Did you know: 27% of kiwi cyclists own bikes worth more than their car?
This is according to a recent AMI survey* undertaken by over 1,300 keen cyclists. The average amount people spend on their bikes is just under $12,000.
The survey also asked questions on insurance coverage – prompting a revelation that 62% of people are more worried about their bike being stolen than damaged. AMI data shows however, that more claims are undertaken for damage, rather than theft.
67% of claims for bicycles are due to damage, and of those:
- 37% are from crashes while road racing.
- 7% of damaged bicycle claims are for people accidentally driving over their bikes.
- 6% are from people driving into their garage while the bike’s still on their roof racks. Oops!
Considering how much time and money these avid cyclists are investing in their gear, we found that 28% don't have their bikes adequately covered!
AMI now offers a “bike” add-on to our Advanced Contents policy – which provides replacement value for your bike, and could cost just 5% of your bike’s value each year. So, if your bike is damaged (even while racing) or stolen from a secure building or locked vehicle, we’ll repair or replace it.
It's important to add Bike cover to your Advanced Contents policy in order to receive full replacement value. Specifying your bike under the policy (without Bike cover) will only give you market value i.e. the price you'd get for it second hand.
With Advanced Contents Insurance and Bike cover, not only will your bikes be covered, but so will the rest of your stuff. Plus your personal liability – which covers you for up to $1million in case you accidentally damage someone else’s property.
Find out more about:
Or contact us on 0800 100 200.
*The AMI survey was conducted via social media and at the Lake Taupo Cycle Challenge in November 2016 and had 1376 respondents.