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

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