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Insurance isn’t something people tend to talk about until they need it. Some insurers exclude claims for riders they deem ‘competitive’, under their definition of what a ‘competitive cyclist’ is – not yours. 

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If you’re training for, or participate in, an event requiring a race number then you may discover your insurer won’t pay out if you make a significant Income Protection (IP) and Total and Permanent Disability (TPD) claim that can in any way be related to your bike – racing, training or even if you’re commuting.

Some insurers exclude claims for riders they deem to be “competitive”, under their definition of what a “competitive cyclist” is – not yours. It doesn’t matter if you think you’re competitive or not.

Have you ever wondered if insurers look at your Facebook or Strava account to check before paying a claim?

Virtually everybody who rides a bike regularly has heard of someone who has had a major bike crash, perhaps someone who spent months in rehab, or years dealing with legal battles, or has been unable to work again. Why not just ask KOM Financial Advice to check that you’re covered correctly in the first place?

KOM Financial Advice was formed to address the unique Income Protection and Total and Permanent Disability issues a lot of cyclists unknowingly face.

Insurance isn’t a fun topic, but it is important because a lot of riders aren’t covered like they think they are or they just don’t have enough in the first place.

 

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The ‘Underinsurance in Australia 2015 report’ by Rice Warner tells of the significant gap between the level of insurance needed by Australians and the level of insurance cover we have in place.

Given the nature of cycling – racing, training or commuting – then it’s vital we have the right amount of cover too.

KOM Financial Advice can help you calculate the amount of cover you could have, considering your own circumstances. We may be all from the same community, but our individual needs are different.

In many cases, KOM Financial Advice can get riders significant cover for broken bones too, so if your crash is painful, but not too bad, then a lump sum can go some way to helping pay for the extras – medical gaps, your bike, or maybe even dinner with your partner to say sorry for being a bad patient at home!

KOM Financial Advice are strong supporters of cycling. They’re sponsors of Eastern Suburbs Cycling Club, Randwick Botany Cycling Club, Manly Warringah Cycling Club, St Kilda Cycling Club, the NeroKOM Racing Team and Australia’s professional cyclist Annette Edmondson.

Dan Corbett, KOM Financial Advice’s owner, has been a financial adviser since 1999 and has raced in hundreds of races, so you’re getting a group that isn’t biased, but a group that just wants to help you be covered properly.

For more info see KOM Financial Advice’s site specifically for bike riders: ‘Income Protection For Cyclists’.

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– Promotion – 

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Daniel Corbett is an authorised representative and Full Financial Advice Pty Ltd (ABN 92 606 914 112), trading as King of the Mountain Financial Advice, is a corporate authorised representative of PATRON Financial Services Pty Ltd (ABN 32 307 788 137) AFSL No 307379.  The above information is general advice and you should always check that it is right for you before you rely on this to make a decision regarding your circumstances.

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