Bike Insurance

[Grebel]

Hubbers,

 

Please be very weary of add on to householders insurance, as some of them only cover you only for theft. There have been claims not paid to riders who crashed in races,(apparently not in the scope of the insurance).  

Read carefully , or have someone check it out for you. Make sure you have cover for theft, cover traveling to or from a riding destination, and during the course of an event, and or theft away from home.

 

I have heard of many insurance claims not being paid, but never once heard of an insurer refusing to take a premium!

 

Adding a bike under your household insurance is not an issue. The details of which have already been discussed. Insure for replacement value. Same goes for any other items (TV, DVD etc) all should be insured for replacement value. The insurer is obliged to replace like for like or to pay out replacement value. If the bike is not specified it will be covered for theft or total loss only while it is at the address of the insured amount and conditions will apply (Locked up, forced entry etc)

 

As an example if you pay R10k for a TV and three years later it gets nicked but a new one now costs R5k, you will get paid out R5k. The reverse is also true. If you buy a TV worth R10 for R5k on special and it gets stolen, the insurer will pay you out R10k to buy a new one.

 

The idea is to specify the bike as an all risks item. Some insurers will stipulate that the bike is not covered during competition use though and possibly various other exclusions, so you need to clarify that with them.

 

It's all pretty straight forward at the end of the day. Those people that "got screwed" by their insurance, probably assumed too much and didn't read the fine print on their quotes.......

[WR 1.0]

Had a claim for damaged on my Venge last week Monday. Phoned outsurance just after 8.00, Lynnwood supply the repair and replace qoute just before 12.00 and at 4.15 claim was approved. Money was in my account on Wednesday.

That's not bad at all, FYI Outsurance also has the lowest overturn rate at the Ombud which is interesting seeing as they sometimes get a bad rep.

Did they write your bike off or only pay for repair?

[Captain Fastbastard Mayhem]

I need to relocate insurers. Bike premium has jumped to a whopping R 473 p/m for a R 50k bike. 

 

Also about time to re-quote my household stuff. 

[Patchelicious]

I need to relocate insurers. Bike premium has jumped to a whopping R 473 p/m for a R 50k bike. 

 

Also about time to re-quote my household stuff. 

PM me your e-mail addy, will put you in touch with a guy that could help.

[Tacet]

Quick feedback on my and a friend's recent claims experiences.

 

We were camping at Silver Rocks caravan park near to Nylstroom.  At the last night (Sunday night) both our bicycles were stolen from inside a tent - a group moved through the camp terrain cutting several tents, stealing whatever they could.  Both bicycles were Scott Spark 950s - mine a 2012 and I think his was a 2014.

 

We both logged our claims on Tuesday, me with Auto&General and him with Outsurance.

 

My bicycle was insured for about 28k, with an excess of about 1k.  I filled in Auto&General's web-based claims form.  They phoned me back on Thursday evening (18h30), and couldn't reach me.  I phoned them back on Friday morning, and they asked a few more details to finalize the claim.  They required me to send them proof of payment for the original purchase in 2012, which I was able to do with some difficulty.  On Wednesday (8 days after lodging my claim), they eventually told me that they will pay out the full insured amount into my bank account, netting me about 27k.  My monthly premium was roughly R140.

 

My friend who's with Outsurance was insured for about R34k.  His monthly was less than R100.  Outsurance approved his claim by the Thursday after he lodged it with them (e.g. about three days).  They didn't ask for proof of payment.  However, they required him to buy from The Bicycle Company.

 

 

So, replacement purchases:

 

Both of us eventually decided to go for the Spark 950s again.  I am busy purchasing from Cycle House - Anton quoted me R31700 for the bicycle with eggbeater pedals and the tubeless conversion.

 

My friend had to buy from TBC.  They asked him R39600.  IIRC that included the tubeless conversion, but Shimano pedals rather than eggbeaters.

 

So, all in all we paid in fairly much the same, though my premium over the last five years was significantly more.

[JJDT]

Question if the bike is no longer made how does insurance work? I do have a road bike a Raleigh Team Carbon, Raleigh does not seem to make road bikes anymore.

I do about 3 - 4 road events in a year and the rest of time I'm spending on the MTB.

