Bike Insurance

[Guest Omega Man]

I'll weigh in on this topic properly when my stolen bike claim has been finalized.

 

But when it comes to companies like Outsurance and Dial Direct. They are tapping in to the perception that brokers are thieving scum and responsible for the high premiums that we pay. Cutting out the middle man etc etc.

 

This is simply not true. Firstly brokers earn a TEENI TINY commission on short term insurance. The commission is paid monthly so the broker is k@kking for years to build up a decent book before he makes any money on short term business. My wife is a broker (Life and Investments) and her company is trying to get rid of their short term book cos it's such a hack.

 

Secondly. The commission the Outsurance would pay to brokers is being routed into television advertising and call centers.

 

THEIR PREMIUMS ARE CHEAPER BECAUSE THEIR REPUDIATION RATES ARE HIGHER! SIMPLE!

[lloydkayak]

After being quoted by other company's for my mtb insurance it was expensive and very limited cover I found these chaps based in Durban.

 

A 1/3 of the price from my broker. Fully cover no issues including races and damage and theft ect.

 

It was more than HALF to the quote from company Cyclesure. Please read his twice....

 

This will save fellow Hubbers big $$$$

 

I-Cycle

Steve Marnewick

Marketing Director

Cell: 0828202342

Tell: 031 566 2322

Fax: 031 566 2374

E-Mail: stephen@policyprovider.co.za

 

I contacted these guys, their premium is R12 less than cyclesure? on two bikes insured for quite a large sum

[Forthefun]

I-cycle quoted me R214 for really full compressive cover, with no ifs and buts..

 

Cyclesure quoted me R383 for semi comprehensive , I read the exclusions and its not full comprehensive as they claim....... A old trick noting all risks - with lost of exclusions = not full comprehensive insurance. I got both quotes in writing.

 

So why they only quoted you R12 less ,could be your past history or profile with the insurance groups. Or they quoted you wrong.

[TiBones]

Check out Move Insurance - giving back to the cyclist....

[Guest Omega Man]

Ok. I didn't want to weigh in on this one properly until my insurance claim had been finalized.

 

My beloved Morewood Makulu was stolen out of my garage on x-mas eve. WHILE MY WIFE WAS HOME!!! They lifted my heavy ass electric gate and somehow broke the garage door open. They were clearly targeting the bike cos they also put my spare shock and downhill helmet close to the door. My claim took 14 days from reporting the crime to the police till the money appeared in my bank account. That's over the festive season with multiple public holidays etc etc.

 

Right now onto the insurance part. When it comes to bikes and Insurance I have a few bits of advice. These are my thoughts on insuring a bike.

 

1. Specify. If you don't then your bike is "part of your household" so it's insured along with that. not clever. I'm also not 100% sure on this but I think your bike will then only be covered if it's stolen from the property.

2. Act as if the bike is not insured. Act as if someone is looking to steal your bike. Cos they are. Secure your bike with a lock. Get some sort of ground anchor to lock them to in your house/garage. If your bike is on the back of your car/bakkie. lock it on there too. a R50 bike lock could save you a lot of heartache.

3. Be informed. Don't be one of those okes who says so and so insurance company fcuked me over because you "thought" you were covered for your pinarello dogma paying a R25 a month premium. Also quite often insurance companies won't pay you for breakage if you were racing or if you were breaking the law when the loss occurred (maybe now you roadies will jump fewer red traffic lights). They also don't like to pay for broken DH bikes so if you are insuring a DH bike make sure that the broker uses the word downhill to describe the bike in the policy.

4. Work through a broker. It's their job to explain to you in layman's terms what you are and aren't covered for. Also. It's easier for a call center to blow you off than a broker who you have a relationship with. Try to work through a broker that has a big book. They can push for bigger discounts and the chances of them having a claim repudiated are small. My wife is a life broker and our short term is with a specialist short term broker for these very reasons.

5. Don't think of insurance as a way to profit. If you insure your 1976 steel raleigh for R150k and you organize for it to get "stolen" you are a thief. Plain and simple.

6. Try to insure your car, house contents and bike under the same policy. It tends to be cheaper BUT Refer to all my previous points.

7. If you are going to travel with the bike you should inform the insurance company. When I travel overseas with my bike I inform the broker and I also make sure my travel insurance covers me for a stolen or broken bike.

[PYGAR]

Hi Guys,

So i just bought a second hand bike thats in as new condition and need to get it insured.

 

I asked my broker to insure it and they say it is but it seems fishy.... I gave them all the details of the bike including the serial number but I am not entirely convinced.

