We’re absolutely nuts about bicycles – not only do we sponsor cyclists, we also ride ourselves and sponsor cycling events. This is why we, at Compendium, would like to set straight a few bicycle insurance myths.
Falling for some of the common misconceptions surrounding bicycle insurance means you could end up having insufficient coverage, or no coverage at all – costing you more money and time than necessary and leaving you feeling frustrated. Here’s a list of common misconceptions surrounding bicycle insurance that have been debunked and set straight:
Bicycle insurance will break the bank
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.
Only professional cyclists need bicycle insurance
Anyone can benefit from bicycle insurance. You could be a bicycle enthusiast, a casual bicycle rider or even a competitive cyclist; if you have an expensive bicycle you can and should insure it.
Bicycle insurance only covers bicycles while they’re in use
Our bicycle insurance covers your bicycle regardless of whether it’s mounted on the back of your car, you’re riding it along the beachfront, or through rivers and over rocks.
My home insurance is enough coverage for my bicycle
Your home insurance may cover your bicycle, but only to a certain extent. Limits are placed on the value of your bicycle and you aren’t covered if something happens to your bicycle while it’s not on your property. Also, your home insurance won’t cover you for third party liability and accidents.
If you’re looking for extensive user-friendly bicycle insurance coverage, our Pedal Power covers everything to do with your bicycle. Our coverage even extends to your bicycle accessories and includes medical evacuations.
Like you, we are passionate about cycling and we want you to be able to cycle and enjoy your bicycle without having to worry about your bicycle insurance coverage.
If you’d like to find out more about what Compendium has to offer you and your bicycle, or you’d like to speak to one of our brokers, please contact us on 031 242 6800, or visit our webpage at: www.cig.co.za
