Bike Insurance

[pauloc]

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.

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...

[Gareth1982]

you guys have got me a bit worried now!!!

I have just insured my bikes with Myway, all they asked me was what type of bike is it (road or MTB) and what make of bike and how much do I want to insure it for?

I gave the amounts and they said it was fine. Now I am wondering if something had to happen are they going to pay out or what because I do not have proof of purchase because I bought it from a seller on the hub second hand and the bike was picked up at his friends house.

 

What do you guys think I should do now,should I go to a LBS and ask them for a quote on replacing the bikes and send that to Myway or what?

 

Thanks

 

Sorry if this is hijacking this thread.

[AndreZA]

you guys have got me a bit worried now!!!

I have just insured my bikes with Myway, all they asked me was what type of bike is it (road or MTB) and what make of bike and how much do I want to insure it for?

I gave the amounts and they said it was fine. Now I am wondering if something had to happen are they going to pay out or what because I do not have proof of purchase because I bought it from a seller on the hub second hand and the bike was picked up at his friends house.

 

What do you guys think I should do now,should I go to a LBS and ask them for a quote on replacing the bikes and send that to Myway or what?

 

Thanks

 

Sorry if this is hijacking this thread.

 

I'm also with Miway. I've just got photos of every component as proof.

[Caerus]

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.

 

I need to do this as well, are any LBS shops cool about doing this, considering nothing on the bike comes from them? I also need to get it done for my new wheels, again I bought all my parts from overseas and someone else built them up.

[Minion]

I need to do this as well, are any LBS shops cool about doing this, considering nothing on the bike comes from them? I also need to get it done for my new wheels, again I bought all my parts from overseas and someone else built them up.

The shops I've asked have been happy to do it: I just emailed through a list of the parts on my bike and they filled in a form with replacement values.

[Ratty]

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...

 

Question is, what is most likely to get damanged on a bike.

 

Do I insure just the frame and get the full amount if the frame is damanged,

or do I insure the full bike and get a percentage of the frame if its damanaged and also get paid out a percentage for anything else that gets damanged.

 

What expensive items could get damanged in an accident (mtb mostly)?

[AndreZA]

Question is, what is most likely to get damanged on a bike.

 

Do I insure just the frame and get the full amount if the frame is damanged,

or do I insure the full bike and get a percentage of the frame if its damanaged and also get paid out a percentage for anything else that gets damanged.

 

What expensive items could get damanged in an accident (mtb mostly)?

 

I think most people insure it for if it gets stolen. Not many people claim for a broken derailleur. Frame you only claim if it is not covered by the warrantee.

[leet22]

Question is, what is most likely to get damanged on a bike.

 

Do I insure just the frame and get the full amount if the frame is damanged,

or do I insure the full bike and get a percentage of the frame if its damanaged and also get paid out a percentage for anything else that gets damanged.

 

What expensive items could get damanged in an accident (mtb mostly)?

Ratty my advice would be to insure the items you will have trouble replacing with out a huge out lay frame etc. A derailer is R500+/- a frame R$$$$$

[tombeej]

The shops I've asked have been happy to do it: I just emailed through a list of the parts on my bike and they filled in a form with replacement values.

 

Ja, bikes shops get these requests all the time - they know exactly what to do. And I'd be very surprised to find an LBS that won't do it - even for the CRC purchases.

[Caerus]

Ja, bikes shops get these requests all the time - they know exactly what to do. And I'd be very surprised to find an LBS that won't do it - even for the CRC purchases.

 

 

Ok cool, was just stressing in case I arrive with all this stuff to get apraised and they tell me to sod off. I did buy my other bike from them.

 

So would it be better to get a complete breakdown( Im talking all your parts, deraileurs, forks etc etc) for replacement value as well as a full bike replacement value. So If I broke my crank arm, and handlebars & bent a deraileur, I could then claim for replacement of said individual part?

 

So for example my bike cost me R20k, do I insure the bike at more then the R20k , lets say R25k for price fluctuations in the future?

[tombeej]

Ok cool, was just stressing in case I arrive with all this stuff to get apraised and they tell me to sod off. I did buy my other bike from them.

 

So would it be better to get a complete breakdown( Im talking all your parts, deraileurs, forks etc etc) for replacement value as well as a full bike replacement value. So If I broke my crank arm, and handlebars & bent a deraileur, I could then claim for replacement of said individual part?

 

So for example my bike cost me R20k, do I insure the bike at more then the R20k , lets say R25k for price fluctuations in the future?

