Bike Insurance

[PhilipV]

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

I watched my neighbor (on a complex) lose everything in 20mins when his house burnt down. He got out with the burned clothes on his body.

Your levy won't cover you rebuilding your life, nor your three bikes.

Tbh, I think you are being foolish, and need to chat to a broker. Insurance is a necessary evil, but I've never regretted having cover.

[CJ Van]

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

 

I would be interested to know how your levy would cover you against third party, fire and theft damage….

 

So, back to your question.  I asked the same question to my broker not too long ago.  He said that it could probably be done but will involve “alot” of admin.  You will have to notify him every time you take a different bike out of the house.  I asked the question if I can only insure the most expensive one and then because I can only ride one bike at a time the less expensive one will be covered if I ride that on a specific day.  My broker will find this out for me, but I assume if the insurer is willing to make such an exception for you that you will have to have a proper insurance portfolio with them and not just one bike at any given time. 

I have not heard anything back from my broker, but I am not worried because my second bike is still in bits and pieces until my frame gets back from painting.  Not sure if a direct insurer like Outsurance will do this for you, that is why I have a broker, so that he can find all this out for me and negotiate with the insurance.

[CJ Van]

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? 

 

 

If you are waiting for a no claim bonus, then you could argue that it’s better to pay for the damaged parts if the bonus is bigger than the claim amount.  But what happens if you have another accident before your no claim bonus, then you don’t claim again because you want your no claim bonus.  At the end of the year you get your no claim bonus but you paid more fixing the stuff yourself…..

 

Regarding the increase in premium.  I asked my broker once if I should claim for my sunglasses because I did not want my premium to go up.  He told me that your premium will only go up if you become a high-risk client.  High-risk client, claiming more that 60% of your total premiums in a running 3-year cycle.  He basically told me that you have insurance for a reason, use it.  Obviously, there must be an insurable event to claim for your broken wheels, like you had a crash, or your dog ate the wheel or something.  If the wheel just breaks because it reached the end of its useful life, then you probably must pay for it yourself.

 

I’ve claimed for 2 broken wheels, 2 helmets, fork lowers and for my bike when I broke my frame.  My premiums have not gone up this year and after my bike claim I must be very close to 60% of my premiums.

I am not an expert in this, this is just what my broker told me.  So, get a broker and ask him some expert advice.

[stefmeister]

 

If you are waiting for a no claim bonus, then you could argue that it’s better to pay for the damaged parts if the bonus is bigger than the claim amount.  But what happens if you have another accident before your no claim bonus, then you don’t claim again because you want your no claim bonus.  At the end of the year you get your no claim bonus but you paid more fixing the stuff yourself…..

 

Regarding the increase in premium.  I asked my broker once if I should claim for my sunglasses because I did not want my premium to go up.  He told me that your premium will only go up if you become a high-risk client.  High-risk client, claiming more that 60% of your total premiums in a running 3-year cycle.  He basically told me that you have insurance for a reason, use it.  Obviously, there must be an insurable event to claim for your broken wheels, like you had a crash, or your dog ate the wheel or something.  If the wheel just breaks because it reached the end of its useful life, then you probably must pay for it yourself.

 

I’ve claimed for 2 broken wheels, 2 helmets, fork lowers and for my bike when I broke my frame.  My premiums have not gone up this year and after my bike claim I must be very close to 60% of my premiums.

I am not an expert in this, this is just what my broker told me.  So, get a broker and ask him some expert advice.

 

Thanks for the input.

I'm not worried about a non-claim bonus as it's not an option for me.

It was also my reasoning that if the cost of parts are justifiable, then claiming for damaged parts should be okay without much

 

On your last point, my colleague's insurance recently paid out for an old macbook that 'reached the end of it's useful life' (didn't get dropped or anything - just stopped working). Being unable to repair, he got a new one. I guess it's also part of all-risk insurance.

I just wish the policies provided more clarity on these things. My policy just states that I won't be covered in the case of theft were my bike left unattended and locked up somewhere, everything else seems fair game.

[daniemare]

I watched my neighbor (on a complex) lose everything in 20mins when his house burnt down. He got out with the burned clothes on his body.

