We went out and about Auckland city with the New Zealand police reccently to find out how many bikes are being stolen and how easy it is for thieves to swipe your bike.
In most cases people had not recorded thier serial numbers or even knew where to locate it on their bike. Constable Hannah Fine says "It's as easy as taking a photo on your phone, writing it on a piece of paper and storing it somewhere you're not likely to lose that number"
No matter whether you’re a casual rider or more competitive racer – if your bike is worth a lot to you, it's well worth covering. And if you have AMI Advanced Contents insurance, you can now get our new optional add-on 'Bike cover'. This means that if you accidentally crash or your bike is stolen from a locked building, your bike will be replaced or repaired up to the value you agreed when you first added the optional Bike cover.
Some insurers won't cover you for racing, but we believe it's an important part of cycling for many enthusiasts. We'll cover you if you crash or damage your bike while racing, so long as you aren't a sponsored racer or don't receive any other financial benefit, you're covered.
Because Bike cover is part of your contents policy, you'll also be covered if you crash into something (or someone). In these situations, you can be held legally liable for any damage caused. Liability cover is part of contents insurance, and includes up to $1 million to help with damage repairs and legal fees.
Replacement value vs market value
Your bike will be replaced or repaired up to the value you agreed when you first added the optional 'Bike cover'. In some cases, you'd only get market value for your bike - which is the value of the bike immediately before the damage or theft occurred. These cases include: not taking reasonable care, eg leaving your bike unattended in a public place (i.e. up against a lamp pole), or left in an unlocked building.
How much does Bike Cover cost?
Covering your bike costs 5% of what your bike is worth - so if your bike is worth $5,000, it will cost $250 per year to cover it.
Other benefits of Advanced Contents cover
Your contents aren't just covered in your home - they're covered anywhere in New Zealand - great for when you're out cycling or travelling to races. You'll also be covered for money and vouchers (up to a certain limit), canoes and small watercraft (worth up to $500) as well as keys and locks.
Contact us today to add 'Bike cover' to your Advanced Contents insurance policy or to get a quote.