Cycle"sure"- nothing sure about them!!

[rob7x]

Does anyone have experience with Miway bike insurance? Should I go with them?

Im with Miway. Had a claim from a crash during a race, and they paid out within a few days. They asked for a quote to replace my bike and paid cash into my account.

[Caerus]

So rather get a complete frame & part breakdown as opposed to the cost to replace the complete bike.

 

Then just phone that through to the insurers, does the document need to be a bit more official?

[Tankman]

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...

 

I would love to see the exact fine print on this interpretation.

Almost every single race has prize money. You might not be starting with the winning bunch but you are still racing for prize money. If a company paid your entry into the Argus, for instance, you were sponsored.

[Minion]

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.

I asked my broker about this a while back and this isn't how it works.

 

If your bike is worth R50k and you insure it for R30k and you suffer a total loss - i.e. whole bike is stolen - they will pay out the full R30k. The adjustment happens when you only lose part of your bike e.g. part of your R50k bike is a set of R25k wheels and they steel everything but leave the wheels. You have suffered a 50% loss so they will pay out 50% of the insured value - i.e. R15k to replace your R25k components. All of this ignores excesses, though.

[rouxtjie]

I asked my broker about this a while back and this isn't how it works.

 

If your bike is worth R50k and you insure it for R30k and you suffer a total loss - i.e. whole bike is stolen - they will pay out the full R30k. The adjustment happens when you only lose part of your bike e.g. part of your R50k bike is a set of R25k wheels and they steel everything but leave the wheels. You have suffered a 50% loss so they will pay out 50% of the insured value - i.e. R15k to replace your R25k components. All of this ignores excesses, though.

You are correct, your scenario gets my point across.

[The Saint]

Here is the policy wording

 

5. theft, loss or damage to unattended property unless secured to an immovable object, vehicle or trailer by an approved

lock and cable or chain or locked inside a vehicle or trailer and entry and removal is accompanied by violent and

forcible means;

 

6. theft loss or damage to property whilst in transit by road, unless attached to a vehicle or trailer with approved locks

and cable or chain or locked inside a vehicle or trailer and further provided that the cycle carrier is securely

bolted or locked to the vehicle or trailer by an approved lock and that theft, loss, removal or damage from a

locked vehicle is accompanied by violent and forcible means;

 

7. theft of wheels whilst the Pedal Cycle is secured to a vehicle or trailer carrier, unless the wheels are secured by an

approved lock and cable and or chain, or locked inside a vehicle or trailer and entry and removal is accompanied by violent and forcible means;

provided that:

7.1 an approved lock shall mean any SABS approved close shackle lock;

7.2 an approved chain shall consist of a minimum of 12mm in thickness;

7.3 an approved cable shall consist of 12mm RAVX cable with lock;

 

8. theft of the Pedal Cycle from any place to which the public has access unless such Pedal Cycle is secured by an approved lock, cable and or chain as described in 7.1 to 7.3 above to an immovable object, except whilst the Pedal

Cycle is left at a specifically designated secured area provided by the organisers of an official event;

 

9. vehicles, motor cycles of any type including scooters (excluding battery operated Pedal Cycles), three wheeled

vehicles, quad bikes, golf carts, trailers, caravans, hang gliders, aircraft and watercraft, including their fitted equipment

and accessories

 

I can't find anywhere in the policy where is states what the criteria are if the bike is actually in a room inside your house

[Grebel]

I have all my families bikes specified on my house hold contents policy. If it leaves the property and is valued at more than the policy's unspecified all risks (R2500 per item up to a maximum of 4 items per claim) then it is a specified item on the policy. All items are insured at current replacement value regardless of their age. If your item is discontinued, get a quote on a replacement model. Scan the quotes and mail them to your broker and make sure they acknowledge the receipt of the mail with a response.

 

My bikes are insured for total loss or damage with the exception of competition use. I had a bike stolen from my property recently. It was leaning up against my car after being washed. Reported it to me local police station, lodged a claim and was paid out in full no questions asked within a few days.

 

Value of the new bike including all accessories (Don't forget about the lights, spares, bottle cages etc!!) is about R25k and that costs me abot R100 a month. Way cheaper than Cycle Sure! If you damage the bike during competition use, wait two weeks and claim it happenned while you were out riding with your buddies...

