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Bicycle insurance: Do you have the right cover?
Tuesday, February 9th, 2010By John Grant
As Katie Melua sings in her hit song, “There are nine million bicycles in Beijing” - well she could also be singing, there are nearly one million bicycles in New Zealand, and that’s a fact!
According to research from SPARC, around one quarter of New Zealander’s are active cyclists.
Cycle importers say about 100,000 bikes are sold in New Zealand each year and the retail cost of a new bike ranges from $200 to $5,000 – and in some specialist cases considerably more.
Its a significant activity with lots of ‘value’ at risk, and one that generates many insurance claims.
Of the 12 companies we reviewed (click here to see the comparisons), only seven insurers provide replacement cover on bikes. This means that in most cases claims will be limited to market value. If a bike has an economic life of 5 years then the value payable could reduce by 20% per year.
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