Bicycle Insurance by Beneple
We understand how much you value your bicycle. Whether you are on the road or waiting to hit the riding trail, we know you need peace of mind.
We insure your bicycle against Theft, Loss, Damage and Accidents, as well as Amateur Racing. Rest assured that you can now ride without anything holding you back.
If your bike is damaged, stolen or in an accident, considering the value we place on them, how much would it cost you to get back in the saddle?
For a small premium, secure your investment and lifestyle against any unfortunate incidents.
Key Features of the cover:
Damage
Any accidental damage by external means or by fire, burglary, theft and also damage to third party property. Accidental damage is even covered whilst on a bike rack in transit.
Replacement – New for Old
In the event of total destruction or theft of the whole insured bicycle, the company will pay the insured value or replacement value for your bike.
Amateur Racing Cover
The insurer will pay out up to 25% of the sum insured in amateur competitions
Theft
The bike is covered anywhere as long as the bike has a security device of Secure Gold/Silver category level of lock or standard equivalent
Option 1 – New Bike with Receipts
– Complete the application form (Need to confirm if they want amateur racing cover or not)
– Provide passport, visa, application form, and invoice receipts
– The team will send everything through to the insurer and they will confirm the policy
– Payment on the app form or we will confirm with Union and they will send an invoice to pay via bank transfer.
– Policy Docs sent to the client.
(This option may be good as a followup opp with the clients)
Option 2 – Old Bike with Receipts
– Complete the application form (Need to confirm if they want amateur racing cover or not)
– Provide passport, visa, application form, and invoice receipts.
– At this stage, either the premium will be based on the depreciation scale OR if it is worth more then we would need a valuation form included instead of receipts
– The team will send everything through to the insurer and they will confirm the policy
– Payment on the app form or we will confirm with Union and they will send an invoice to pay via bank transfer.
– Policy Docs sent to the client.
(This option may be good as a followup opp with the clients)
Option 3 – Old Bike without Receipts & Option 4 – Any Custom Bike / Upgraded Bike
– Complete the application form (Need to confirm if they want amateur racing cover or not)
– Provide passport, visa, application form.
– We would need a valuation form included instead of receipts so the insurer can calculate the premium
– The team will send everything through to the insurer and they will confirm the policy
– Payment on the app form or we will confirm with Union and they will send an invoice to pay via bank transfer.
– Policy Docs sent to the client.
FAQ’s
What is the scope of cover in the policy?
The policy covers loss or damage to the bicycle by any accidental external means or by fire, burglary, theft only and also liability to the third parties which the insured may incur in respect of death of or bodily injury to any person (Third Party) and damage to Third party property.
Do I need to send any other documents with the completed proposal form?
Yes – the invoice copy of the bicycle, passport copy and visa copy. If you do not have an invoice then you will need an up to date valuation of the bicycle provided by Wolfi’s Bike Shop.
If I have upgraded parts of my bike how are these valued?
The same way the bike is valued, by Wolfi’s Bike Shop, they will then give the full valuation.
Who will be insured on the bicycle/policy?
The customer who has actively subscribed to the policy and his/her spouse.
What exactly does the policy cover?
Accidental loss or accidental damage to the bicycle, new for old, personal accident (death and permanent total
disability) and public liability.
disability) and public liability.
Are there any particular conditions on the policy that I should be aware of?
Yes – The maximum claim (bicycle) for participating in Amateur Competitions is 25% of the sum insured.
No racing cover. Theft of whole bicycle is covered; theft of spares and accessories only are not covered under this
insurance. Participating in Amateur Competition at 25% additional premium.
No racing cover. Theft of whole bicycle is covered; theft of spares and accessories only are not covered under this
insurance. Participating in Amateur Competition at 25% additional premium.
If the bike is transported within the UAE and is damaged / lost is it covered?
The bicycle is covered whilst in transit within the UAE, even on a bicycle rack.
Is there an agreement in place with a specific bike shop?
