A freewheeling bicycle loan

Every single year CANSTAR highlights economic innovations inside Australia that we think represent excellence in their field. An revolutionary solution ought to be a 1st in the market – even perhaps open up a new marketplace. The degree of innovation ought to also be adequate to have a true impact for each buyers and competition. And, of course, one thing that’s genuinely revolutionary can not help but have that “wow” issue and the all round effect the solution could have.

In 2015, CANSTAR is please to congratulate Transport Mutual Credit Union for winning an Innovation Excellence award assisting customers get back on their bikes with a FreeWheel bicycle loan.

What is Transport Mutual Credit Union’s FreeWheel Bicycle Loan?

The expanding attraction of riding bikes to perform, as effectively as involving the complete loved ones in 2-wheel enjoyable at the weekend, is behind the push to get much more men and women into the saddle for less. Sydney-based Transport Mutual Credit Union has launched a genuinely distinctive scheme to encourage a wholesome active lifestyle. It is a FreeWheel Bicycle Loan exactly where you spend no interest and no fees. No joke, it genuinely is entirely cost-free, apart from paying back the principle borrowed.

Transport Mutual has financed thousands of cars with their low-rate loans more than the years and now they acknowledge there is an environmental expense attached to motoring. Financing bike acquire for no additional cost to the customer is a perfect match for Transport Mutual’s values and social duty.

With the obtain costs of bikes ranging from $ 100 to $ 1,000 – a lot more, if you want to hit the velodrome – Transport Mutual provides you the opportunity to spread your repayments out more than 2 years and not spend one particular additional cent in charges or interest. You can not get a a lot far better deal than that.

Feel about minimizing your commuting expense, as you zip into the workplace on the ever-expanding ne2rk of bicycle lanes. Then there is the weekend recreational enjoyable to be had by the weekend warrior. This loan opens up a complete new planet of 2-wheeled possibilities.

Standout functions of FreeWheel Bicycle Loan

Some standout characteristics of the FreeWheel Bicycle Loan include:

First for Australia. There is other bicycle finance in Australia but with a catch – a short period of interest-totally free, after which interest kicks in, a requirement to take out a credit card and ongoing month-to-month fees.

Cost-powerful. Transport Mutual’s FreeWheel Bicycle Loan is fully free of charge of interest and charges.

Swift approval. Simply because there are no catches, the loan application is a very swift method and customers acquire conditional approval inside a day.

Upscale to a much better bike. Because you can pay the loan off over 2 years, if you want you can take the opportunity to buy a much better high quality bike that enhances your enjoyment of riding.

Bike shops on board. The FreeWheel item has been eagerly embraced by Bicycle NSW, bicycle retailer and bicycle user groups.

CANSTAR’s verdict …

While it’s a reasonably niche solution and offer, the Transport Mutual Credit Union FreeWheel Bicycle Loan has a definite wow factor. Even though some retail outlets across a variety of item categories offer you their own interest free of charge consumer credit packages when goods are bought, the FreeWheel Bicycle Loan does not tie consumers into getting a particular solution from a specific retailer.

With the majority of Australians needing a small a lot more exercise, we also felt that it was a terrific instance of neighborhood engagement.

A freewheeling bicycle loan

A freewheeling bicycle loan

Each and every year CANSTAR highlights monetary innovations within Australia that we think represent excellence in their field. An innovative product should be a initial in the market – even probably open up a new market. The degree of innovation ought to also be sufficient to have a actual effect for each customers and competition. And, of course, something that is actually innovative can’t assist but have that “wow” factor and the all round impact the product could have.

In 2015, CANSTAR is please to congratulate Transport Mutual Credit Union for winning an Innovation Excellence award helping customers get back on their bikes with a FreeWheel bicycle loan.

What is Transport Mutual Credit Union’s FreeWheel Bicycle Loan?

