Contents Insurance for Bicycles

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Updated 20/12/2023
What changed?
Updated information on Personal Effects Cover, and inclusions and exclusions; added sections on bike theft and claiming
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Fact checked
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Written by

Francis Taylor

Updated 20/12/2023

What changed?

Updated information on Personal Effects Cover, and inclusions and exclusions; added sections on bike theft and claiming
Our aim is to help you make better informed decisions. That’s why iSelect’s content is produced in accordance with our fact-checking and editorial guidelines.

Edited by

Laura Crowden

Find out more about how we make money.

View our Privacy Policy.

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Does Contents Insurance cover bicycles?
How does Personal Effects Cover work?
Will Contents Insurance cover my bicycle in any event?
What could my bicycle Contents Insurance exclude?
Can I cover my motorcycle under Contents Insurance?
Is bicycle theft common in Australia?
How do I make a claim for my bicycle?
Where can I compare Contents Insurance for my bicycle?

Does Contents Insurance cover bicycles?

Contents Insurance is for, well, your home’s contents. So, if you’re keeping your bike at home, your policy could cover it if it’s damaged or stolen under certain circumstances. However, your bike needs to stay at home to get that cover. No matter how much you sing ‘I want to ride my bicycle,’ your Contents Insurance can’t cover your bike if you take it outside. That is, unless you have Portable Contents Insurance —also known as Personal Effects Cover — for those items you want to insure, even when they’re not at your place.

How does Personal Effects Cover work?

You may be able to insure phones, laptops and, yes, bicycles against loss and damage outside the home depending on your Personal Effects Cover. So, if you want to work at the cafe down the road or cycle to the office, it could be worth considering.

You’ll generally find Personal Effects Cover comes in two flavours: specified and unspecified.

Specified tends to be for those more expensive items — think anything over $1,000 — and you’ll likely have to be specific with your insurer. This can mean noting on the policy the type of bicycle you ride and how much it’s worth, including any modifications you’ve made to give you an edge any Tour de France competitor would be jealous of. With this sort of cover, you may be able to get back the full value of your bike if something were to happen to it.

If you’re feeling a little more mysterious — or your bike isn’t quite so upmarket — unspecified might be all you need. It generally covers you up to $1,000 to repair or replace your bike. Anything after will need to come out of your pocket (if your lycra shorts have any).

Keep in mind that most insurers offer Personal Effects Cover as an optional extra under your Contents Insurance, although some might also offer it as a standalone product.

Will Contents Insurance cover my bicycle in any event?

From Sunday coffee jaunts to epic mountain descents, your bicycle could experience it all — and come off a little worse for wear because of it. However, your Contents Insurance, even if you have Personal Effects Cover, may not cover all damage or loss.

While it can vary between insurers, you’ll usually get cover for events like:

  • Theft or attempted theft
  • Accidental damage or loss
  • Vandalism and malicious damage
  • Storm and fire damage
  • Earthquakes and tsunamis

To see what a policy covers specifically, it can be worthwhile taking a look at the Product Disclosure Statement (PDS). Sure, it may not be as thrilling as a triathlon but flicking through the PDS could help you decide on cover for your bike.

What could my bicycle Contents Insurance exclude?

Just like inclusions, exclusions can change a bit between insurers, but you might see a few themes coming up time after time. For a start, your cover isn’t likely to extend to your bike if you’re riding it and it gets damaged. The same goes for losing your bike while you’re riding it — although we think this impressive feat deserves some kind of reward, even if it’s not an insurance payout.

Other exclusions to look out for include:

  • If you haven’t locked your bike up
  • Pre-existing damage
  • Customisations made after you took out the insurance

This is by no means a comprehensive list, so you might want to put your feet up after your next ride and peruse your PDS to see the specifics.

Can I cover my motorcycle under Contents Insurance?

While we might be talking about bikes here, we’re strictly speaking about the pedal-power kind (and e-bikes to an extent). Motorcycles aren’t covered under Contents Insurance — you can check out Motorcycle Insurance though.

Is bicycle theft common in Australia?

In Victoria alone, there were close to 7,000 bicycles stolen throughout 2022–23. That’s about 19 bikes stolen every day. Unfortunately, more than 90% of those thefts went unsolved too.1Crime Statistics Agency – Recorded Offences So, while you might be lucky and never have your bike stolen (or even have it magically return in the middle of the night), it’s not exactly a guarantee either.

Locking your bike up and keeping it out of sight are just a couple of ways you can help keep your bike safe. But if the worst does happen and it gets spirited away, Contents Insurance could at least leave you with the cash to replace it.

Tips to help stop your bicycle being stolen

Lock your bicycle with a D lock

Take off any accessories that could be stolen

Secure your bicycle out of sight at home

Make your bicycle easily identifiable

Insure your bicycle

Source: Victoria Police – Bicycle Security, p2

How do I make a claim for my bicycle?

If something does happen to your bike (an insured event anyway), it could be time to make a claim. While every insurer has their own claims process, the following steps may help make things run more smoothly down the track.

  • Report it to the police: If there’s been a break-in or someone has damaged your bike, make a report to the police. You can then provide this police report to your insurer as part of your claim. Obviously, in cases where nature has played a starring role, a police report may not be necessary.
  • Get the details: Explain what happened, including the time and date. You can also hand over any relevant photos or video, plus that police report.
  • Show proof of value: If possible, put together any evidence of your bicycle’s value, like receipts or bank statements

Once you’ve made your claim over the phone or online (depending on what your insurer offers), there’s not much left for you to do but wait. Thankfully, most insurers generally provide claim updates as things tick along.

Where can I compare Contents Insurance for my bicycle?

Whether you love popping wheelies or just getting from A to B under your own steam, iSelect can help you compare a range of Contents Insurance Policies with optional Personal Effects Cover today.* You can get started with our online comparison tool or give our friendly team a call on 13 19 20.

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Save time and effort by comparing a range of home and contents insurance policies with iSelect

*iSelect does not compare all home and contents insurers or policies in the market. The availability of policies may change from time to time. Not all policies available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all policies compared by iSelect will be available to all customers. Some policies are only available from iSelect’s call centre or website. A number of our participating general insurance brands are arranged by Auto & General Services Pty Ltd ACN 003 617 909 on behalf of Auto & General Insurance Company Limited 111 586 353, both of which are related entities of iSelect Limited. Our relationship with those companies does not impact the integrity of our comparison service. Click here to view iSelect’s range of providers.

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