Cycle"sure"- nothing sure about them!!

[Mackie]

Standalone or add-on to a household policy? I had the latter on a bike as all-risk, and found that any theft or damage would be covered including during travel to and from an event, but not riding an event.

As part of my policy. The only time that outsurance will not pay in a race situation is if you are racing for money and are sponsored, this is sooo not ever going to be a problem for me. Covered for thefet, hjacking, housebreaking, damage. The only condition, is that the bike is locked to an approved bike rack. IE, Thule, Holdfast etc. By Approved they mean: Manufactured for that purpose.

[patches]

yup! thumbs up for outsurance!

 

One of the few insurers that will comprehensively cover a DH bike. Cyclesure says "no way". Most others will only cover them for theft.

 

@Tumbleweed, outsurance will cover your bike in a standalone policy if your premiums are more than R100pm.

[Tumbleweed]

As part of my policy. The only time that outsurance will not pay in a race situation is if you are racing for money and are sponsored, this is sooo not ever going to be a problem for me. Covered for thefet, hjacking, housebreaking, damage. The only condition, is that the bike is locked to an approved bike rack. IE, Thule, Holdfast etc. By Approved they mean: Manufactured for that purpose.

 

Sounds like a decent deal. What about the value of the bike? I once had a hassle because of a wildly fluctuating rand. I bike valued at R12000 one year all of a sudden went up to R17000 to replace the next after a bikejacking.

[Mackie]

Sounds like a decent deal. What about the value of the bike? I once had a hassle because of a wildly fluctuating rand. I bike valued at R12000 one year all of a sudden went up to R17000 to replace the next after a bikejacking.

Outsurance automatically adjust the value of goods insured annualy, they use an inflation to benchmark both the premium and value increases.

[Tumbleweed]

Outsurance automatically adjust the value of goods insured annualy, they use an inflation to benchmark both the premium and value increases.

 

 

Thanks for the info. Will definitely look at them when I do my next big bike purchase...hopefully soon...

[gummibear]

The definition of forcible entry: The taking of or entry onto property using unlawful or illegal force, or any entry done without consent of occupier or owner.

(http://law.yourdictionary.com/forcible-entry-abbv)

 

I had the same problem with Dial direct a few years back.My house was broken into while we were sleeping,the twats then went into the garage from the braai area and took all my hand tools and power tools......but left my bikes.

 

I claimed with Dial Direct,they paid out for the stuff taken in the house but not the garage as it is seen as an out building and needs to be entered with force.

 

Claim was sent to ombudsman and they found in favor of the insurance.

 

If your bikes are in a garage or outside room it must be locked and must have signs of forced entry.

 

I must also say that i have never had a problem with Cycle sure

[patches]

Sounds like a decent deal. What about the value of the bike? I once had a hassle because of a wildly fluctuating rand. I bike valued at R12000 one year all of a sudden went up to R17000 to replace the next after a bikejacking.

 

I went and got 3 valuations for one of my bikes and there was a substantial difference bewteen them. (R30 000, R38 000 and R50 000). I went with the lowest to keep my premiums reasonable and because I felt that R30 000 could realistically replace the bike.

 

So yeah, who/where you take your bike to get a valuation can also make a difference

[Tumbleweed]

I went and got 3 valuations for one of my bikes and there was a substantial difference bewteen them. (R30 000, R38 000 and R50 000). I went with the lowest to keep my premiums reasonable and because I felt that R30 000 could realistically replace the bike.

 

So yeah, who/where you take your bike to get a valuation can also make a difference

 

It was the same place for the valuation! The prices went up and down like yo-yos at the time! You'd most probably score at the moment with inflationary increases because bike prices seem to be falling from year to year on many models.

[Caerus]

Is everyone taking notes on how to make sure claims are succesful? For example if the garage has been robbed, yet no sign of forced entry, make sure it looks like there has been

[Mackie]

The best way to do a valuation is, go online and put all your bikes components in a wish list and add the value up, that is how I did mine, I used Buycycle, Chris Willemse, CRC, Evans Cycles, Wiggle to cover everything right up to cable outers, protection patches, grips etc. Added 15% duties for the overseas components and the 10% on the total value and viola a 100% accurate evaluation which leaves nothing to chance.

[rouxtjie]

I went and got 3 valuations for one of my bikes and there was a substantial difference bewteen them. (R30 000, R38 000 and R50 000). I went with the lowest to keep my premiums reasonable and because I felt that R30 000 could realistically replace the bike.

 

So yeah, who/where you take your bike to get a valuation can also make a difference

Just be carefull of being under-insured. It's all good and well that your premiums are low but should your bike get stolen and they break down the components and their replacement value(new retail value...not what you paid from crc or secondhand) and they come to a figure of let's say 50 G's, they will only pay out 60% of the 30G's not the whole amount. That would leave you with 18G's and a bit of a problem nevermind the excess you would have to cough up as too.

[Mackie]

Is everyone taking notes on how to make sure claims are succesful? For example if the garage has been robbed, yet no sign of forced entry, make sure it looks like there has been

I have had it specified on my household policy that my garage has no alarm or security gates only a locked door. I also did a comparrison between my premiums with a linked alarm and without, the difference was R40pm, so I have insured my house without an alarm and armed response even though I do have a linked alarm, I am too scared that my wife, mom in law or myself forget to activate the alarm and then have my claim refused because the alarm never activated.

[chris_w_65]

I went and got 3 valuations for one of my bikes and there was a substantial difference bewteen them. (R30 000, R38 000 and R50 000). I went with the lowest to keep my premiums reasonable and because I felt that R30 000 could realistically replace the bike.

 

So yeah, who/where you take your bike to get a valuation can also make a difference

 

 

Remember that when a bike shop replaces a bike they charge the insurance company retail. For instance Westdene will charge them the marked price and not the discount price they would give you.

[AndreZA]

Remember that when a bike shop replaces a bike they charge the insurance company retail. For instance Westdene will charge them the marked price and not the discount price they would give you.

 

But also some shops will quote on the bike as it is comes from the factory with OEM build-kid and others as a part by part build. which is way more expensive.

[patches]

Just be carefull of being under-insured. It's all good and well that your premiums are low but should your bike get stolen and they break down the components and their replacement value(new retail value...not what you paid from crc or secondhand) and they come to a figure of let's say 50 G's, they will only pay out 60% of the 30G's not the whole amount. That would leave you with 18G's and a bit of a problem nevermind the excess you would have to cough up as too.

 

Funny enough the lowest of the 3 valuations was the most accurately done. They were the only ones that bothered to take down the parts list.

 

The highest figure was a total thumbsuck imo. And the other one was a "well, this is a Morewood DH bike, we don't sell morewoods but we sell giants so we'll base it on the cost of a Giant Glory"

 

So yeah, I should be A-OK

Edited May 3, 2011 by patches

[rouxtjie]

Funny enough the lowest of the 3 valuations was the most accurately done. They were the only ones that bothered to take down the parts list.

 

The highest figure was a total thumbsuck imo. And the other one was a "well, this is a Morewood DH bike, we don't sell morewoods but we sell giants so we'll base it on the cost of a Giant Glory"

 

So yeah, I should be A-OK

sweet, with my zula, cyclesure didn't even want me to get quote from a LBS, they just needed a very detailed list of components and an overall value. Based mine on local retail value of each which like mampara says come to a lot more than OEM bike, but it's the nature of the beast I suppose.