The increasing attraction of riding bikes to perform, as effectively as involving the whole family members in 2-wheel fun at the weekend, is behind the push to get more people into the saddle for less. Sydney-primarily based Transport Mutual Credit Union has launched a truly special scheme to encourage a wholesome active way of life. It is a FreeWheel Bicycle Loan where you spend no interest and no charges. No joke, it really is completely cost-free, apart from paying back the principle borrowed.

Transport Mutual has financed thousands of automobiles with their low-price loans over the years and now they acknowledge there is an environmental cost attached to motoring. Financing bike purchase for no further price to the consumer is a best match for Transport Mutual’s values and social duty.

With the purchase rates of bikes ranging from $ 25 to $ 1,000 – a lot more, if you want to hit the velodrome – Transport Mutual gives you the chance to spread your repayments out more than 2 years and not pay a single additional cent in fees or interest. You cannot get a significantly much better deal than that.

Consider about minimizing your commuting expense, as you zip into the workplace on the ever-expanding ne2rk of bicycle lanes. Then there is the weekend recreational entertaining to be had by the weekend warrior. This loan opens up a complete new globe of 2-wheeled possibilities.

Standout attributes of FreeWheel Bicycle Loan

Some standout characteristics of the FreeWheel Bicycle Loan incorporate:

Initial for Australia. There is other bicycle finance in Australia but with a catch – a quick period of interest-free of charge, following which interest kicks in, a requirement to take out a credit card and ongoing monthly charges.

Cost-effective. Transport Mutual’s FreeWheel Bicycle Loan is entirely free of interest and charges.

Swift approval. Simply because there are no catches, the loan application is a really rapid approach and buyers get conditional approval within a day.

Upscale to a much better bike. Due to the fact you can pay the loan off over 2 years, if you wish you can take the chance to acquire a far better top quality bike that enhances your enjoyment of riding.

Bike shops on board. The FreeWheel product has been eagerly embraced by Bicycle NSW, bicycle retailer and bicycle user groups.

CANSTAR’s verdict …

Whilst it is a reasonably niche item and supply, the Transport Mutual Credit Union FreeWheel Bicycle Loan has a definite wow factor. Although some retail outlets across various solution categories supply their personal interest cost-free customer credit packages when goods are purchased, the FreeWheel Bicycle Loan does not tie buyers into purchasing a particular solution from a distinct retailer.

With the majority of Australians needing a tiny more exercising, we also felt that it was a terrific instance of community engagement.

A freewheeling bicycle loan

Bicycle insurance coverage – all you need to have to know

Far more than half a million bicycles are stolen every single year, and one of them could very easily be yours.

Or what if your bike was broken in an accident? Could you genuinely afford a replacement?

Some of the leading higher efficiency bikes can set you back thousands of pounds, so insurance is a have to-have.

Property contents

Some cyclists pick to cover their bike on their residence contents policy – and it is a valid alternative.

Most insurers include bicycles, but you ought to study the terms and conditions meticulously. There is often what’s called a single item limit, which means the policy will insure individual belongings only up to a particular value, which could be as low as £1,000.

And if your bike is stolen when it is left unlocked in your garden, the insurer might decline your claim.

If your bike is specifically useful, you might as a result have to spend an added premium to get added cover.

Verify also that the bike is insured away from the house. If not, you wouldn’t be in a position to claim if, for example, it was stolen from outdoors the railway station.

You also need to have to make sure that the policy covers accidental harm as it’s not included as regular on all residence contents policies.

No claims

Insuring your bike on a home contents policy can operate out less costly than acquiring separate cycle insurance, but bear in thoughts that a claim could jeopardise your no claims discount and bump up your contents premium at renewal.

Severe cyclists

More severe cyclists may well be far better-off with specialist insurance coverage.

Levels of cover differ and you can usually choose various alternatives according to your needs and pocket. But most cycle insurance coverage policies cover theft and accidental harm up to an agreed quantity, usually about £10,000.

