FAQ

Why you need bicycle insurance

The most frequently asked question is "I thought my bicycle was covered under my contents insurance, isn't it?" To help you determine your current cover, we've put together some questions to ask your current contents insurer:
  • Is my bike covered if it is stolen from the coffee shop after my ride? (With mybikeCOVER you are.)
  • Is my $5,000 bicycle covered if I drive into a parking lot forgetting it is on my car's roof? (With mybikeCOVER you are.)
  • Is my bicycle covered if I have a bad crash with my bicycle whilst competing in a race? (With mybikeCOVER you are.)
  • Am I covered if I have a serious crash? (With mybikeCOVER you have personal accident benefits.)
  • Is my bicycle covered if it is worth more than $1,000 and stolen from my home? (With mybikeCOVER you are automatically insured up to $30,000.)
  • Do I have to insure my home contents with you to be able to get cover for my bicycles? (With mybikeCOVER you don't.)

About your cover

What happens if I already have personal accident cover through my club insurance?
  • mybikeCOVER's Personal Accident cover will pay out (if applicable) regardless if your club insurance pays for the claim or not.
Is there a minimum/maximum age for the person insured?
  • The minimum age we insure at mybikeCOVER is 18 years. The maximum age is 85 years. If you are older than 85 years and need to have your bike insured please contact us and we will try to assist you
What types of bikes do you cover?
  • We cover any cycle, tricycle or tandem powered by human pedalling
My bicycle isn't brand new - is it still worth insuring?
  • No matter how old your bike is it can still be insured at its market value. However we only cover bicycles with a market value greater than $1,000
Do you only cover Australian citizens?
  • No, you don't have to have Permanent Residency or Australian citizenship to get cover. You can be in Australia on a visitor visa, but you must live in Australia on a permanent basis.  
I have previously made a claim for a bicycle, will this affect my cover?
  • Whether the bicycle was insured or not you need to inform us of any bicycle related losses that you have had in the past three years. It is of paramount importance that we have this information. If you are in doubt you should inform us.
What information do you need to start cover?
  • We need the you to complete a quick quote form and then fill in the subsequent enhance details
What value should I insure my bicycle for?
  • For bicycles less than 2 years from date of purchasing it new, your bicycle should be insured for the recommended retail price.

    For bicycles older than 2 years, the correct insured value of your bicycle is the current market value
What is the maximum bicycle value you insure?
  • The maximum value per bicycle is $30,000, however the maximum value you can purchase online is $20,000
Do you cover more than one bicycle on a policy?
  • Yes we do, provided that the bicycles are all owned and used by the same person. If your partner for instance has a dedicated bicycle you will need a separate policy for that bike
Is there excess payable on this policy?
  • Yes there will be an excess depending on the nature of the claim.
    The standard excess for theft is $350. The standard excess for all other claims is $250.

    Note: - No additional excess loading for carbon components or racing applies.
    We may be able to increase the excess to help reduce your premium. Please contact our office to discuss this option.
Are there any specific security requirements if I transport or store my bicycle?
  • Yes. For the details on security requirements please refer to the PDS.

    While at your home:
    You must ensure that when your bicycle is left inside your home that your home is securely locked whenever there is no one at home.

    If your bicycle is left in an outbuilding at your home (such as your garage) or any other fully enclosed building at your home with walls and a roof, these buildings must be securely locked. In the event of a claim we will require you to provide evidence of forcible and violent entry to these buildings.

    If your bicycle is left anywhere else on your property it must be securely locked through the frame of your bicycle to an immovable object by an approved lock.

    Away from your home:
    If your bicycle is left unattended while away from your home it must be securely locked through the frame of the bicycle to an immovable object by an approved lock. Go to (Link to approved lock page) to see a description of the locks we approve.

    While your bicycle is being transported:
    If your bicycle is left unattended while it is in, or attached to, any motor vehicle including while it is in transit it must be securely locked through the frame of the bicycle to a properly fixed vehicle bicycle rack with an approved lock; or locked in an enclosed boot that is not accessible by removing any partition or breaking a window.
Am I covered if I lend or hire my bicycle to another person? Am I covered whilst travelling overseas with my bicycle?
  • We will extend your policy to cover your bicycle if you take it beyond the geographical limits for a period not exceeding (90) days, provided that you have advised us beforehand and we have agreed in writing to provide cover. During this period the excess applicable to any claim for loss or damage to your bicycle will be doubled.

