Pro Cycle insurance – Why you need bicycle insurance?
Cycling as a trend
As one of the fastest growing and inclusive sports in South Africa, cycling is the new golf favoured by corporate companies to entertain clients. According to a leading supplier, South Africa “has the highest per capita spend on cycling equipment in the world”.
Considering that the cost for a reasonable bicycle is upwards of around R30 000 and at the top end, the cost can be as much as R200 000, cyclists need comprehensive insurance to cover this investment in quality sporting equipment.
Every cyclist needs insurance
It is not a good idea to buy a car or a motor bike and not take out insurance because of the substantial financial liability. The same can be said for your bicycle, especially if you have spent a substantial amount of money on it.
Many people simply assume that their bicycle will be covered by their home content insurance. Even if your policy does cover your bicycle and if it is specified in your policy, the cover will probably only extend to your bicycle while it is inside your house or garage on your property. If your bicycle gets stolen at a race, outside a coffee shop after your ride or from the back of your car while you are travelling, your standard contents policy will not pay out. If you hit a car while out cycling, you will need the right cover and extensions, including third party liability.
Specialised bicycle insurance is a result of most household insurance policies not offering comprehensive cover. Pro Cycle insurance also covers your bicycle while you are training and during a race, for both road cycling and mountain biking.
Whether it is a road bicycle or a mountain bike, it’s important to have adequate and specialist insurance cover with a reputable broker. Cycling gear like helmets, GPS units and shoes can also be specified in your policy.