You can typically insure up to 3 bikes on the same policy, and cycling kit and accessories are generally incorporated.

Cycle hire

A decent policy also covers bicycle hire if your wheels are out of action and you can usually add bicycle roadside recovery for an further premium.

New for old

Most cycle policies insure the bike on a new for old basis, which signifies the spend-out would cover the cost of a new bike, alternatively of the old bike’s marketplace worth at the time of the claim.

Even so, new for old cover typically only applies to cycles up to 3 years old. If your bike is any older, the payout will take into account any depreciation in worth.

Competitions and races

Cyclists who travel abroad need to verify that the policy extends to their location as most offer UK, EU or worldwide cover. And if you are a competitive cyclist, you ought to confirm that your insurer is happy to cover the event.

Public liability

Do not neglect public liability insurance coverage, which pays out if you harm an additional particular person or their property. It’s not a legal requirement but it can come in handy.

What would come about, for instance, if you had been to damage the wing mirror or the pain2rk of an high-priced vehicle?

Safety alert

No matter whether you purchase specialist cycle cover or add your bike to your home contents policy, the bicycle should be kept safe.

It’s typically a situation of the insurance that bikes are kept in a locked shed or garage when not in use. They ought to also be locked to an immovable bike stand when you are out and about.

Bear in mind to safe the wheels as nicely as the frame to the stand, or a thief could make off with the wheels. Some insurers insist on a specific kind of bike lock.

But even if the firm isn’t fussy, it’s a good idea to invest in a powerful D-lock or fat chain with a silver or gold Sold Secure rating.

Examine premiums

It’s straightforward to find a good deal on your bike insurance with MoneySuperMarket’s price comparison website. We can save you time and income, so you can invest more on your bike than the insurance policy.

And make certain you study Damian Burke’s 5 top bike security ideas

Bicycle insurance coverage – all you need to have to know

Bicycle insurance – all you need to know

A lot more than half a million bicycles are stolen every single year, and one of them could effortlessly be yours.

Or what if your bike was damaged in an accident? Could you actually afford a replacement?

Some of the leading high efficiency bikes can set you back thousands of pounds, so insurance is a need to-have.

Property contents

Some cyclists select to cover their bike on their house contents policy – and it is a valid alternative.

Most insurers consist of bicycles, but you must read the terms and situations cautiously. There is often what’s known as a single item limit, which indicates the policy will insure individual belongings only up to a specific worth, which could be as low as £1,000.

And if your bike is stolen when it is left unlocked in your garden, the insurer might decline your claim.

If your bike is specifically beneficial, you may well therefore have to spend an extra premium to get further cover.

Verify also that the bike is insured away from the house. If not, you wouldn’t be capable to claim if, for example, it was stolen from outdoors the railway station.

You also require to make sure that the policy covers accidental damage as it’s not included as regular on all residence contents policies.

No claims

Insuring your bike on a residence contents policy can perform out cheaper than getting separate cycle insurance, but bear in mind that a claim could jeopardise your no claims discount and bump up your contents premium at renewal.

Severe cyclists

Far more critical cyclists may possibly be greater-off with specialist insurance.

Levels of cover vary and you can often decide on diverse options according to your requirements and pocket. But most cycle insurance coverage policies cover theft and accidental harm up to an agreed amount, usually about £10,000.

You can normally insure up to 3 bikes on the very same policy, and cycling kit and accessories are usually incorporated.

Cycle employ

A decent policy also covers bicycle employ if your wheels are out of action and you can normally add bicycle roadside recovery for an added premium.

New for old

Most cycle policies insure the bike on a new for old basis, which means the spend-out would cover the expense of a new bike, rather of the old bike’s market value at the time of the claim.

Nevertheless, new for old cover usually only applies to cycles up to 3 years old. If your bike is any older, the payout will take into account any depreciation in value.

