Cycle"sure"- nothing sure about them!!

[Caerus]

I'm paying R180/month, all risk on a R23 000 bike with Cyclesure.

 

That needs to be updated as I've got new wheelset and other upgrades. I feel like I'm being raped here, it also comes with personal insurance medical cover. I'm also paying brokerage fees.

[Grantc]

R290/month on my All Risks section of my Householders policy

M&F the underwriter

Price Forbes the broker

 

2 bikes valued at R86k, covered for racing as well

 

excess - 5%of loss minimum R500

Edited May 3, 2011 by GrantC

[Let's Ride]

Santam

 

R150 a month

 

R32 000 bike

 

Excess of R2000

 

(Guys please add in your excess as this is critical - if you pay R2 a month but excess is R30 000 etc...)

[The Saint]

Just to be clear Cyclesure is now underwritten by Hollard so it is strange that Iam on R200 odd a month for a 25k bike and TNT is on 80 Bucks???? Makes no sense looks like I have some phone call to make

[Caerus]

Just to be clear Cyclesure is now underwritten by Hollard so it is strange that Iam on R200 odd a month for a 25k bike and TNT is on 80 Bucks???? Makes no sense looks like I have some phone call to make

 

Then I'm on R180 on a R23 000, do you have any extras?

[The Saint]

Ja wheels and a garmin and some cranks

[GrumpyOldGuy]

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")

 

Getting a quote on one item is not really a good way to compare apples with apples because it depends on your entire policy held by the insurer.

 

If you have a car or two, a householders policy, and a few individually stated items you will be able to negotiate a better overall price, same as if you have a no-claim history or a high claim history, it affects your premiums, if you live in a gated community with an alarm and linked to a response unit you will get discount to someone who dos not, some brokers have higher fees than others, and some brokers get preferential rates with certain insurers as they pass a lot of business their way - you simply cant say "how much is your insurance?" and base your premium on that figure, there are just far too many variables - speak to your broker and be sure you are getting the best deal YOU can, its the best you can do, but there will always be someone getting a better deal and someone getting a worse deal, ...thats just the way it works.

Edited May 3, 2011 by GrumpyOldGuy

[Caerus]

Getting a quote on one item is not really a good way to compare apples with apples because it depends on your entire policy held by the insurer.

 

If you have a car or two, a householders policy, and a few individually stated items you will be able to negotiate a better overall price, same as if you have a no-claim history or a high claim history, it affects your premiums, if you live in a gated community with an alarm and linked to a response unit you will get discount to someone who dos not, some brokers have higher fees than others, and some brokers get preferential rates with certain insurers as they pass a lot of business their way - you simply cant say "how much is your insurance?" and base your premium on that figure, there are just far too many variables - speak to your broker and be sure you are getting the best deal YOU can, its the best you can do, but there will always be someone getting a better deal and someone getting a worse deal, ...thats just the way it works.

 

I've been thinking this, as I said to Saint, it also depends on what extras you have added, like for myself I have Fire, medical, I have a cateye etc etc. Then to also take into account what you have mentioned below.

Edited May 3, 2011 by Caerus

[TNT1]

I've been thinking this, as I said to Saint, it also depends on what extras you have added, like for myself I have Fire, medical, I have a cateye etc etc. Then to also take into account what you have mentioned below.

 

True, but this does make interesting reading, and may be helpfull to some.

[Shebeen]

funny that not many people seem to be on MiWay, since they are pretty heavily involved in sponsoring mtb scene

[Caerus]

True, but this does make interesting reading, and may be helpfull to some.

 

 

I concur my good man

[Caerus]

funny that not many people seem to be on MiWay, since they are pretty heavily involved in sponsoring mtb scene

 

It is strange, you would think they would have the best available considering their involvement. It may just be a "Hub" scenario

[TNT1]

funny that not many people seem to be on MiWay, since they are pretty heavily involved in sponsoring mtb scene

 

 

Yeah, so? I love F1, and am a ferrari man through and through. You wont catch me anywhere near a Marlboro though...

[patches]

Santam

 

R150 a month

 

R32 000 bike

 

Excess of R2000

 

(Guys please add in your excess as this is critical - if you pay R2 a month but excess is R30 000 etc...)

 

Outsurance

R285pm

R34 980 (total insured value. DH bike so high risk)

R270 excess

 

Claimed once already for R2500 within the first month after commencing cover.

 

Cash paid into my account in 3 days

[Caerus]

Outsurance

R285pm

R34 980 (total insured value. DH bike so high risk)

R270 excess

 

Claimed once already for R2500 within the first month after commencing cover.

 

Cash paid into my account in 3 days

 

How does your excess change with each claim? You would more then likely go through more claims then your average XC or trail rider.

Yes/No?

[patches]

How does your excess change with each claim? You would more then likely go through more claims then your average XC or trail rider.

Yes/No?

 

It's a fixed excess... so whether I'm silly enough to claim for a new rotor at let's say R500 (then they'll pay out R230), or whether the whole bike gets stolen... the excess remains the same and no minimum claim ammount.

 

The only time the excess changes is when once a year when they renew your contract (it was R250 last year and went up to R270 for 2011).

 

As for the claim frequency... well, I've only had that one so far... but in general DH bikes are higher risk due to the nature of the sport. (hence other insurers refusing to cover them, or only cover them for theft, not damage).

 

My policy is comprehensive. Cover for theft, loss, damage while training, damage while training, damage during a social ride damage while being transported. Oh and theft off a bike rack (provided it's locked to the rack and the rack is locked to the car) as well as theft at an event (then no lock is required).

 

The one claim I have had so far was for a failed rear hub. it just stopped engaging (due to wear-and-tear). I phoned them and told them it just stopped working on a social ride and mentioned that there was no crash or accident... it simply just gave up the ghost. They said it was fine and that I could still claim.

 

So yeah, very impressed with that.

 

R285 is a lot to pay for the bike... but I look at it like this. If I crash and wreck the fork (which happened last year March, thus teaching me the hard lesson that insurance is important)... a new fork will cost me atleast R8000 (and that's CRC pricing. I can't afford to drop that kinda cash in one go... and with a R270 excess, it won't break the bank to claim.