at risk every time they mount up. Not only are they vulnerable to being knocked off their bike by motorists, but cyclists can also cause damage to other vehicles and pedestrians. Bicycles are also a favourite prize for thieves. Some bicycles are extremely valuable and like all your possessions, should be insured against theft or damage. If you or your family own more than one bike, it’s even more important to ensure that all bikes are covered in case of damage, loss or theft.
The first step is to check your home and contents insurance policy to see if your bike is included in the list of valuables. This might be sufficient for some people, but if you plan to actually ride your bike, and it happens to be stolen while you are away from the home, you obviously won’t be covered. Also, if you belong to a cycling club and ride competitively, you’ll want to consider a higher level of insurance.
Those insurance companies (http://www.nrma.com.au/bicycle-insurance) who deal specifically with covering cyclists will usually include:
- Theft from home or away from home, including overseas
- Personal accident cover
- Loss, or damages sustained in transit, for example on roof racks or on a bus or train
- Accidental damage or crashing whilst racing or competing
- Accidental damage or crashing whilst riding in any situation
As with all insurance policies, it’s important to ensure that you have enough coverage on your bicycle, as some insurers may impose a cap or limit on the amount insurable.
The risks that apply to bicycle riders also extend to motorcycle riders. However, insuring your motorcycle is different to car, and/or bicycle insurance. In terms of risk to the insurer, there are a number of factors to consider.
- Comprehensive Motorcycle Insurance protects you if your motorcycle is damaged, or you damage someone else’s property, or if it’s stolen. Comprehensive policies even cover theft or loss of expensive riding gear like helmets, boots or other valuables in storage compartments on your bike.
- Basic Third Party Motorcycle Insurance is general cover which protects you if you cause damage to someone else’s vehicle or property. Premiums vary between insurers, but it’s an affordable option favoured by many motorcyclists on a budget.
- Anti-theft Motorcycle Insurance provides a cheaper option and will cover you if your bike is stolen and is not retrievable. This includes replacement with the same make and model if you purchased the bike brand new. If your bike is damaged as the result of theft, this insurance will pay for repairs and on-road costs.
Cyclists and motorcyclists alike enjoy the freedom of getting around on two wheels, so it is of paramount importance to keep safe, protect your property – and make sure you’re insured before you ride!