Bike Insurance

[Mathieu_Schneuwly]

A question for people who have actually claimed for stolen bikes:

 

Do they pay out the full replacement value as per the bike shops valuation?

And does the money go straight to the bike shop to supply a new bike?

 

I'm just wondering whether they only pay what they think your bike was actually worth, or if they literally replace it at the full price.

[Captain Fastbastard Mayhem]

A question for people who have actually claimed for stolen bikes:

 

Do they pay out the full replacement value as per the bike shops valuation?

And does the money go straight to the bike shop to supply a new bike?

 

I'm just wondering whether they only pay what they think your bike was actually worth, or if they literally replace it at the full price.

you're obliged to insure it at full retail replacement cost. So, even if you have a 15 year old top of the line bike that will only sell foor R 2k, if the new version goes for 150k, that's what you insure it for. Otherwise you'll have your claim aggregated and you will get less than what you've insured it for.

 

Depends on the insurer. Mine paid me cash. Others have deals with LBS's and other retailers to try and see fi they can get good deals. My Reign X was probably worth R 15k at a stretch, if I were to sell it. Cost to replace new was 47k. You insure for 47k. 

[Mathieu_Schneuwly]

you're obliged to insure it at full retail replacement cost. So, even if you have a 15 year old top of the line bike that will only sell foor R 2k, if the new version goes for 150k, that's what you insure it for. Otherwise you'll have your claim aggregated and you will get less than what you've insured it for.

 

Depends on the insurer. Mine paid me cash. Others have deals with LBS's and other retailers to try and see fi they can get good deals. My Reign X was probably worth R 15k at a stretch, if I were to sell it. Cost to replace new was 47k. You insure for 47k. 

Thanks! I know you insure for replacement value, but my question is: is that what they paid you out? If you don't mind me asking. I'm worried they decide to pay out less because it's old, second hand etc...

[Captain Fastbastard Mayhem]

Thanks! I know you insure for replacement value, but my question is: is that what they paid you out? If you don't mind me asking. I'm worried they decide to pay out less because it's old, second hand etc...

no. You insure for new, they pay according to that. I got full retail minus excess. 

[Smurfy]

Also got full insured amount less excess. it was paid out to me. It can also depend on your insurance company.

I`m with ............. not sure if we are allowed to post the companys name.

[DR ◣◢]

Santam is insane!

 

Tried for the Morewood and Intense under all-risk for R50k each. Whopper of R1798 per month for both. 

 

Most expensive was from Cyclesure at R500 for both. 

 

Momentum under all-risk comes to R197 for both.

[pellieg]

Im with King Price and i have insured my Giant Anthem advanced X to the value of R 48 K 

for a extra R 1 on my house content 

 

Have sent thought photos as well as proof of purchase and a  Item valuation from two bike shops , just to cover my arse

[Patchelicious]

Im with King Price and i have insured my Giant Anthem advanced X to the value of R 48 K

for a extra R 1 on my house content

 

Have sent thought photos as well as proof of purchase and a Item valuation from two bike shops , just to cover my arse

Let us know how it goes when it comes to claim time

[pellieg]

Let us know how it goes when it comes to claim time

I have claimed for other things from them without any issues , 

 

but hopefully i wont have to claim for that 

[DR ◣◢]

On the phone now.

 

Looks like the premium will be pretty good... WIll see when I get the final quote.

[Zatek]

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.

[Skylark]

I am currently battling with getting a claim paid for my cracked frame.

 

The insurers are Western National, they are making excuses and seeking reasons to not pay, I put in the claim almost a month ago. This thing is really getting to irritate the life out of me.

 

So if I can pee in the puddle:

 

STAY AWAY FROM WESTERN NATIONAL.

 

O' I did nothing weird with the bike, I rode it and after cleaning it noticed that the frame was cracked where the top tube and seat stay meet. It is an 3 year old aluminium Merida, unfortunately I bought the bike second hand, the first owner basically never used it.

They probably won't pay out unless you said there was an incident that precipitated the damage, they don't cover wear and tear or manufacturing defects , which is what randomly finding a crack in your frame would point to. If you want to claim from insurance have an incident to back up the claim or expect it not to be paid out.

[igg]

Im with King Price and i have insured my Giant Anthem advanced X to the value of R 48 K 

for a extra R 1 on my house content 

 

Have sent thought photos as well as proof of purchase and a  Item valuation from two bike shops , just to cover my arse

That's nice and cheap, but, household?

 

Surely that means your bike is not insured anytime it's removed from the house. I.e. when you're actually cycling?

[HBO]

you're obliged to insure it at full retail replacement cost. So, even if you have a 15 year old top of the line bike that will only sell foor R 2k, if the new version goes for 150k, that's what you insure it for. Otherwise you'll have your claim aggregated and you will get less than what you've insured it for.

 

Depends on the insurer. Mine paid me cash. Others have deals with LBS's and other retailers to try and see fi they can get good deals. My Reign X was probably worth R 15k at a stretch, if I were to sell it. Cost to replace new was 47k. You insure for 47k. 

Not entirely correct.  You do insure it under the All Risk section at replacement value and the onus is on you as the client to update the value regularly.

 

However, average is not applicable to the All Risk section. In other words if the replacement value is R 20k, but you only insured it for R 10k, you will only get paid R 10k, not R5k because you were 50% underinsured.

[HBO]

That's nice and cheap, but, household?

 

Surely that means your bike is not insured anytime it's removed from the house. I.e. when you're actually cycling?

I also have some concerns about this deal. It's like getting a 1 series BMW for R 10k if you but a 7series BMW for R 1 m. The cost of the 1 series is included somewhere or at some point you gonna find out that it's not a real BMW 1 series.

 

  Not all insurers cover the bikes on a "All Risk" basis, even though it is insured under the All Risk section. They have specific exclusions for sports equipment that it is not covered for damages while being used for the purpose it was manufactured for.

 

In other words, if you fell or frame just cracked while riding you might have a problem. Some does cover this while it is casual ride but exclude any organised races.

[OshkoshXXX]

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!