 

 

You don't have to carry all the stuff to a shop, just send them an email (or go see them with a typed-up sheet if they don't have email) and say you need this done "for insurance purposes" - they know what that means. In the email, list the frame make & model & all the components, as well as the year of manufacture for each one. The bike shop will then give each item a value, tally up the total amount and give you a letter stating what the replacement value of your bike is. This is the letter you send in to your insurance company when you say you want it as a specified item in your policy.

 

If you then go and buy all sorts of new stuff and add it to your bike (e.g. new racing wheelset), and it's bumped up the value of the bike appreciably, I would go through the process again.

 

EDIT: in answer to your question about claiming for individual parts, I've not done that before. If I break, I pay. But it wouldn't hurt to just ask your insurer if you're able to claim for replacement parts if you break something.

 

EDIT2: to answer the last question, no you can't over-insure an item. That's why the insurer wants a bone fide letter stating its true value. You can't buy a citi golf, then insure it for R400K and after a few months it gets stolen, now you have money to buy the jag you always wanted

Edited June 22, 2011 by tombeej

[Caerus]

You don't have to carry all the stuff to a shop, just send them an email (or go see them with a typed-up sheet if they don't have email) and say you need this done "for insurance purposes" - they know what that means. In the email, list the frame make & model & all the components, as well as the year of manufacture for each one. The bike shop will then give each item a value, tally up the total amount and give you a letter stating what the replacement value of your bike is. This is the letter you send in to your insurance company when you say you want it as a specified item in your policy.

 

If then go and buy all sorts of new stuff and add it to your bike (e.g. new racing wheelset), and it's bumped up the value of the bike appreciably, I would go through the process again.

 

EDIT: in answer to your question about claiming for individual parts, I've not done that before. If I break, I pay. But it wouldn't hurt to just ask your insurer if you're able to claim for replacement parts if you break something.

 

EDIT2: to answer the last question, no you can't over-insure an item. That's why the insurer wants a bone fide letter stating its true value. You can't buy a citi golf, then insure it for R400K and after a few months it gets stolen, now you have money to buy the jag you always wanted

 

Ok thanks for all the help & info, I guess I know what I will be doing tonight.

 

With reference to the "Edit 2" I gave a higher value then what I paid, to take into consideration of price increases for the future. They have not asked for the original invoice yet. So am I overpaying for nothing then? I hope not.

[Cassie]

Question is, what is most likely to get damanged on a bike.

 

Do I insure just the frame and get the full amount if the frame is damanged,

or do I insure the full bike and get a percentage of the frame if its damanaged and also get paid out a percentage for anything else that gets damanged.

 

What expensive items could get damanged in an accident (mtb mostly)?

 

@Ratty: Rather insure for replacement due to bike being stolen. There might be issues around wear & tear etc etc. when stuff breaks and you want to claim.

 

Keep it simple....

[MiWayMTB]

Wow – what an interesting read! We thought we’d drop a line or two to reassure you all that MiWay believes in the fair and equitable settlement of valid claims.

As Tankman says, it is perfectly normal for any insurance company to request proof of payment and ownership of valuable items, especially those bought recently. If you’re interested in our response to Octall’s concerns, why not check out the Hellopeter website and view our reply to his original comment "]there?

 

If you’d like more info about MiWay’s MTB insurance product, please visit our MTB website for more info or follow us on Facebook for up-to-date news and trends. MiWay’s MTB insurance covers your bike during and en-route to races, as well as during training. You can also email us on mtb@miway.co.za for more specific questions which we’ll be glad to answer!

 

Happy riding!

The MiWay MTB Team

Edited June 22, 2011 by MiWayMTB

[Caerus]

Wow – what an interesting read! We thought we’d drop a line or two to reassure you all that MiWay believes in the fair and equitable settlement of valid claims.

As Tankman says, it is perfectly normal for any insurance company to request proof of payment and ownership of valuable items, especially those bought recently. If you’re interested in our response to Octall’s concerns, why not check out the Hellopeter website and view our reply to his original comment there?

 

If you’d like more info about MiWay’s MTB insurance product, please visit our MTB website for more info or follow us on Facebook for up-to-date news and trends. MiWay’s MTB insurance covers your bike during and en-route to races, as well as during training. You can also email us on mtb@miway.co.za for more specific questions which we’ll be glad to answer!

 

Happy riding!

The MiWay MTB Team

 

 

That was quick, do those emails go to yourself? Would be great for all folks from the hub that are insured with Miway can deal with one person and all get the same info? Just my 2c.

[Weight Weenie]

Good ORM, well done MiWay