As thousands of cyclists gear up for the Cape Town Cycle tour, the main focus is often on training, nutrition, and ensuring you have the right gear for the race. However, one crucial element often overlooked is insurance. Whether you’re a seasoned cyclist or tackling the race for the first time, the right cover can help prevent significant financial setbacks if something goes wrong.
Sports gear can vary in cost, but certain items can be quite expensive, especially if they are high-end, personalised, or specialised. High-performance bicycles can range between R20 000 and R250 000 or more. Advanced GPS smart-watches that track distance, pace, heart rate, and other metrics can cost between R1500 and R6000 depending on the features and brand. Then there’s the kit – helmets, bib shorts, cycling shirts, sunglasses and cycling shoes. Replacing these items in the case of loss or theft can cause a significant blow to your monthly budget or emergency fund.
Marius Kemp, Head of personal underwriting at Santam says: “Knowing that your sports gear is protected provides peace of mind and allows you to focus on the task at hand – getting to and finishing the race. This assurance is invaluable, as you don't need to worry about potential financial loss due to unforeseen circumstances.”
Kemp shares the below things to look out for, to ensure that you are covered, in spite of various circumstances that may occur.
Damage Coverage: Accidents happen. All risk insurance ensures you're covered for the cost of repairing or replacing your cycling gear in scenarios where your items are damaged or lost. Specific sporting gear such as your cycling kit, helmet, and cleats should be specified under your personal insurance policy.
Cover for High-Value Items: Due to how costly items such as bicycles and fitness trackers, the cost of replacing these items can be significant. These high-value items can be covered under the home contents policy either as part of the general coverage when kept in your home or if wider cover away from your premises is required, these valuables can be covered more specifically.
Replacement Cost Coverage: Some policies offer replacement cost coverage, meaning the insurer will compensate you for the full replacement cost of a similar item that has been stolen or damaged, without factoring in depreciation.
Moving or transit damages: Many cyclists will be travelling to Cape Town, specifically for the race, from different provinces. That means the bicycle will need to be transported ahead of the race. During the transportation process, there is a possibility of the items getting damaged or lost. Covering your contents will ensure that your items can be replaced in the case of loss or theft.
Insuring your valuables with comprehensive insurance not only safeguards your valuable items but also gives you the reassurance that you’re well-prepared if anything goes wrong. When preparing for a race, you check that all your equipment is in good working condition, you check that you have everything you need to succeed. This preparation should include insuring your gear to ensure you are adequately covered. “As an athlete, it’s important to prioritise not only your fitness but also the gear that enables you to do the sports you love. Protecting your personal belongings is a crucial component of managing potential financial risks and ensuring peace of mind,” Kemp says.
PERSONAL FINANCE