Is bicycle insurance worth it?

Whether bicycle insurance is worth it in Australia depends on your bike value, how and where you ride, and your financial situation. For bikes under $1,500 used only occasionally on quiet paths and stored securely at home, bicycle insurance is probably not worth it for comprehensive crash cover, because the annual premium of $120 to $180 is a high percentage of the bike's value and you could self-insure by saving for repairs. In that case, relying on home and contents insurance for theft from home, which may already be included, is sufficient. For bikes worth $3,000 to $15,000, especially carbon road bikes, mountain bikes and e-bikes, insurance is usually worth it because a single crash can cause $2,000 to $8,000 in damage to a frame, electronic groupset or carbon wheels, and theft rates are high in cities like Sydney and Melbourne. Specialist insurers like Velosure offer new-for-old replacement, which means you get a brand new bike if yours is stolen or written off, which is valuable when you have invested heavily. For e-bikes, insurance is particularly worth it because battery and motor replacement costs $800 to $1,500. For liability protection, Bicycle Network or AusCycling membership at $99 to $169 per year is definitely worth it because if you injure a pedestrian or damage a car, you could be liable for tens of thousands of dollars, and these memberships provide up to $20M third party liability cover. If you commute daily in traffic, race, or travel with your bike, comprehensive insurance is worth it for peace of mind.