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awesme
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Hi all

 

What do you guys for MTB insurance. I thought I had a policy but it seems it actually got discontinued 2 years ago already.

 

My general house insurance company seems to want a premium with which I can buy and finance a nice new bike on a monthly basis.

 

G

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There's a couple of bike-specific insurance options out there like MiWay (do a search on thehub - there have been quite a few posts about this recently) but from what I've experienced and heard from others it should be cheaper to add it to the All Risks section of your household policy.

Edited by pauloc
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We took out an all-in-one package with Hollard and got bike insurance. Best is to speak to a broker and perhaps even review your current insurance. We did that and for less than what we where paying for the Business with Indwe & the Car with First 4 Women, we now have better cover for the business, car, household goods & bicycle and still saving R100 per month.

 

I'm not punting Hollard but more to review your current insurer / broker.

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Here is my take on Miway.

 

I took out insurance on a new Pinarello Dogma I bought a few months ago. I had an accident a few weeks ago and put in a claim (frame not even built up yet and sent to Miway for inspection).

 

I was told to produce the original proof of purchase which I do not have anymore and can not find anywhere either. Because of this I was accused of possibly using a friends frame to claim amongst other things. The person speaking to me (I assumed he is the claims manager) would not even give me a chance to speak the way he was carrying on).

 

It has now been nearly a month since I put in the claim and told I can forget about getting anything without giving proof of purchase...

 

I asked them what about the Mavic 3G trispoke, Disc wheel, MTB etc. etc. I do not have the proof of purchase for either...no answer on other side...

 

I say if Miway wants to claim they are the best and make things easier then why all the hassles?

 

Shame on you Miway!

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So let me get this clear, in my own mind, you drop a R100k on a bike and have no paper trail of it whatsoever?

 

Not even a bank statement or proof of purchase or EFT? Or did you pay cash?

Did you go back to the place, where you dropped your R100k and they did not recognize you and refused to give you a copy of your purchase docket/invoice? Or do they not keep track of any stock below R200k there?

 

I had an accident a few weeks ago and put in a claim (frame not even built up yet and sent to Miway for inspection).

 

How do you have an accident with a frame that is not even built up yet???

 

 

I asked them what about the Mavic 3G trispoke, Disc wheel, MTB etc. etc. I do not have the proof of purchase for either...no answer on other side...

 

Glad to hear you didnt punish the poor Dogma by slapping a 3G and diskwheel on it, I mean you coulnd have done so the bike wasnt built up yet right?

 

So, if you were MiWay, and you had only the above information available to you, what would you do?

Reimburse the claimant with R100k no questions asked ... or would you ask more questions?

Edited by Tankman
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So let me get this clear, in my own mind, you drop a R100k on a bike and have no paper trail of it whatsoever?

 

Not even a bank statement or proof of purchase or EFT? Or did you pay cash?

Did you go back to the place, where you dropped your R100k and they did not recognize you and refused to give you a copy of your purchase docket/invoice? Or do they not keep track of any stock below R200k there?

 

 

 

How do you have an accident with a frame that is not even built up yet???

 

 

 

 

Glad to hear you didnt punish the poor Dogma by slapping a 3G and diskwheel on it, I mean you coulnd have done so the bike wasnt built up yet right?

 

So, if you were MiWay, and you had only the above information available to you, what would you do?

Reimburse the claimant with R100k no questions asked ... or would you ask more questions?

 

I paid with paypal and they don't want to accept it as proof (invoice sent through paypal to me). It was only a frame/fork, I even sent the frame to Miway to inspect. I provided the bank statements as well, apparently not good enough. I was told today that if needed I must climb on a plane and go to the shop I bought it from and ask for proof. Might be slight problems getting VISA's for this.

 

I am not going to give the details of the accident, I feel like a idiot already because it was my own doing and I told them that but that is not the problem.

Edited by OcTaLL
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I was with Cyclesure, and they gave brilliant service. My insurance broker (for my house & car) told me that they wouldn't be able to beat their premiums or deal. When I bought my new bike and changed cars in Fevruary/March, I asked my broker to quote on the bikes and the car and and and.

 

I now pay about 45% less through my house holders insurance than i did with Cyclesure. I suggest that maybe you have a broker re-look at your house holders insurance policy or get someone else to quote on it. As an idea, i have the following insured:

 

2011 Polo Vivo

1 x MTB

1 x TT Bike

R125k household cover

R10k unspecified items

Laptop/POLAR/Camera specified Items

I live in Illovo, JHB

i'm 27

 

My premium is R1475.0.

 

PM me if you want mr brokers details

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I paid with paypal and they don't want to accept it as proof (invoice sent through paypal to me). It was only a frame/fork, I even sent the frame to Miway to inspect. I provided the bank statements as well, apparently not good enough. I was told today that if needed I must climb on a plane and go to the shop I bought it from and ask for proof. Might be slight problems getting VISA's for this.

 

I am not going to give the details of the accident, I feel like a idiot already because it was my own doing and I told them that but that is not the problem.

