Cycling is becoming an increasingly popular pastime across South Africa, with more and more ardent outdoor enthusiasts taking to the country’s plentiful trails to hone their craft. Yet despite the expense associated with this much beloved sport, very few cyclists are in fact adequately insured against theft and damage to their bikes, with many considering it an unnecessary expense. – By: Rory Judd, MiWay Head of Online Marketing
Repairing or replacing a bicycle (not to mention the additional equipment and accessories that go with it) can be an extremely costly exercise, and one that can easily be avoided by taking out a comprehensive insurance policy.
So why then do so few amateur cyclists believe in the value of thorough cover? Here are a few widely held myths that have caused many a costly error in judgment:
Myth #1: My household contents insurance will cover my bike
This myth is indeed true, provided the damage or loss happens on your property. However, once your bicycle is out on the open road, household contents insurance is no longer valid and you’re left vulnerable in the event of an accident or theft.
Myth #2: Only professional cyclists need insurance
While professional cyclists will definitely have different insurance requirements, anyone with a bike should ensure it is safeguarded against unforeseen damages. After all, your equipment is susceptible to damage not only while you’re using it, but also while you’re transporting it to and from rides.
Myth #3: Insurance is too expensive
While additional insurance might make a seemingly unnecessary dent in your bank account each month, it ends up being a whole lot cheaper than the enormous bill you’ll be faced with should you be forced to replace your bike. The gains you make in the short-term will pale in comparison to the losses suffered in the event of an accident or theft.
So how do you go about insuring your bike? Here are two simple options you could consider:
1. All-risks or Movables insurance
If your riding requirements take you further afield, a safer bet is to specify your bike and riding equipment under the all-risks section of your insurance policy. In so doing, you’ll ensure your bike remains safe no matter where it is in the world, and that it’s protected in the event of any damage incurred either during or en-route to a ride.
2. Bicycle insurance
If you don’t have existing cover under which you can specify your cycling equipment, you can opt for standalone bicycle insurance, which keeps you protected in the event of accidents, theft, fire, hijacking or loss – not only while out riding, but also during and en-route to events.
Remember, that even though you believe yourself to be adequately insured, it’s always wise to scrutinise your policies and make yourself aware of what is and isn’t covered, as well as what excesses you’ll be liable for in the event of a claim.
When travelling, you’ll also want to pay specific attention to the terms of your travel insurance, the baggage policies of the airline you’re travelling with and possible requirements from your insurer – like putting your bicycle in a bicycle bag or cage Remember, the more information you have, the more likely you are to avoid costly disasters.
Find out more about MiWay’s bicycle insurance offering; bicycle insurance.
MiWay is an Authorised Financial Services Provider (Licence no: 33970)
Source: Black Book Communications