Insurance Review – ANZ Contents Insurance

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Bikes are sometimes covered for accidental damage outside of the house under some Contents insurance policies. This came in handy when an elderly grandmother in a car bumped into me at a roundabout. This article attempts to outline the process and timeframes associated with the claim.

Timeline

  • Date of Accident: 05/02/2011
  • Lodgement of initial claim via phone 07/02/2011
  • Lodgement of paperwork for the claim 09/02/2011. The paperwork involved:
    • A quote to repair the damage
    • A copy of the police report
    • A copy of my receipt for the bike (to confirm ownership)
    • Confirmation that ANZ will be paying the cost of repair and the cheque is in the mail 15/02/2011

Getting hit by a car whilst on a bike reminds you how vulnerable cyclists are on the road, but as far as accidents go, I consider myself extremely lucky as I walked away with barely a graze and only bike damage to fix. The damage was to the back wheel (written off), rear derailleur and shoes. ANZ’s policy is new for old replacement, but where the damage is repairable, it will be repaired. This is where Yas from the Bike Clinic came in handy. Yas promptly assessed the damage and provided a written report for my insurer. The cost of parts in the report represented Australian retail prices in Perth today (we all know about the considerable savings from buying parts online).  Yas understands his obligations to provide a fair and reasonable assessment of the damage. Where one rear wheel can be purchased, the cost of parts would have reflected that. Fortunately it was difficult to locate a retailer willing to sell one rear Campag Zonda wheel, so the cost of a pair of wheels was factored into the report.

A couple of points about the ANZ contents policy:

  • Accidental damage whilst racing is not covered.
  • ANZ can choose to settle in cash, or pay the repairer directly (fortunately they choose cash in this instance)

Disclosure: I am not an expert in insurance so it would be best to make your own enquiries.

For the record, the report outlined a cost to repair of $1,940. I will be receiving a cheque for $1690 (less the excess). ANZ may pursue the driver’s insurance company for damages, and where they are successful the excess will be refunded.

4 thoughts on “Insurance Review – ANZ Contents Insurance”

  4. For those with GIO (not SGIO), I just called them up to add my bike to the policy. For my policy, a $9000 bike for covered for about just $20 a month. This is about a third of another exclusively bike insurance company.

    Although I quizzed them 3 times whether it is covered whilst racing, he insists on only reading from the Product Disclosure Statement which did not make any mention of racing.

    The PDS reads:

    We do not cover
    Breakage of sporting equipment while it is actively being used for sport or its intended sporting activity (e.g. breaking a tennis racquet or golf club when trying to hit a ball, or losing or breaking a fishing rod when reeling in a fish or while being used to lure or trawl for fish), but we will pay for damage to a bicycle while it is being ridden (see exceptions below).

    For bicycles, we will not cover:
    ›› damage to tyres while the bicycle is being ridden
    ›› theft from a public place if the bicycle is not chained and securely locked to a fixed object, or is not locked to a bicycle carrier fixed to a motor vehicle
    ›› theft from inside a motor vehicle unless the motor vehicle is locked at the time.

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