Bike Cover FAQs

FAQ's

Do I need specific Bike Cover if I have Home and Contents Insurance?

If you are serious about cycling then the chances are you will need a specific bike policy. Standard contents insurance will generally cover theft from the home up to a certain limit.  If your bike is valued at over $1,000, you should probably consider a stand-alone policy.

You should also carefully consider whether your home and contents policy covers you for the following risks:
- Theft and Accidental Damage away from the home and whilst in transit
- Damage to your bike whist in use
- Damage to your bike whilst in competition
- Loss or Damage to your bike whilst overseas

The chances are your home and contents policy won't cover all of the risks listed above, so if you’re serious about cycling, you'll want this cover! This goes without saying, but make sure you take out a No Worries Bike Cover policy for your wheels.

What am I covered for under No Worries Bike Cover?

The No Worries Bike Cover is designed to provide great cover for those who are serious about cycling. We provide the following cover as standard:
- Theft and Accidental Damage away from the home and whilst in transit
- Cover for fitted accessories 
- Damage to your bike whist in use
- Damage to your bike whilst in competition
- Loss or Damage to your bike whilst in transit
- Loss or Damage to your bike whilst overseas
- New for Old Replacement if your bike is under two years old.

 

What accessories do you cover?

No Worries Bike Cover provides cover for any accessories which are fitted to your bike. This includes things such as racing wheels, bicycle trip computers and custom saddles.

What value should I insure my bicycle for?

We can insure your bicycle including custom parts and accessories from $1,000 to $10,000.

If your bike is under 12 months old, then No Worries Bike Cover policy provides new for old replacement.  That means you should insure your bike for the amount it will cost to replace your bike with a new one.  This cover is limited to the original Recommended Retail Price for your Make and Model of Bicycle at the time of original new purchase.

If your bike is more than 12 months old, you should insure your bicycle for the market value.  You can research the market value of your bicycle at websites such as www.bikeexchange.com.au or eBay.

Can I insure more than one Bike under my policy?

Yes!  Simply call us on 1300 400 123 and we will add it to your existing policy.

Can you insure second-hand or used bikes?

Yes, however if your bike is first insured with us more than 30 days from the date of the original new purchase this insurance is subject to a 30 day waiting period from the date the policy commences. 

You must also be able satisfy the Proof of Ownership conditions contained within the No Worries Bike Cover Policy.

What are the proof and ownership requirements under this policy?

If you make a claim under this policy, we will require proof of ownership for the bicycle.  This can be in the form of a receipt, invoice or contract of sale from a bicycle retailer.  If you are unable to locate any of these, you should immediately take steps to demonstrate proof of ownership - such as a photograph of the bicycle and serial number, together with a valuation from a bicycle retailer that is not more than 12 months old.

What is the excess payable under No Worries Bike Cover?

The standard excess under the No Worries Bike Cover policy is $500.

In the event of a claim which is casued whilst racing there is an additional excess of $500 or 10% of the Sum Insured whichever is the lesser.

In the event of theft of your bicycle or damage caused whilst in transit there is an additional excess of $500 or 10% of the Sum Insured whichever is the lesser.

Do I have a choice of repairer if I need to make a claim for loss or damage to my bike?

Yes, you can take your bike to your repairer of choice. However, NoWorries Insurance reserves the right to nominate a repairer of our own choosing.

Am I covered if my bike is stolen outside a coffee shop?

If your bike was within your direct line of sight or was securely locked, we’ve got your back.

Am I covered if my bike is stolen from my vehicle?

You are covered with us providing that one of the following criteria is met: 
• Your bike was securely locked to an immovable object through the frame with an approved lock; or
• Your bike was left in an enclosed motor vehicle boot and securely locked (not accessible by breaking any window or partition).

If your bicycle is stored inside a motor vehicle and is visible from outside the motor vehicle, it must be locked to a permanent fixture with in the motor vehicle (e.g. a door handle).

Am I covered if I damage my bike whilst I'm riding?

Of course. We want to see you out cycling, so if you happen to damage your bike on a ride – don’t stress.

Am I covered if I use my bike in competition?

If you elect to take our racing risk option we provide cover for any accidental damage to your bike that is caused whilst in use including competitive racing risk.

Do you cover professional riders?

No, we don't cover professional cyclists.

Do you cover bikes used for business purposes?

Unfortunately, if you use your bike for business purposes, which includes courier delivery services and the like - we don’t provide cover.

Am I covered for loss or damage to my bike in transit?

We will cover your bike in transit. This includes accidental damage or theft whilst your bicycle is in transit by road, rail, sea or air on the condition that your bicycle has been securely packaged in a container specifically designed for the purpose of transporting a bicycle.

We will only extend cover outside of Australia if the bicycle you are taking overseas has been insured with us for a minimum of 90 consecutive days prior to your overseas departure.

What happens if I decide to cancel my policy mid-term?

If you have purchased an Annual Policy you may cancel your policy by giving us written notice signed by each person named as an insured on your Policy Schedule. On receiving the written notice, and after deducting an amount for the period of cover you have had, we will refund to you the balance of any premium paid by you. If you have purchased a monthly policy we will cancel your policy from the date your next monthly payment is due.

Can you provide an option to pay premiums by monthly instalments?

No - we only accept annuual payment by Mastercard, Visa, American Express or PayPal.

Can you cover associated cycling gear such as helmets, clothing and shoes?

Unfortunately, no. We only cover accessories which are fixed to the bicycle.

Travelling with your Bike?

Am I covered if I take my bike overseas?

Yes. We provide cover for your bike anywhere in the world, as long as you are an Australian resident and you have met the waiting period requirement.

Important Information: We will only extend cover outside of Australia if the bicycle you are taking overseas has been insured with us for a minimum of 90 consecutive days prior to your overseas departure.

What happens if I have an accident whilst I'm overseas?

If you have suffered a loss or damage to your bike, contact us by email or phone to advise us of the incident. We will assess the situation and come back to you within 24 hours to recommend the best course of action.

Can I get repairs carried out overseas?

As we want to see you back on your bike as soon as possible, overseas repairs are absolutely fine by us. Just make sure that you retain your receipts so that we can look to pay them on your return to Australia.

Do you provide travel insurance for cycling holidays?

NoWorries Insurance provides great travel cover for those serious about their cycling. We recommend our Annual Travel Insurance, which lets you cycle anywhere in the world - all year round - with No Worries. 
To get a speedy quote, click here.

 

How long do you provide cover for overseas cycling trips?

As an Australian resident, we provide cover for your bike as long as you’re overseas.

Security Requirements

What are the security requirements under the No Worries Bike Cover Policy?

When your bicycle is unattended, you must ensure that your Bicycle is securely locked in either:
• A fully enclosed building or out building with walls and a roof whilst at Your Home, or;
• Securely locked to an immovable object through the frame using an approved lock whilst away from Your Home.

When your bicycle is being transported or stored in a motor vehicle it must be:
• Left in an enclosed motor vehicle boot, securely locked and not accessible by breaking any window or partition

• If your bicycle is stored inside a motor vehicle and is visible from outside the motor vehicle it must be locked to a permanent fixture with in the motor vehicle (e.g. a door handle).

 

 

Do you have a list of approved locks?

An approved lock in our books is any cable, chain or “D” lock secured with either a combination or key locking mechanism with a minimum purchase price of $50 or;

a lock listed in the Approved Lock list.  To view our list of Approved Locks click here.

 

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