For any bike valuations we would recommend Wolfi’s Bike Shop as they have experience with correct valuations with Union Insurance
Is there an excess on the policy?
Yes – 10% of the sum insured subject to a minimum of AED 500.
What constitutes an amateur competition?
An amateur competition is defined as a competition where prize money is less than AED 100,000. Any competition with prize money above AED 100,000 will be considered as a professional competition as per this policy
How long do I have after an incident to make a claim on the policy?
All claims should be reported to the company immediately but not later than 7 days from the date of event.
What claim documents will I have to provide to the insurance company?
Completed claim form. In the event of a fire, theft, accidental loss or accidental damage to bicycle – certificate of
insurance, police crime reference/report, proof of purchase and any other requested documentation. Original documents will be required. In the event of death – certificate of insurance, proof of purchase, death certificate, post mortem report, police report, medical report, copy of passport with valid visa page/national identity card and any other documents as may be required to substantiate the claim. Original documents will be required. In the event of personal total disability claims – certificate of insurance, proof of purchase, disability certificate, police report, medical report, copy of passport with a valid visa page/national identity card and any other documents as may be required to
substantiate the claim. Original documents will be required.
In the event of public liability claims – certificate of insurance, proof of purchase, police report,
legal notice and any other documents as may be required to substantiate the
claim. Original documents will be required.
insurance, police crime reference/report, proof of purchase and any other requested documentation. Original documents will be required. In the event of death – certificate of insurance, proof of purchase, death certificate, post mortem report, police report, medical report, copy of passport with valid visa page/national identity card and any other documents as may be required to substantiate the claim. Original documents will be required. In the event of personal total disability claims – certificate of insurance, proof of purchase, disability certificate, police report, medical report, copy of passport with a valid visa page/national identity card and any other documents as may be required to
substantiate the claim. Original documents will be required.
In the event of public liability claims – certificate of insurance, proof of purchase, police report,
legal notice and any other documents as may be required to substantiate the
claim. Original documents will be required.
Are there any general exclusions on the policy that I should be aware of?
Yes – Loss or damage to tyres howsoever caused, unless the bicycle is damaged at the same time. Deliberate loss or damage caused by the insured person, or any user. Loss or damage due to theft or attempted theft which does not involve forcible and violent entry into or exit from the home or forcible and violent removal of the security devices.
Thefts from premises open to the public if not in use and not secured to an immovable object. Depreciation,
deterioration, mechanical or electrical breakdown, manufacturing defects, wear and tear, scratching, scuffing or denting, damage or loss caused by moth, vermin, domestic pets, rot, mildew or any gradually operating process. Loss or damage to the bicycle while it is being used for racing or competitions however racing cover limited to 25% of the sum insured for amateur competitions. The above list is not exhaustive, please refer to the policy wording for all general exclusions on the policy.
Thefts from premises open to the public if not in use and not secured to an immovable object. Depreciation,
deterioration, mechanical or electrical breakdown, manufacturing defects, wear and tear, scratching, scuffing or denting, damage or loss caused by moth, vermin, domestic pets, rot, mildew or any gradually operating process. Loss or damage to the bicycle while it is being used for racing or competitions however racing cover limited to 25% of the sum insured for amateur competitions. The above list is not exhaustive, please refer to the policy wording for all general exclusions on the policy.
How will I determine the value of my bicycle?
By the purchase receipt or Wolfi’s Bike Shop will put your bike through a valuation. However, in the event of a claim the loss adjuster will provide his valuation for the bicycle.
How are accessories defined in the policy?
Equipment added to the bicycle in addition to the manufacturer’s original specifications as specified in the schedule.
What information do I need to provide to obtain a quotation?
The proposal form should be completed and returned to Wolfi’s Bike Shop who work with Beneple and Union Insurance to provide the policy. Information required includes your name, Spouse name, email address, date of birth, occupation, address including PO BOX and description of the cycle, etc. Complete the application form to confirm.
