Enquiry received: "I have been advised by my insurance company (State Insurance) that a new policy is being applied by New Zealand Insurance Companies around insurance for Road Racing Cycles over $5000
Today after phoning State Insurance to list my new Road Cycle (value $8000) against my Household insurance policy replacing my old cycle. I was asked if I do any road races, upon informing them that I compete in around 3 events a year I was informed that I would not be covered for any use of that cycle .. only cover for non-use Theft & Fire.
Querying the logic I this I was informed that ‘any use’ includes riding to work, general training would not be covered etc because I stated I did actually do some races.
Whilst I can accept exclusion for racing, a policy change to affect the general use of a cycle over the value of $5000 seems to be a significant shift in insurance policy and seems to be a weighting outside similar insurance for other vehicles etc
I was informed that this policy was now be applied by other ‘major’ NZ insurance companies.
Other point to note I have significant insurance with State (House, Vehicles, Household etc with a very good lack of claim history … so no influence on this decision due to any history .. just advised that this is a new position being taken on Road Cycles, when any admission of racing and a value over $5k
Being a 45 yr old weekend rider who has a bash at a few races a year (Grape Ride / LeRace etc) on the same bike I ride year round, this seems to be a significant risk over-reaction and would if applied as advised have significant impact on a large number of similar riders.
Would be interested in your thoughts as to what I could be done to bring about a rethink in this policy.
-> Discussion and suggestions invited.