3 common bicycle insurance myths debunked

Are you an amateur cyclist who thinks you don't need bicycle insurance? Read on as we debunk some of the most common myths about bicycle insurance.  

Myth #1: My household contents insurance will cover my bike  

  • Yes, this is true - however, any item that is covered under household contents insurance is only covered if the loss or damage happens on your property. The same also goes for any additional cycling equipment and accessories.

Myth #2: Only professional cyclists need insurance

  • Sure, professional cyclists need insurance. But so do amateur cyclists, triathletes and anyone else who loves their bike.  MiWay’s bicycle insurance offering covers your bicycle for theft, fire, hijacking or loss - not only while training, but also during and en-route to races! You also enjoy cover for road and mountain bikes used in races or competitions as well as accidental damage while riding.

Myth #3: It’s expensive

  • Bicycle insurance actually isn't that expensive when you consider the cost of not having any coverage at all. Having bicycle insurance ensures you've got the means to repair or replace your bicycle without breaking the bank.

Treat the insurance of your bike with the necessary attention it deserves:

  • Scrutinise your insurance policy and focus on the details – what is covered, under what circumstances are you not covered, what are the excesses, etc.
  • You may need to increase the value of your policy and specify your bicycle on the policy to make sure that you are covered adequately.
  • Pay specific attention to travel insurance and whether your bicycle is insured while travelling.
  • If so, make sure you have adequate coverage for your bike as a single item and understand if there are exclusions you need to be aware of.
  • Pay attention to the policies of airlines with regard to lost or damaged baggage. Any single item is likely to only be covered to a certain amount by them and, subject to being adequately labelled and appropriately packaged.

Find out more about MiWay's bicycle insurance offering

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