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How much is your insurance costing you?

Insurance can be a tricky thing. Include the big shot words like indemnity, premiums, excess, deductibles combined with the bad rep of the insurance industry, you may find the last thing you want to know is how the cost of your insurance policy is set. 

Read on as upcover chats about what to think about when you’re protecting your stuff so you can manage your spend and get the cover that best suits your needs.  

Why does the cost of insurance matter in the first place?

Insurance is a promise of assistance when things go wrong. So when something unfortunate happens, your insurance provider will be by your side, they can review and pay your claim, and support you while you get back on your feet.

However, insurance is supposed to be a compliment to your living standard and circumstances. Here’s why:

1. NecessityBike

For example, if you are a student who constantly moves around, will you ever need home insurance? Most probably not, so you’ll look for something that covers the bare essentials – your car or scooter – or maybe choose a cover that involves asset-only insurance so you can satisfy those 3 am pancake cravings without worrying about your stuff getting nicked or damaged in a fire.


2. Effectivenesscost effective

Another factor you’ll keep in mind before getting an insurance product is the cost. As a freelancer or student, money can get pretty tight and you really want value for what you pay- that’s where you’ll look for a policy that is affordable and matches your needs. 



cost of laptop insurance3. Add-ons

As a freelancer or on-demand worker your most important things to protect are your equipment – can be your bike or laptop – and likely your clients might need you to take out public liability insurance. You can bundle these together to get savings, but there are ‘add on’ insurance covers too. 


4. Get some help

If you want to learn more about the covers you are seeking, it’s helpful to always read the policy wording. If you want more help, you should consider speaking with an insurance broker.


What’s the average cost of insurance?

Depending on your needs, your insurance provider will offer you an initial quote. With the quote, you can choose to shop around and look for the best price.

upcover offers bike insurance from just $0.95 per day .  

We are the first insurtech that has built, with our insurance partners, Agile Underwriting Services and Lloyds of London, a simple, accessible and tailored insurance product just for food delivery riders. You can check out how we compare with UberEats insurance policy here

How is your price calculated?

We’ve worked with our insurance partners to develop a pay-as-you-go pricing, which means you have a daily price that is charged on a monthly basis. Now, you can simply answer a couple of questions asked by our virtual assistant, Carmel, and boom, you have a quote within seconds.

What matters when it comes to determining the price of insurance policies?

The process of getting your price can change a bit from one insurance company to another.  Sometimes you’ll have to answer plenty of  more questions to get a price. 

At upcover, you only need to answer a few things. These include:


  1. Your bike
  2. Your address
  3. Number of claims filed in past 12 months
  4. Delivery platforms you work for
  5. How much you earn each week

Once you give us these details, you can get a quote for a daily price that will be charged to you a monthly basis. Best of all,  you can choose to buy cover now or down the track. 

What about extra charges?

There are no hidden fees or extra charges! The price we’ve built with our insurance partners  includes all the taxes (i.e. GST, any stamp duty, or  Emergency Services Levy, and any applicable pesky payment processing fee). And if you decide to cancel cover, our  insurance partner  will refund it all or what you didn’t use without any hassle. 

Insurance can be a tricky thing. At upcover, we are doing our bit  to work with the world’s leading insurance partners so that we can simplify this process for on-demand workers to have access to affordable, easy, and simple insurance that fits perfectly in your life – at home, at work, or in between. 

Reach out to us at or 1300 UPCOVER if you have any more questions on how to deal with anything insurance. 

Disclaimer: upcover is an authorised representative (ARN: 001281671) of an ASIC regulated underwriter (Agile Underwriting Services Pty Ltd ABN 48 607 908 243, AFSL 483374), who will be issuing the insurance products associated with upcover. Agile Underwriting Services Pty Ltd issues policies on behalf of certain Underwriters at Lloyd’s. Any advice provided is general advice only, and not tailored to your individual needs. You should always consider our Product Disclosure Statement also known as Product Wording in deciding whether to acquire our insurance product.

About upcover

At upcover, we are committed to improving the safety of riders by providing support, resources and financial products to help them at work, at home and in between. upcover bridges the protection gap for the fastest growing workforce in Australia by providing the self-employed and independent contractors with the insurance protection and benefits they need.