Competitions and races

Cyclists who travel abroad must check that the policy extends to their destination as most offer UK, EU or worldwide cover. And if you are a competitive cyclist, you ought to confirm that your insurer is satisfied to cover the event.

Public liability

Don’t neglect public liability insurance, which pays out if you damage another individual or their house. It’s not a legal requirement but it can come in handy.

What would take place, for instance, if you were to harm the wing mirror or the pain2rk of an high-priced automobile?

Security alert

Regardless of whether you purchase specialist cycle cover or add your bike to your house contents policy, the bicycle should be kept safe.

It’s often a condition of the insurance coverage that bikes are kept in a locked shed or garage when not in use. They ought to also be locked to an immovable bike stand when you are out and about.

Keep in mind to secure the wheels as properly as the frame to the stand, or a thief could make off with the wheels. Some insurers insist on a certain kind of bike lock.

But even if the firm is not fussy, it is a excellent idea to invest in a sturdy D-lock or fat chain with a silver or gold Sold Safe rating.

Evaluate premiums

It’s easy to find a very good deal on your bike insurance coverage with MoneySuperMarket’s cost comparison internet site. We can save you time and cash, so you can spend much more on your bike than the insurance coverage policy.

And make positive you read Damian Burke’s 5 best bike security ideas

Bicycle insurance – all you need to know

Bicycle insurance coverage – all you require to know

Much more than half a million bicycles are stolen every single year, and one particular of them could very easily be yours.

Or what if your bike was broken in an accident? Could you really afford a replacement?

Some of the prime higher performance bikes can set you back thousands of pounds, so insurance is a must-have.

Residence contents

Some cyclists select to cover their bike on their home contents policy – and it is a valid option.

Most insurers contain bicycles, but you need to read the terms and situations meticulously. There is typically what’s known as a single item limit, which means the policy will insure person belongings only up to a particular worth, which could be as low as £1,000.

And if your bike is stolen when it is left unlocked in your garden, the insurer may well decline your claim.

If your bike is specifically useful, you may for that reason have to spend an additional premium to acquire additional cover.

Verify too that the bike is insured away from the residence. If not, you wouldn’t be able to claim if, for example, it was stolen from outdoors the railway station.

You also need to have to make sure that the policy covers accidental damage as it’s not incorporated as standard on all house contents policies.

No claims

Insuring your bike on a home contents policy can perform out less expensive than buying separate cycle insurance coverage, but bear in thoughts that a claim could jeopardise your no claims discount and bump up your contents premium at renewal.

Serious cyclists

Much more serious cyclists may well be greater-off with specialist insurance coverage.

Levels of cover vary and you can often decide on various possibilities according to your requirements and pocket. But most cycle insurance coverage policies cover theft and accidental damage up to an agreed quantity, often about £10,000.

You can typically insure up to 3 bikes on the exact same policy, and cycling kit and accessories are normally incorporated.

Cycle hire

A decent policy also covers bicycle hire if your wheels are out of action and you can usually add bicycle roadside recovery for an additional premium.

New for old

Most cycle policies insure the bike on a new for old basis, which implies the spend-out would cover the expense of a new bike, alternatively of the old bike’s market value at the time of the claim.

However, new for old cover normally only applies to cycles up to 3 years old. If your bike is any older, the payout will take into account any depreciation in value.

Competitions and races

Cyclists who travel abroad ought to check that the policy extends to their destination as most supply UK, EU or worldwide cover. And if you are a competitive cyclist, you should confirm that your insurer is pleased to cover the occasion.

Public liability

Do not overlook public liability insurance coverage, which pays out if you harm another particular person or their home. It’s not a legal requirement but it can come in handy.

What would occur, for example, if you had been to damage the wing mirror or the pain2rk of an costly auto?

Safety alert

Whether or not you buy specialist cycle cover or add your bike to your residence contents policy, the bicycle should be kept safe.

It’s frequently a condition of the insurance that bikes are kept in a locked shed or garage when not in use. They must also be locked to an immovable bike stand when you are out and about.

