Cycling became a lifeline for countless South Africans during the various lockdowns in the past year, offering a means to stretch those legs and relieve some stress. Many cyclists however underestimate the financial implications of having to replace lost or damaged peddle cycles and gear with top of the range cycles costing as much as R250k.

Mandy Barrett of insurance brokerage and risk advisors, Aon South Africa, recommends that you check whether your bicycle will be covered if you take it out of the house.“All insurance policies are not created equal, which means that your cover may respond differently than expected to the loss and/or damage of your belongings, depending on the wording of your insurance policy,” says Mandy.

“In some policies, your high-performance cycling equipment and gear need to be specified under the ‘All Risks’ section of your homeowners’ content cover. Household contents are restricted to the four walls of your home and anything you take out of your front door needs to be specified, otherwise it will not be adequately covered for any loss or damage. Also, certain types of risks are limited; with pedal cycles generally restricted to not more than R5000 of cover, which could leave you seriously out of pocket should anything go wrong,” explains Mandy.

“However, there are insurance solutions available in the market that include ‘Assets All Risks’ cover, which will provide cover for anything taken out of your home without having to specify the item. Having a solid understanding of how your cycling equipment is covered is therefore crucial to avoid any surprises at claims stage,” Mandy illustrates.

Aon offers a few questions to ask your broker to ensure that your high-performance, peddle cycle is insured correctly:

• Is your peddle cycle covered in transit?  This would be an ideal question to ask if you are travelling to various locations to participate in races, even flying to Cape Town for the Cape Town Cycle Tour for example.
• Is your peddle cycle covered for damage whilst in use? 
• Is your peddle cycle covered for professional racing?
• Is your racing gear, such as sunglasses, shoes and helmets, specified and covered? Accessories costs can add up quickly.
• What exclusions exist on my policy?

“An insurance broker’s role is to examine your circumstances in detail and impartially recommend covers to meet those needs.  Choice, simplicity of wording and customisation will ensure that your bicycle is covered correctly.  Not only does it provide you with the peace of mind of not having to worry about the unforeseen, but a broker’s expertise will also ensure prompt and fair settlement of any claims so you can get back to doing what you like best, without delay,” Mandy concludes.

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