[HBO]

Question if the bike is no longer made how does insurance work? I do have a road bike a Raleigh Team Carbon, Raleigh does not seem to make road bikes anymore.

I do about 3 - 4 road events in a year and the rest of time I'm spending on the MTB.

It will then be at a reasonable replacement of similar quality. The best will be to speak to a couple of LBS's and find out what is a reasonable replacement that is equal to the Raleigh, get a quote and send to your insurance so when there is a claim there won't be any issues.

[Eugéne Alberts]

Insuring your bike under the all risks section of your personal insurance should cover you for every eventuality.

 

Rates should not be more than 4%.

Thus (bike value x 4%)/12(to get to monthly premium). Rates are usually dependent on your risk profile and claims history.

 

Specify your bike for it's replacement value. If the model you ride is no longer available, instruct your insurer to amend the insured amount to the value of what it's replacement model is priced at. All risks items(specified items) aren't normally subject to average(proportional settlement in case of under insurance), but you might be left having to pay in in case of having to replace it because the new model in more expensive than the one you ride.

 

In my opinion niche insurers, in this regard(bikes) don't add value above what is offered by your existing insurance.

 

Try and combine your policies. Normally cars are insured with the finance house, building insurance with the bank etc. Combining these will give you buying power that drives down premiums.

[stefmeister]

What has everybody's experience been with claiming for damaged parts, like broken wheels?

Is it worth it, did it affect your monthly premium etc? 

[Schnavel]

So I'm in the market for a new insurance company as currently paying a lot for my household contents, car and bicycles.

 

After reading through several pages of this thread, it appears that the way to go is to get a broker. Does anyone have a good broker that they can recommend?

[Letum911]

So I'm in the market for a new insurance company as currently paying a lot for my household contents, car and bicycles.

 

After reading through several pages of this thread, it appears that the way to go is to get a broker. Does anyone have a good broker that they can recommend?

PM Sent with my broker's details.

[bologniusmaximus]

What has everybody's experience been with claiming for damaged parts, like broken wheels?

Is it worth it, did it affect your monthly premium etc?

Good question, keen to hear on this one. I've been paying for my own replacements...

 

Sent from my Nokia 7 plus using Tapatalk

[daniemare]

About a year ago, my bike was stolen. But police got it back so all was good.

 

I was however not insured and looked into insurance back then but could not find suitable insurance.

 

The problem is, my household content is not insured and I in any case only want insurance on my bicycle when out and about.  

 

Now, I have 3 bicycles, but like most people I can only ride 1 at a time. Does anyone know if the insurance industry has moved along enough to insure my 3 bikes for the 1 risk while riding, and not as if all 3 are exposed to the same risk all of the time? I know this is possible in some other markets, hopefully here now too.

[Twaatie]

About a year ago, my bike was stolen. But police got it back so all was good.

 

I was however not insured and looked into insurance back then but could not find suitable insurance.

 

The problem is, my household content is not insured and I in any case only want insurance on my bicycle when out and about.

 

Now, I have 3 bicycles, but like most people I can only ride 1 at a time. Does anyone know if the insurance industry has moved along enough to insure my 3 bikes for the 1 risk while riding, and not as if all 3 are exposed to the same risk all of the time? I know this is possible in some other markets, hopefully here now too.

First things first, go get contents insurance its not so expensive a few hundred rands a month

[daniemare]

First things first, go get contents insurance its not so expensive a few hundred rands a month

Why? I do not need it, even if it’s a few R100 a month. That adds up over a year whilst I pay enough levy to ensure it’s not necessary.

 

So back to the question, can I ensure my theft risk on a risk basis and not a physical bicycle count basis

[TyronLab]

Thought I'd share my recent experience insuring our two bikes.

 

I have household content insurance with Discovery, but you can include portable item insure under that. I insured my bike for R13k and my wife's for R7k, total cost is R60 a month with a R750 flat excess. This covers for theft and damage anywhere in the world.

 

The only exclusion is that the cover doesn't apply if I use it professionally or outside of its intended use. Also, if its stolen from a car, or from my home while there are other units still being built in my complex there have to be signs of forced entry (i.e. you'renot covered if you leave your bike on the front lawn while there are contractors).