    Note: If you are purchasing on line and have already planned to travel, there is an option to select this cover in the quote to purchase process. If you intend to travel at a later date please call our Customer Service Team when you have finalised your travel plans.
Can I add or make changes to the policy at any time?
  • Definitely! All you need to do is to contact us and we will make the additions to the policy. Please note that certain changes/additions may affect your premium. You can ring us on 1300 277 002 or email mybikecover@velosure.com.au

    Refunds are payable for cancellations, where the premium has been paid annually in advance. The refund amount is calculated on a pro-rata basis less any administration fees payable.
Proof of ownership?
  • If you bought your bicycle new in the last 30 days we will accept a copy of the purchase receipt as proof of ownership provided that you send the proof of purchase within 14 days of purchasing this policy.

    If your bicycle is older than 30 days, you are required to have the ownership verification section on your Cover Note completed and signed by your local bicycle shop (It does not have to be the shop where you purchased your bike from). Have the representative sign the form and fax or email it back to us. If we do not receive your proof of ownership and serial number within 14 days of policy purchase we may cancel your policy.

    You can download an ownership verification form here if you wish to complete this process prior to purchasing of the policy.
Do you insure professional cyclists?
  • Unfortunately we do not insure professional cyclists.

What are "Approved Locks"?

You need to establish if your bicycle lock is appropriate for the value of your bicycle. If you believe that your lock should be on the list please inform us on 1300 277 002 or mybikecover@velosure.com.au. The locks mybikeCOVER currently approve are:
  • Any armour padded cable lock with a purchase price of more than $80
  • Any D-lock with a purchase price of over a $60

About the company

After the launch of mybikeREGO in August of 2011, the group decided to enhance their portfolio through the addition of a dedicated Bicycle Insurance offering. mybikeCOVER launched in January 2012 and has been developed in conjunction with Theo Grobler, a cycling enthusiast, and The Hollard Insurance Company Pty Ltd, a company with several bike-crazy individuals. Together, it was a perfect partnership to form a dynamic stand-alone bicycle insurance product in Australia for those people passionate about cycling.

Because mybikeCOVER was designed for cycling enthusiasts by cycling enthusiasts, we understand the nature of risks that cyclists face whether on a weekend training ride, commuting to work, exploring the outdoors or going for a PB on a big race day. At mybikeCOVER we aim to give you bicycle insurance with no surprises. The information that we send you about your cover is simple and straightforward, making it easy for you to understand what is included in your cover and what isn't. And if you have questions about your cover, just ring us on 1300 277 002 and we'll help you out.

The Hollard Insurance Company Pty Ltd, our underwriter, is a member of the international Hollard Insurance Group, which includes businesses in Australia, throughout Africa, in the United States, the United Kingdom and South East Asia. Hollard provides a wide range of insurance products and services to more than 6.5 million policyholders worldwide. The company currently employs over 1,500 people and holds assets exceeding A$1.7 billion. Hollard's Australian-based business is APRA approved and audited by KPMG.

mybikeCOVER is issued by the insurer, The Hollard Insurance Company Pty Ltd, ABN 78 090 584 473, AFSL No. 241 436, and is subject to the terms and conditions of the insurance policy as set out in the Product Disclosure Statement available on this website or by calling 1300 277 002. mybikeCOVER is administered by Velosure Pty Ltd, ABN 81 151 706 697, Level 38, 2 Park Street, Sydney NSW 2000 and promoted by mybikeREGO International, ABN 28 151 617 748, of 1 level 57, MLC Centre, 19-29 Martin Place Sydney NSW 2000. mybikeREGO International is an Authorised Representative (AR) of the The Hollard Insurance Company Pty Ltd, AR No. 241436. This is general advice only and does not take into account your objectives, financial situation or needs. Before acting on advice, consider whether it is appropriate for you. Read the Financial Services Guide and Product Disclosure Statement before deciding whether to buy the policy.

Problems opening or receiving documents

I haven't received my Insurance Certificate in the mail.
Please allow 5 business days for your insurance documents to arrive. If you haven't received them by that time, please call us on ( 1300 277 002 ).
I can't open a PDF document.
If you are unable to open any PDF documents, please download the latest version of Adobe Acrobat Reader.
Quick Links

Read the PDS
Read our PDS for full policy details of Velosure cover.
Approved locks
Read our unofficial 'cyclitionary' and learn to talk the talk.
Proof of Ownership
To complete the proof of ownership process before
purchasing please print out a blank proof of ownership
form and send it to us once completed.


mybikeCOVER acts for The Hollard Insurance Company Pty Ltd. Please make sure to read the Product Disclosure Statement and Financial Services Guide to ensure that the product meets your needs.