If I don't have the receipts then how would the bike be valued, would this be from a local bike shop and if so which one?
The invoice/receipt needs to be provided at the time of inception in order to confirm the bicycle sum insured. If this cannot be provided, then Wolfi’s Bike Shop will provide confirmation as to the value of the bike for underwriters to review.
When will I receive the quotation?
The premium is 4.5% of the bicycle value subject to a minimum of AED 500 and for anyone using the bicycle (Insured
and Spouse only) for racing a 25% loading on the premium will be charged. Beneple’s team will discuss the premium and take the credit card details when they meet/call you to discuss the policy.
and Spouse only) for racing a 25% loading on the premium will be charged. Beneple’s team will discuss the premium and take the credit card details when they meet/call you to discuss the policy.
How long will the policy be in force?
12 months from the date of inception.
What values of bicycles can be covered on the policy?
Minimum value/sum insured of AED 2,000 per bicycle with no upper limit.
Who would valuate an actual claims value? Are you using a specialist or a local bike shop?
If a bicycle is damaged and needs to be repaired/replaced, the customer is expected to provide us a quotation from Wolfi’s Bike Shop, their team are able to provide the exact requirements to get your bike back to fully functional. The terms of the policy will then be applied and the claim settled accordingly.
How is my bike valued if it isn't new? Does the value depreciate?
Every bike will have an IDV (insured declared value), this depreciates dependent on the age of the bicycle. Please refer to the ‘Bicycle Depreciation Scale’ in this document. If you need a bike valuation then Wolfi’s Bike Shop will offer this full service
If the bike is stolen or damaged when stolen is this covered?
The bike is covered at home/anywhere as long as the security devices condition is complied with – ‘Security Devices – Acceptable makes and models accepted are Secure Gold/Silver category of locks or standard equivalents’.
What is the geographical area of cover of this policy?
This is currently the UAE, as of now travel outside of the UAE is not covered, however, if policies increase this is something we can consider, within the next year or so.
How long to I have after an incident to submit the claim documents requested by the insurance company?
Claim documents shall be submitted as soon as possible but not later than 60 days from the date of event.
Are there any exclusions on the policy that I should be aware of?
Yes – the policy does not cover claims arising due to racing and competitions however racing cover is limited
to 25% of the sum insured for amateur competitions. The policy does not cover replacement of bicycle accessories only.
Influence of alcohol or drugs other than proper use of drugs prescribed by a legally qualified medical
practitioner.
Any act of deliberate self-inflicted injury or suicide, or deliberate exposure to danger. Any loss as a result of
pregnancy, child birth, physical defect, infirmity, insanity or medical condition, unless the company has been told about it and accepted it in writing.
Any loss not arising directly from the insured person pushing or riding the insured bicycle. The above list is not exhaustive, please refer to the policy wording for all exclusions on the policy.
to 25% of the sum insured for amateur competitions. The policy does not cover replacement of bicycle accessories only.
Influence of alcohol or drugs other than proper use of drugs prescribed by a legally qualified medical
practitioner.
Any act of deliberate self-inflicted injury or suicide, or deliberate exposure to danger. Any loss as a result of
pregnancy, child birth, physical defect, infirmity, insanity or medical condition, unless the company has been told about it and accepted it in writing.
Any loss not arising directly from the insured person pushing or riding the insured bicycle. The above list is not exhaustive, please refer to the policy wording for all exclusions on the policy.
Does this policy cover professional racing?
No – only amateur competitions with a maximum of 25% of the sum insured. A 25% additional premium will also be charged for this cover.
Can my bicycle accessories be covered on the policy?
Yes – insurers will cover them as a policy endorsement subject to providing bills/invoices at the time of
inclusion. However, theft of accessories only will not be covered unless the whole bicycle is stolen.
inclusion. However, theft of accessories only will not be covered unless the whole bicycle is stolen.
Contact Us
Email: samuel@beneple.com
Phone & Whatsapp: 050 467 8733
(050 INSURED)