I have had premium Velosure bike insurance for the last 4 years for a racing bike ($15,500.00 cover). After an accident with frame / component damage (my first claim) I was informed that Velosure would settle the claim for $4,100.00 based on depreciated value of the frame. Replacement value $7,500.00. I have been paying premiums based on the original cost of the bike, not the depreciated value, with the expectation that they would replace damaged frame / component like for like. I have since cancelled my policy. I would not use them again.
Reviewed on: 12th October 2023
