That bicycle could be your most priced possession

Our country boasts some of the largest cycling races in the world. During March thousands of people from across the globe descend to Cape Town to participate in the largest individually timed race in the world - the Cape Argus Pick n Pay Momentum Cycle Tour. Now in its 36th year, this year's race is scheduled to take place on Sunday, 9 March, 2014 with around 35,000 riders participate in this race annually.

A key highlight for the mountain bike community is the renowned ABSA Cape Epic Mountain Bike race, scheduled for 23-30 March this year. This grueling race sees approximately 1 200 mountain bikers from around the world compete for the top spot each year.

For those who are more interested in using their bicycle on a daily-basis, more companies are encouraging and accommodating employees who cycle to work. Cities such as London, Paris and New York have introduced "bike-sharing schemes" for residents and tourists to use bicycles to get around town more conveniently and without the hassle of traffic.

With the mass uptake of bicycles on our roads, CBD's around South Africa are transforming to accommodate this influx. The City of Cape Town is in the forefront of implementing bicycle lanes, with its long-term aim of creating 2 000 kilometres of pedestrian and cycling facilities in its CBD and suburbs, as well as cycling paths alongside MyCiTi bus routes. Roughly 400 kilometres of bicycle lanes have been completed to date.

"By making the Cape Town CBD more inviting to cyclists, we get the benefit of attracting more cyclists into town during the daytime hours. The City's dedicated bicycle lanes to promote the entire concept of more sustainable, non-motorised transport,"says Carola Koblitz, Communications and Marketing Manager at CCID.

Looking after your bicycle

Prices of bicycles in South Africa vary drastically depending on the purpose intended. One of the leading cycling shops in South Africa, Chris Willemse Cycles, sell bicycles anywhere from around R8 000.00 - R80 000.00 and have even sold bicycles to fanatic cyclists in the value of around R120,000.00. When making such an investment, customers are encouraged to purchase insurance for their bicycles as a reassurance.

South Africa's short-term insurer, Santam currently insures over 34,000 bicycles across the country and has received over 570 claims in the past three years related to bicycles"More than 50% of bicycle related claims we have received involved accidental loss and damage"says Marius Neethling, Personal Lines Underwriting Manager at Santam.

He adds, "Talking to an intermediary that is knowledgeable around bicycle insurance can prove most helpful and might just avoid disappointment should one be faced with an unfortunate situation."

Based in the southern suburbs of Cape Town, Maywood Insurance Brokers said that they have been inundated with queries around insuring bicycles of late.

"We encourage our policyholders to insure their bicycles. The monthly premium for a bicycle that costs, for example, R 10,000.00 would roughly be around R 63.00"says Nasrulla Enus, owner of Maywood Insurance Brokers.