Bear in mind to safe the wheels as properly as the frame to the stand, or a thief could make off with the wheels. Some insurers insist on a specific sort of bike lock.

But even if the firm is not fussy, it is a very good thought to invest in a strong D-lock or fat chain with a silver or gold Sold Secure rating.

Evaluate premiums

It is simple to discover a good deal on your bike insurance with MoneySuperMarket’s cost comparison site. We can save you time and funds, so you can invest far more on your bike than the insurance policy.

And make sure you study Damian Burke’s 5 top bike safety guidelines

Bicycle insurance coverage – all you require to know

Bicycle insurance – all you require to know

A lot more than half a million bicycles are stolen every single year, and a single of them could simply be yours.

Or what if your bike was broken in an accident? Could you really afford a replacement?

Some of the leading higher performance bikes can set you back thousands of pounds, so insurance is a need to-have.

Residence contents

Some cyclists decide on to cover their bike on their house contents policy – and it is a valid option.

Most insurers include bicycles, but you must study the terms and conditions very carefully. There is frequently what’s called a single item limit, which means the policy will insure person belongings only up to a specific worth, which could be as low as £1,000.

And if your bike is stolen when it is left unlocked in your garden, the insurer may well decline your claim.

If your bike is particularly valuable, you may possibly therefore have to spend an added premium to buy additional cover.

Check as well that the bike is insured away from the house. If not, you wouldn’t be capable to claim if, for example, it was stolen from outside the railway station.

You also need to have to make confident that the policy covers accidental damage as it is not integrated as regular on all residence contents policies.

No claims

Insuring your bike on a property contents policy can function out less expensive than acquiring separate cycle insurance, but bear in thoughts that a claim could jeopardise your no claims discount and bump up your contents premium at renewal.

Serious cyclists

A lot more critical cyclists may possibly be better-off with specialist insurance coverage.

Levels of cover vary and you can frequently pick distinct choices according to your wants and pocket. But most cycle insurance coverage policies cover theft and accidental harm up to an agreed amount, typically about £10,000.

You can usually insure up to 3 bikes on the very same policy, and cycling kit and accessories are usually included.

Cycle employ

A decent policy also covers bicycle hire if your wheels are out of action and you can typically add bicycle roadside recovery for an further premium.

New for old

Most cycle policies insure the bike on a new for old basis, which means the pay-out would cover the cost of a new bike, alternatively of the old bike’s marketplace value at the time of the claim.

However, new for old cover generally only applies to cycles up to 3 years old. If your bike is any older, the payout will take into account any depreciation in worth.

Competitions and races

Cyclists who travel abroad should verify that the policy extends to their location as most supply UK, EU or worldwide cover. And if you are a competitive cyclist, you should confirm that your insurer is content to cover the occasion.

Public liability

Do not overlook public liability insurance coverage, which pays out if you harm another individual or their property. It’s not a legal requirement but it can come in handy.

What would occur, for instance, if you have been to damage the wing mirror or the pain2rk of an pricey automobile?

Safety alert

Whether or not you buy specialist cycle cover or add your bike to your residence contents policy, the bicycle should be kept safe.

It’s frequently a situation of the insurance that bikes are kept in a locked shed or garage when not in use. They ought to also be locked to an immovable bike stand when you are out and about.

Bear in mind to safe the wheels as properly as the frame to the stand, or a thief could make off with the wheels. Some insurers insist on a particular variety of bike lock.

But even if the firm is not fussy, it is a very good thought to invest in a robust D-lock or fat chain with a silver or gold Sold Secure rating.

Examine premiums

It is simple to locate a good deal on your bike insurance coverage with MoneySuperMarket’s cost comparison website. We can save you time and money, so you can invest a lot more on your bike than the insurance coverage policy.

And make sure you study Damian Burke’s 5 leading bike security guidelines

Bicycle insurance – all you require to know