How much it costs to insure a bicycle in Australia depends on whether you use specialist bike insurance or home contents insurance. For specialist comprehensive bicycle insurance that covers theft anywhere, crash damage while riding, accidental damage and transit, the cost is typically 8% to 12% of the bike's insured value per year. So for a $2,000 commuter bike, expect $160-$240 per year or about $13-$20 per month. For a $5,000 road bike, expect $400-$600 per year or $33-$50 per month. For a $10,000 carbon road bike or high-end e-bike, expect $800-$1,200 per year. For a $15,000 triathlon bike, expect $1,200-$1,800 per year. Insurers like Velosure, Cyclecover and BikeCover use this percentage model. Your premium increases if you live in a high-theft postcode like inner Sydney or Melbourne, if you have made previous theft claims, if you choose a low excess of $100 instead of $500, and if you add racing cover, which can add 20-30%. For home and contents insurance, covering a bicycle is much cheaper but less complete. Most home policies include some cover for bikes stolen from home up to $1,000-$3,000 per bike at no extra cost. To increase the limit to $5,000 per bike and include theft away from home, you might pay an extra $80-$200 per year on top of your home insurance premium. This option does not cover crash damage, which is why serious cyclists pay for specialist cover despite the higher cost.
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