The real cost of cycling: Who moved my bike?

Marius Neethling, Santam’s personal lines underwriting manager.

The Cape Town Cycle Tour is upon us and our streets are about to overflow with cycling enthusiasts from all over the country, making the sport top of mind for all and perhaps even inspiring some to take up the sport. However, ask any avid cyclist and they will tell you that cycling these days can take a sizeable chunk out of your bank balance, so making sure your bike and accompanying gear are covered is a smart move.

The average cost of a racing cycle or mountain bike (MTB) can range anywhere between R 13 000 to over R 100 000 in price. A middle of the range on-board computer or GPS will set you back a further R 2 500. Then let’s add to that the cost of cycling kit and cycle shoes, or cleats as they are known in cycle speak. What still needs to be factored in are all the additional items such as safety helmet, cycle car racks to hydration packs. Total all these items together and one could be looking at a fairly pricey sum – and total of anything between R 15 000 to more than R100 000.

Cycling is a healthy and enjoyable outdoor activity but in the event of an accident or theft, the loss or damage to your bike and other accessories can leave you more than just saddle sore.

Santam, South Africa largest short term insurer covers more than 33 400 bicycles in the event of theft, loss or damage. More than 830 bike claims were received over the last three years. Marius Neethling, Santam’s personal lines underwriting manager says, “cycle enthusiasts should remember to check their householders’ policy to ensure that their bicycle - along with any valuable accessories – has been correctly specified and are properly covered.”

Neethling advises specifying your bicycle under the ‘All risks’ section of your insurance policy. This means it will be covered regardless of where it may be stolen. “At Santam we have a specific category for bicycles where they can be insured comprehensively,” he says. Sporting gear related to your bike, such as helmets, can also be specified. Your bike is also automatically covered under the household contents section of your policy, which means that while it is inside your private residence or outbuildings that are linked with your private residence it will be insured against theft, burglary or fire.

Whether you are gearing yourself up for the Cape Town Cycle Tour or just intent on remaining an enthusiastic Sunday rider, you will be best advised to follow these useful tips.

• Make sure your bicycle and related equipment is adequately covered. When it comes to your bike, you will need to provide your insurer with the following information: make of bicycle, model, serial number and sum insured;
• You should insure your bicycle for its replacement value – what it would cost to buy a similar bike brand new;
• Don’t forget to specify any other valuable accessories relating to the bicycle under the ‘All risks’ section of your policy.
• If your bicycle is left unattended or away from your home, it must be locked inside a vehicle if possible or chained and locked to a fixed pole where it is safe; and
• You may also need to inform your insurer whether your bicycle is used for recreational purposes only or for professional, competitive purposes

Santam Cape Town Cycle tour infographic PDF.

Santam cycling infographic PDF.