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​Insuring Your Bike for Damage: 6 Key Inquiries Answered!

December 04, 2023

Have you ever felt the urge to protect your bike, a precious investment worth thousands, more than safeguarding yourself while riding? Accidents during cycling are inevitable, and the repair costs, ranging from a few thousand to tens of thousands, can be a substantial blow - both emotionally and financially.

Here are 6 common questions cyclists often ask about bike damage insurance, aiming to help everyone gain a better understanding of this product. Let's dive in!

Q: What documents are needed to insure bike damage? Is a receipt sufficient?

A: To insure, you'll need: 1. Proof of purchase (e.g., invoice, receipt, screenshot of store order with store stamp) 2. Photos of the bike (including the whole bike, frame, wheels, and gear system; insurance requires the frame number) 3. Contact details of the bike shop for the claims officer to assess the damage.

Additionally, in case of damage involving replacement or repair of bike parts, an official repair invoice from the shop is necessary for claims.

Q: Can self-assembled bikes, not purchased as a whole, be insured?

A: Yes, they can. Insuring a self-assembled bike requires similar documentation as insuring a complete bike, including purchase proof for corresponding bike parts and bike photos.

Q: I'm participating in a cycling competition in another province, and my bike sustains damage during the event. Is it covered?

A: Amateur cycling events fall within the coverage.

This policy covers leisure cycling activities and amateur cycling competitions within mainland China (excluding Hong Kong, Macau, and Taiwan). However, it doesn’t cover professional events or accidents during commuting. Professional events (not covered) include those organized or co-organized by UCI (International Cycling Union), AAC (Asian Cycling Confederation), or CCA (Chinese Cycling Association) as published annually on their official websites.

Q: The shop deems bike parts severely damaged beyond repair, necessitating replacements. Can I claim the replacement costs?

A: Yes. If the shop determines that damaged bike parts cannot be repaired and require replacement, as per the policy terms, the insurance company covers the replacement costs and recovers the damaged parts.

Q: How is the insurance premium calculated when upgrading bike equipment after purchase?

A: Bike insurance is based on the actual value of the bike. If you've upgraded the bike after purchase, the bike's value is calculated based on the purchase price plus the value of all the latest upgrades for insurance coverage.

Q: The frame has a deductible rate of 40%. Can this be waived with an additional premium?

A: Insurance is a shared risk. This bike damage insurance mostly covers the owner's losses. The higher deductible rate for the frame, compared to other parts, is due to the material quality of high-end bike frames, which can result in higher claim rates. This deductible rate is set to maintain the long-term viability of the product.

Ensuring your bike against damage is crucial for peace of mind during rides. Understanding the insurance process and coverage terms can significantly ease worries and protect your valuable investment.

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