Bike Insurance

[tayler]

Ahhhhh - ok, that makes sense I was thinking there was a sneaky clause that they wouldn't pay out if the value was incorrectly declared when the bike got stolen...

 

If one underinsures any item by say 30% , the insurance company has the right to pay out 30% less than claimed for . U also put yourself at risk of having it written off where you will be paid out lesser amount and have to give the insurance company the salvage. Do the right thing and pay the premium on the value of the bike

[Andro]

I pay 180 at miway for 24k cover but ... I havent claimed yet and a bit afraid they wont pay out or that there will be troubles when i claim ( if bikes get stolen) because they only asked me what the bike colur is and for what i want to insure it for. Wonder if i shouldnt get a replacement value from my lbs and send it to them , just incase it gets stolen that they know what to pay out.

 

A bit sceptical about the whole bike insurance thing and the bad things i heard from clients of miway trying to claim and failing to.

 

Good luck with Their Way... Oeps meant My Way. The assessors they used in my case was a bunch of monkeys.

Ill spare you the detail. But it was a BS story. Eventually received my Replacement, had to pick a bike from... you wont guess. Cyclelab. Eish. Even after I requested at any other lbs. They didnt want to know of this. Picked a bike and sold it and had to lose more than a third in order to get the bike I accually had.

 

Try Inwe Risk Samtam. Know of mtb's that claimed frame ect without an issue.

 

Just my 2c

[Spinnekop]

Well.....seeing this thread kicked alive again I can just reiterate what I said previously.....Cyclesure knows their stuff and is a joy to deal with. I'll pay a higher premium any day!

[walker]

Last year i moved my household and cars from Outsurance to TIB, in the process i also included the 9 bikes and many sets of race wheels etc that my kids and i have collected (not previously insured) and am now paying less than before.

I also increased the value of my household cover as i was previously under insured.

 

Recently i had to put in a claim for my sons MTB (he broke the frame). The claim was approved with in 2 hrs and the money was in my bank by the end of business the following day. The hardest part of the process was the decission of what to replace it with, 26er, 29er.

 

The guys at TIB apart from being cyclists themselves , so they understand their cycling customers, are really easy to deal with even with difficult clients like us who are constantly changing our policy.

[Daft Vader]

Does anyone remember Advanced Consulting. A few years ago they were giving bike specific insurance with excellent rates. Are they still around?

[hannesbothasa]

I am with Alexander Forbes and my bike and accesories are insured for all risk for less than R50 per month.

[CAAD4]

Last year i moved my household and cars from Outsurance to TIB, in the process i also included the 9 bikes and many sets of race wheels etc that my kids and i have collected (not previously insured) and am now paying less than before.

I also increased the value of my household cover as i was previously under insured.

 

Recently i had to put in a claim for my sons MTB (he broke the frame). The claim was approved with in 2 hrs and the money was in my bank by the end of business the following day. The hardest part of the process was the decission of what to replace it with, 26er, 29er.

 

The guys at TIB apart from being cyclists themselves , so they understand their cycling customers, are really easy to deal with even with difficult clients like us who are constantly changing our policy.

 

Who's TIB?

[Seadog]

If one underinsures any item by say 30% , the insurance company has the right to pay out 30% less than claimed for . U also put yourself at risk of having it written off where you will be paid out lesser amount and have to give the insurance company the salvage. Do the right thing and pay the premium on the value of the bike

 

This obviously applies to all of your possessions. If you are under insured, you get paid out proportionately.

I have just launched a new online inventory which helps you ensure that you are properly insured....for everything.

Have a look at it. It's called digifort

[Captain Fastbastard Mayhem]

Just thought I'd update my last post here. Logged a claim for my wife's bike, which was insured under Discovery Insure. Gave them the case number, a brief description of events (diewe came in and scaled bike, which was locked with 12mm braided steel cabling) and then gave them a replacement quote from an LBS. Was paid out 2 days later, minus the excess. No hassles. Very easy and pain free.

[Lord Catapult]

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

 

I can beat that

 

1x SSangyong Korando (new and for business usage)

1x Ghost Mountain Bike

1x Axis Mountain Bike

1x Laptop

1x Canon DSLR camera

1x Digital Camera

2x Watches (Polar) and (Fossil)

1x Blackberry

1x Tablet PC

R200k Household

R10k unspecified

 

Premier R1624-00

[camerons]

you okes who have insured your bikes along with your cars, household etc, I would just check to see what exactly you are insured for. I had my bike with Absa along with my cars, house blah blah. Because of this thread I did some digging and it turned out that my bike was pretty much only insured against theft, not crashing etc. I cancelled it and got covered by cyclesure as I specifically wanted accidental damage coverage.

[chris_w_65]

House - R900000.00

Contents - R330000.00 - All risks

Specified all risks - R157000.00

Car R47000.00

Motorcycle - R110.000

 

Total - R2174.75/month

[chris_w_65]

House - R900000.00

Contents - R330000.00 - All risks

Specified all risks - R157000.00

Car R47000.00

Motorcycle - R110.000

 

Total - R2174.75/month

 

My bicycle is covered during timed events (races)

My motorcycle is covered on the track

My car is insured at it's appraised value and not the book value (it is 32 years old so book is R8000.00)

[Rudi Pollard]

House - R1,050,000

Cars - R176,200(Private & Business Use)

Specified All Risk - R57,000

Household Contents - R186,850

2 Bicycles including accesories & wheelsets etc(cyclesure) - R24,000

Excess Waiver

X Sure Tyre Insurance

 

R1850 for everything

[chris_w_65]

I am with Alexander Forbes and my bike and accesories are insured for all risk for less than R50 per month.

 

Me too, my bike is R30K and premium is R107.00

[Cassie]

you okes who have insured your bikes along with your cars, household etc, I would just check to see what exactly you are insured for. I had my bike with Absa along with my cars, house blah blah. Because of this thread I did some digging and it turned out that my bike was pretty much only insured against theft, not crashing etc. I cancelled it and got covered by cyclesure as I specifically wanted accidental damage coverage.

 

This is very true...most "normal" grouped insurances will only cover that...

spesific bicycle insurance will cover much more...