27% of Kiwi cyclists own bikes worth more than their car

27% of Kiwi cyclists own bikes worth more than their car

Tuesday, 7 February 2017:

A survey of 1,376 keen cyclists conducted by AMI at the recent Lake Taupo Cycle Challenge has found that 27% of those asked own bicycles that are worth more than their car. The average value of bikes owned by those surveyed was $11,945.

As well as looking at spending habits the research also revealed that 62% of cyclists are more worried about their bike being stolen than being damaged; which is almost the complete opposite of the claims made for bikes through AMI, as Kevin Hughes, Executive General Manager – Consumer IAG, explained.

“While more cyclists worry about their racing bike being stolen, the reality is that 67% of our claims for bikes are for damage – with crashes while road riding being by far the most common source for claims at 37%. More often than you might think, people drive over their own bike (7% of claims) or forget to take it off the roof rack when they drive into the garage (6%), luckily we provide cover for damage, recreational racing and theft.”

AMI understands that bikes mean a lot to their owners so they have updated their Advanced Contents Insurance with an optional add-on ‘Bike cover’ to provide replacement value – not market value. This means that if an insured rider crashes whilst riding or racing or has their bike stolen from a secure building or inside a locked vehicle, AMI will replace the bike with an equivalent or provide you a voucher to the value of the equivalent item.

Interestingly, when you consider how much riders are investing in their bike and accessories, 28% didn’t have any insurance on their bikes at all.

AMI Bike cover is a simple optional add-on to AMI Advanced Contents policy.

AMI Bike cover costs an additional 5% of your bike’s value each year. For more information on AMI’s Bike Cover visit ami.co.nz/bike

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