[TNT1]

I have all my families bikes specified on my house hold contents policy. If it leaves the property and is valued at more than the policy's unspecified all risks (R2500 per item up to a maximum of 4 items per claim) then it is a specified item on the policy. All items are insured at current replacement value regardless of their age. If your item is discontinued, get a quote on a replacement model. Scan the quotes and mail them to your broker and make sure they acknowledge the receipt of the mail with a response.

 

My bikes are insured for total loss or damage with the exception of competition use. I had a bike stolen from my property recently. It was leaning up against my car after being washed. Reported it to me local police station, lodged a claim and was paid out in full no questions asked within a few days.

 

Value of the new bike including all accessories (Don't forget about the lights, spares, bottle cages etc!!) is about R25k and that costs me abot R100 a month. Way cheaper than Cycle Sure! If you damage the bike during competition use, wait two weeks and claim it happenned while you were out riding with your buddies...

 

Sounds similar to mine. Who you insured with?

[The Saint]

From what I can establish is Cyclesure will not entertain any claim where there is latent defect to the bike via a manufacturing problem,damage to the bike due to bad roads or if your bike is stolen from anywhere outside or on your premises and is not locked or secured to some immovable object via cables, chains and locks.

 

They will entertain the claim if your bike is LOCKED in your car, trailer or bike rack and that has to be secured by cables, chains and locks - bit ridiculous really. Wonder if my Thulie lock on my bike rack is "approved". Anyhows if your bike is stolen whilst locked in or onto any of these objects there must be forceable entry - that is the criminals mush have broken some other **** to get to your **** before they will entertain the claim.

 

As for your bike being physically stolen from inside your garage or house - well who knows?

[Grebel]

Sounds similar to mine. Who you insured with?

 

My insurance is through Nedbank (Underwritten by Mutual and Federal) and administerred by Brolink who I can highly reccomend!

[Caerus]

Where do I lock my bike when on my Thule Express, it doesn't lock onto anything? Should ones bike be locked to something on my bakkie? But the bakkie is a movable object.

 

I think a call to each persons insurance companies and get them to explain the small print a bit just in case. Maybe go through a whole lot of scenarios and see what they say, then ask to get it all in writing.

[Caerus]

Can we get an amount of what youre paying for your insurance, who the insurance is with and the cost of the bike being insured.

 

This way we could compare.(Like the "Hub Hippo")

[The Saint]

Yes the wording does seem to be a bit vague which is in the insurance companies favor. I think as with most claims it comes down to just how hard you are prepared to fight and how good you are in the letter writing department.

 

Bankers, Lawyers, Doctors, Insurance Companies and Estate Agents, those are my top 5 on the be very careful when dealing with list. AKA The Big 5

[TNT1]

Can we get an amount of what youre paying for your insurance, who the insurance is with and the cost of the bike being insured.

 

This way we could compare.(Like the "Hub Hippo")

 

Hollard:

R25k bicycle, R86.58/month.

 

Oddly, my Galaxy 9000s, insured at R7k is just under R70.00/month. Both full comp cover. So clearly there are more expensive things than bikes to cover.

 

Edit, take into account that I have my other bikes, one car and all household contents with Hollard as well, so that influences the premium.

Edited May 3, 2011 by TNT1

[Christopher Brunsdon]

My insurance has just started this week on my bike and its with Hollard, all risk (Thanks to Tankman for getting me in touch with a broker).

 

Too early to judge them but my other option was cyclesure and dropped that idea after the countless posts of their T&Cs changing last year. Hollard is (slightly) more expensive than Cyclesure but you get what you pay for.

[TNT1]

My insurance has just started this week on my bike and its with Hollard, all risk (Thanks to Tankman for getting me in touch with a broker).

 

Too early to judge them but my other option was cyclesure and dropped that idea after the countless posts of their T&Cs changing last year. Hollard is (slightly) more expensive than Cyclesure but you get what you pay for.

 

I compared (bicycles only) Hollard and cyclesure, and Hollard was much cheaper. Ok, this was a few years back.