 

So this place you bought it from does not have email? But they have paypal?

They cant email you a copy of your purchase?

Surely the insurance company just wants to make sure that it was not a 2nd hand, ebay or Chinese fake jobby that you bought for R5k and are now trying to get R50k out of them.

 

If I was this insurance company, I would have said there was not enough information regarding this claim (perhaps you provided them additional info) but still no proof. Dont blame them for not wanting to pay out.

 

A while back, I had an issue with the Most crank on my Pinarello. Contacted ASG to speak about a warranty replacement. They also asked for proof of purchase, which I did not have. Never really needed it before so I never bothered having a copy. Drove to the bike shop, asked for a copy of my purchase and got handed it there and then. Sent it to ASG and got helped straight away. All of this seemed pretty standard business practice to me but you seem to find it odd?

Edited by Tankman
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If I was this insurance company, I would say have said there was not enough information regarding this claim (perhaps you provided them additional info) but still no proof. Dont blame them for not wanting to pay out.

 

 

 

Didn't read the whole thread, but on my second hand bikes(or ones that I have no proof of purchase for) my insurance company insisted that I take them to a bike shop and get a replacement quote which I have to submit to them.

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The secret word is: specify, specify, specify.

 

Whenever you buy anything that you want to insure, whether it's you new R2k oakley shades, your b.berry, your bikes, your TV, whatever - specify it immediately. In other words, you send an email to the broker/insurer and say you would like to add to your insurance policy as a specified item. In the email you attach a scanned copy of the paid invoice/receipt, as well as a photo of the item.

 

Do all this immediately and up-front. Always. You will never have problems claiming if you follow these basic rules.

 

Also, some insurance companies don't cover 'extreme sports' (esp. overseas). Some people consider mountain biking an extreme sport. So you send an email to your health insurance company, your bond cover underwriters, your life insurer and your insurer of your bike, asking for them to send you a letter - on an official letterhead - stating explicitly that you are fully covered in the event of an accident when out riding your bike down the side of a mountain.

Edited by tombeej
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And as TNT1 said, for the older stuff, go out and get that letter/quote from a bike shop giving the item's replacement value. Submit that, along with a photo of the bike, to the insurer and say you want it added as a specified item.

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And as TNT1 said, for the older stuff, go out and get that letter/quote from a bike shop giving the item's replacement value. Submit that, along with a photo of the bike, to the insurer and say you want it added as a specified item.

 

Yip, my insurer insisted on it for all of my specified items for which I don't have proof of purchase.

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I'm still trying to find bike insurance for my bikes - don't want to insure for the full value as the premiums would be too high, but its a problem apparently if I "under insure" my bikes.

 

Basically if my bike gets stolen, I just want to get enough money to replace it with something semi-decent, possibly even something 2nd hand. Looking now at possibly just insuring the frame to get around this issue.

 

I am moving to a different insurer on my car. Just phoned my current one to tell them I'm cancelling and they offered me R270 off my premiums to keep me as a customer (didn't help as I'm still getting a cheaper rate with the new one) Maybe if they hadn't put my premiums up so much, I wouldn't have looked around.

 

Seems with insurance you really need to play the companies against each other.

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I'm still trying to find bike insurance for my bikes - don't want to insure for the full value as the premiums would be too high, but its a problem apparently if I "under insure" my bikes.

 

That's weird - how could they justify not paying you out the amount the bikes were insured for? If you insure for less than the full value they should still be obliged to pay you out the amount that was insured? Or are they saying you need to buy and exact replacement model for what you lost?

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I'm still trying to find bike insurance for my bikes - don't want to insure for the full value as the premiums would be too high, but its a problem apparently if I "under insure" my bikes.

 

Basically if my bike gets stolen, I just want to get enough money to replace it with something semi-decent, possibly even something 2nd hand. Looking now at possibly just insuring the frame to get around this issue.

 

I am moving to a different insurer on my car. Just phoned my current one to tell them I'm cancelling and they offered me R270 off my premiums to keep me as a customer (didn't help as I'm still getting a cheaper rate with the new one) Maybe if they hadn't put my premiums up so much, I wouldn't have looked around.

 

Seems with insurance you really need to play the companies against each other.

Did the same thing Ratty got my insurance down from R890 to R270 same cover :blink: , still told them to take a hike

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That's weird - how could they justify not paying you out the amount the bikes were insured for? If you insure for less than the full value they should still be obliged to pay you out the amount that was insured? Or are they saying you need to buy and exact replacement model for what you lost?

 

Asked them more about it and the only thing that would happen is that they would use the average clause.

 

It my complete bike gets stolen, I will receive the amount I insured it for which is fine.

 

Say my bike is worth R20000 and I insure for R15000

If I break the frame and it will cost R10000 to replace, I won't get the full R10000.

There is a formula - something like "insured value / replacement value * Claim Amount"

So in the example, although I'm covered for R15000, I would only received R7500 for the R10000 frame.

 

I understand the logic now and am quite happy with it so will just under insure my bikes.

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