I am pretty sure its with Santam...... does anybody have any history with these guys.

 

Is there any other way that I can make sure that is properly covered.

Thanks

[Reg Lizard]

With insurance one MUST read the fine print!!! Look especially if your policy states that sports equipment in use is not covered- on some policies this is a exclussion- so check for this!!!

[Guest Route62mtb]

I've insured my bike with home insurance. R30 000 and I pay R101 p/m fully insured doing what ever. And yes they did ask for proof (invoice) before insuring it (makes more sence sorting the paper work before you have a claim) . Thats with Alexzander Forbes

[Warren_G]

Ok. I didn't want to weigh in on this one properly until my insurance claim had been finalized.

 

My beloved Morewood Makulu was stolen out of my garage on x-mas eve. WHILE MY WIFE WAS HOME!!! They lifted my heavy ass electric gate and somehow broke the garage door open. They were clearly targeting the bike cos they also put my spare shock and downhill helmet close to the door. My claim took 14 days from reporting the crime to the police till the money appeared in my bank account. That's over the festive season with multiple public holidays etc etc.

 

Right now onto the insurance part. When it comes to bikes and Insurance I have a few bits of advice. These are my thoughts on insuring a bike.

 

1. Specify. If you don't then your bike is "part of your household" so it's insured along with that. not clever. I'm also not 100% sure on this but I think your bike will then only be covered if it's stolen from the property.

2. Act as if the bike is not insured. Act as if someone is looking to steal your bike. Cos they are. Secure your bike with a lock. Get some sort of ground anchor to lock them to in your house/garage. If your bike is on the back of your car/bakkie. lock it on there too. a R50 bike lock could save you a lot of heartache.

3. Be informed. Don't be one of those okes who says so and so insurance company fcuked me over because you "thought" you were covered for your pinarello dogma paying a R25 a month premium. Also quite often insurance companies won't pay you for breakage if you were racing or if you were breaking the law when the loss occurred (maybe now you roadies will jump fewer red traffic lights). They also don't like to pay for broken DH bikes so if you are insuring a DH bike make sure that the broker uses the word downhill to describe the bike in the policy.

4. Work through a broker. It's their job to explain to you in layman's terms what you are and aren't covered for. Also. It's easier for a call center to blow you off than a broker who you have a relationship with. Try to work through a broker that has a big book. They can push for bigger discounts and the chances of them having a claim repudiated are small. My wife is a life broker and our short term is with a specialist short term broker for these very reasons.

5. Don't think of insurance as a way to profit. If you insure your 1976 steel raleigh for R150k and you organize for it to get "stolen" you are a thief. Plain and simple.

6. Try to insure your car, house contents and bike under the same policy. It tends to be cheaper BUT Refer to all my previous points.

7. If you are going to travel with the bike you should inform the insurance company. When I travel overseas with my bike I inform the broker and I also make sure my travel insurance covers me for a stolen or broken bike.

Also take pictures and make copies of invoices for bike and any upgrades done.

[ruan@cyclelabraceteam]

I have a Merida o.nine xx which I want to insure . Which insurer would you suggest ?

[I-cycle]

iCycle now offers a cash back on no claims for 24 months and an excess buyback on basic excess.

 

Contact us on

 

icycle@policyprovider.co.za

www.i-cycleinsurance.co.za

0315662322

[Carbon Junky]

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.

Dit word die awery klosule genoem. Sorry, dont know the english term. This means that the insurance company calculates how much the damage is and if its over/under insured, then uses this formula to determine the amount they will pay you. Best thing is to always get a quote thats equal to your insurance or higher

[DIRT EATER KZN]

I damaged my momsen frame it was settled in 2 days with outsurance I am very happy with them

[Cam182]

so i tried getting my bikes insured with outsurance but seems i need to move my home policy to them to get them insured... does this sound right?

 

have also emailed icycle so will see what they say.

 

ill try to go thru the 18 pages and see who else to email. at the same time i'll try to create a summary of all providers with emails that we can send the same email to for quote requests to make it easier in the future for others

[Captain Fastbastard Mayhem]

Dude. They're hectically expensive for bike insurance compared to the others out there. And yes, you need to insure your contents as well. No bike specific insurance

[Wolfie1]

Hi Gents

 

I have a Black spade carbon worth 40k and my premium is R254 per month. I use Safire insurance and up till this point i have no issue. Send a mail to compare quotes Zelna zelna@okennedybrokers.co.za