Cycle"sure"- nothing sure about them!!

[Grebel]

As Grumpy mentioned before, depends on the whole package and various other things. I am with Nedbank Personal Banking and their clients get preferential rates. My bike is insured for R25k with all the extras specified (Tubby bag, tubes, levers, bombs, lights pedals, [My Garmin is separate] etc). It is insured as a specified all risks item that is covered for everything except competition use and it Costs me R100/month. I have my household contents, cars, trailers, cameras, jewellery and a few other bits as well. I switched to them because apples for apples a few years ago they were nearly half of what a broker "who had my best interests at heart and offered a personal service" was charging. I would suggest shopping around and adding everything to the package. Splitting cars, household, bikes etc. works out too expensive. Bear in mind that you might need to compromise to save a few rand...

[Caerus]

So what the best thing to do, keep my bike insurance seperate from household insurance? I need to get household insurance now as well.

[Wheelsuck]

Had some crap with Cyclesure as well.Be very carefull with them.

[GrumpyOldGuy]

So what the best thing to do, keep my bike insurance seperate from household insurance? I need to get household insurance now as well.

 

Its hard to say, a good broker will usually advise you on that, but generally its better (cheaper) to keep everything cars, house contents, bicycles etc under one policy, Insurers dont like insuring one item as it costs them the same to hold a portfolio of a car, house, trailor, bike, Tv etc as it dos to hold one bicycle, so they put a premium on individual items, actually some insurers wont even insure individual items, they want an entire portfolio.

[Caerus]

Had some crap with Cyclesure as well.Be very carefull with them.

 

 

Please explain further so as to avoid this happening to someone else kind Sir

[Christopher Brunsdon]

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

 

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.

 

Then I cannot complain, I last got a CS quote 2yrs ago (Yeah, I'm lazy).

 

Mine is R60 odd for R12K + R5K

[Joe Low]

All insurers have clauses and exemptions, you just have to read the fine print carefully and understand what they expect of you.

 

Unfortunately few of us do, and then we are quick to "cry foul" when the insurer falls back on his right to refuse renumeration as the insured did not comply to the contractual requirements.

 

Just having an insurance contract is not sufficient, you need to read and understand what is required and ensure you comply.

 

+1

 

To the OP - what does the policy say re: theft? The dictionary definitions arent what count.

[mogwaai]

This thread is making me very nervous. Been a CycleSure client but never claimed. Now I got doubts - do I need to chain my bike to a 140mm mast-pole, electrify my garage door and leave my mother-in-law outside before I get paid out ? I need to phone them to quell my fears

[chris_w_65]

Many insurance companies don't cover races. My previous policy was through Hollard and they would not cover my bicycle in a race or my motorcycle on a race track. I have since switched to Alexander Forbes because of this. Also, my bicycle premium has halved.

 

Hollard also insisted my bicycle be locked to an immovable object if not in a locked up garage, that makes sense to me, it is a high risk item.

[Tankman]

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 have had two successful cycling related claims (and numerous non-cycling related) paid out and settled within a week.

Simply went to CWC for the quote, insurer paid them and I collect the goods all smiles within a week!

Got to give CWC a for their superb service also!

[Tankman]

I am sending a link of this thread to Johan. He is our in-house short term broker, registered with all the major insurance companies (including Cyclesure) with over 25 years experience in short term insurance. He has seen and heard it all!

 

If you want to compare or update your current policies ... feel free to PM me

[Christopher Brunsdon]

I will also add that we just took out a multicover (think thats what you call it) with Hollard that covers the business, car, house and my bicycle for less than what we where paying for the business (INDWE) and car (First 4 Women).

 

We took the approach of what the final cover would be and not the individual costs of each insured item.

[Christopher Brunsdon]

Will say your insurance is only as good as their claim process. Last week we had to claim from First 4 Women, new windscreen that got cracked. They would only process the claim if we had the original inspection certificate - thank goodness we still did.

 

Ironic that we had them for Feb-April and we claimed more than we paid them: New windscreen for Atos2 is R3500; excess R660; premiums paid for 3 months R 1140

[TNT1]

Then I cannot complain, I last got a CS quote 2yrs ago (Yeah, I'm lazy).

 

Mine is R60 odd for R12K + R5K

 

Like grumps said, I have a lot of other stuff with Hollard, so that influences the overall premium now. I guess that could explain it?

[Kranswurm]

I pay R307 pm for my bike valued at 45K replacement.With ETANA

[Swift01]

I am with cyclesure since about 2003 and had quite a few claims over the years from theft to accidents. Everytime I have given them a details description etc and they have paid out quickly. (even a medical bill once for stitches) When I have had an accident I have just taken the bike into the shop and let them handle the case. Recently I have broken 2 carbon cranks and they have paid both out. All of this was before the latest change of under writing companies.

As for the theft, I did email them when they changed their policy about theft. They were saying there was a lot of claims that had been lodged where people's bike were stolen while their garage doors were open etc. I confirmed with them that i didn't need an alarm system in my garage or house as long as there was forced entry to the garage. It also does not need to be locked up in the garage as long as their is visible forced entry to the garage.

Saying all that I am now thinking of creating a way to lock the bikes in the garage. The questions comes when there is at least 4 bikes in my garage at any given time that need to stand some where and now may need to be locked up..........

 

As far as the evaluation of the bike goes, my main racing bike was stock standard. Any upgrades I have done to it have not actually changed the value, they have been replaced as they wear out, so once a year I get a quoted from the dealer. They other 2 bikes that are insured I just dropped them off at a bike shop and had them valued as they were non standard bikes. Each component was written down. If I make any changes I inform the insurance company with a photograph of the bike and the part, and state if the value of the bike has changed or not. They seem happy with that I and always ask for confirmation.

 

I do the same with my household good. I took photo's of everything, made a powerpoint and sent it to them. A friend had a problem where she could not produce prrof of purchase and she had bough the items many years before. She gave them photo's of proof and they were happy......