How much should bicycle insurance cost?

How much bicycle insurance should cost in Australia depends on what level of cover you need. For comprehensive standalone bicycle insurance that covers theft anywhere, crash damage while riding, accidental damage and transit, the industry standard pricing from providers like Velosure, Cyclecover and BikeCover is 8% to 12% of the bike's insured value per year. This is considered a fair price given high theft and crash rates. So for a $1,500 commuter bike, you should pay $120 to $180 per year. For a $4,000 mid-range road bike, $320 to $480 per year. For an $8,000 carbon road bike, $640 to $960 per year. For a $12,000 e-bike or triathlon bike, $960 to $1,440 per year. This should include new-for-old replacement, $0 to $500 excess options, and cover for accessories up to $1,000-$2,000. If you are quoted more than 12%, you should compare elsewhere unless you have multiple theft claims or live in a very high-risk postcode like inner Sydney or Melbourne. For basic theft-only cover via home and contents insurance, you should pay only $50 to $200 extra per year on top of your home insurance to cover a bike up to $5,000 for theft from home and away. If you only want third party liability and personal injury cover while riding, Bicycle Network membership at $129 to $169 per year or AusCycling membership at $99 to $380 per year is the cheapest option. You should not pay more than 15% of bike value unless you need racing cover.