Are bikes covered under home insurance?

A bicycle might be your primary mode of transportation, a means of commuting between work and home, a way to get around on the weekend or perhaps, like the titular character on the hit TV show Seinfeld, it’s hanging on a wall in your home, “just for show”.

Whatever the case, if your bike is stolen or damaged because of an unexpected event such as a break-in, fire, flood or storm, this could significantly disrupt your routine.

Ordinarily, home insurance only covers damage to your home, which can include additional buildings such as garages, sheds, and fences, as well as other permanent fixtures. 

However, to protect the items within your home or any of these other structures, you will likely need to purchase home and contents insurance. In most cases, your pushbike/s will be covered by this policy as part of your home’s contents.

Depending on the value of your bicycle, you could choose to list it in your home and contents insurance separately as a high-value item. You'll want to check your insurer’s Product Disclosure Statement (PDS) to find out the coverage limits for a bike included as part of your home and contents insurance, as well as the incidents the policy covers.

Insuring your bicycle can be different to insuring any personal effects you keep on your bike. If you want cover for additional items - such as a helmet, something contained in a basket, or a camera attached to the bicycle - you may need to purchase extra insurance.

If your bike is stolen or damaged inside the home, and it’s listed on your home and contents insurance, you may be able to make a claim to your insurer to cover the costs of getting it fixed or replaced. If approved, the insurance company may either:

• directly repair or replace the covered contents or;
• pay you the repair or replacement costs.

Is my bike covered by insurance when it’s not at home?

If you’re out for a ride and your bike is stolen or damaged, these incidents may not be covered as part of your home and contents insurance policy, despite your bike being listed on your policy.

It will depend on the specifics of your home and contents insurance policy. If you’re already insured, check with your provider or if you’re deciding on a new policy, consult the PDS.

Generally, you’ll need additional portable contents cover for items that you or your family can take outside of your home, such as a bike or push scooter.

Is standalone or separate bike insurance worthwhile?

If you have an expensive bike, you might want to consider a separate bike insurance policy. 

While most home and contents insurance policies will include your bike, coverage amounts may be limited to hundreds or a few thousand dollars. Some bicycles can cost upwards of $10,000, so separate insurance may be a more suitable option.

Standalone bike insurance typically covers scenarios that home and contents insurance policies may not. These can include:

• Theft and vandalism outside of the home
• Accidental damage resulting from a crash
• Listed accessories and additional items
• Damage as a result of being transported on a plane

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