Your levy won't cover you rebuilding your life, nor your three bikes.

Tbh, I think you are being foolish, and need to chat to a broker. Insurance is a necessary evil, but I've never regretted having cover.

Thanks for the concern, but I am insured for fire and flood and all those acts of God. Also have Third Party.

 

Just no theft, as the things they cover well (TV couch etc) will not be stolen based on my risk assessment, and the things that will be stolen (iPads, phones golfclubs jewelry etc) will not be covered unless specified and then the whole lot becomes to expensive.

 

Take this bike thing for instance. They want to cover each bike whilst only one can be stolen. So if one has 3 or more bikes, the premium quickly becomes an amount you can buy a new bike with on finance.

 

Self insurance it is then

[Kranswurm]

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?

Lyall Morgan

http://www.lyamor.co.za/

[Letum911]

Just to add to the question asked on broken parts.

 

I did a claim recently after a crash. I almost think there's a complete post about it earlier in this thread. 

 

In short the insurance required a report from my LBS stating that the item is "beyond repair" and they paid out in a heartbeat. All and all from crash to money in the bank was under a week.

They paid for:

1) New helmet;

2) New gloves;

3) New front wheel;

4) Labour to build new front wheel.

 

Premium went up by R30.00. Which is fair IMHO as I claimed within about 6 months from getting insurance. 

[daniemare]

I would be interested to know how your levy would cover you against third party, fire and theft damage

 

So, back to your question. I asked the same question to my broker not too long ago. He said that it could probably be done but will involve “alot” of admin. You will have to notify him every time you take a different bike out of the house. I asked the question if I can only insure the most expensive one and then because I can only ride one bike at a time the less expensive one will be covered if I ride that on a specific day. My broker will find this out for me, but I assume if the insurer is willing to make such an exception for you that you will have to have a proper insurance portfolio with them and not just one bike at any given time.

 

Many companies in other parts of the world does it quite well without hassle or a large portfolio with them. I was actually asking the question here thinking that there must be a bicycle specific insurer somewhere in SA that does this.

 

Take velosure in the UK. Three or so clicks on their website and you are covered. So I do not buy thebadmin thing. It’s an innovation thing and the companies have not bothered yet becuuse, I suspect, they now very well you only have one risk at a time, but currently likes the double/tripple/quadruple premium becuase the consumer does not question it

 

PS, thanks for the concern, but I have all other risks covered, just not theft. And the levy covers me through eliminating the risk of theft by wht I deem very good 24 hour monitored and patrolled security services to the extent that I believe my theft risk is adequately negated

[lechatnoir]

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.

 

Santam does this with electronics... It's called 'first loss'. I queried this with bicycles, and they said 'no'. For me, they insured my photo gear to an amount, then loaded the balance as household contents. Other insurers may do something similar

 

Can't see why items like bikes can't be treated the same way - insure all the bikes to an amount, load the balance on household contents and calculate premiums accordingly.

[Strider_]

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

Guaranteed you not covered in races.  Whether its stolen or damaged.

[Strider_]

Hi all

 

What do you guys for MTB insurance. I thought I had a policy but it seems it actually got discontinued 2 years ago already.

 

My general house insurance company seems to want a premium with which I can buy and finance a nice new bike on a monthly basis.

 

G

Cyclesure is the best place to go.  I have never had a problem claiming.  With all the added benefits you can't go anywhere else.

[WR 1.0]

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.

 

Hollard has a new policy which allows you to specify individual items (so all 3 bikes separately) or bikes to the value of Rx.

The only negative apart from a slightly higher excess on the Value option, is that if you lose all 3 bikes, you still only have cover up to the selected amount (First loss basis)

[WR 1.0]

 

If you are waiting for a no claim bonus, then you could argue that it’s better to pay for the damaged parts if the bonus is bigger than the claim amount.  But what happens if you have another accident before your no claim bonus, then you don’t claim again because you want your no claim bonus.  At the end of the year you get your no claim bonus but you paid more fixing the stuff yourself…..

 

Regarding the increase in premium.  I asked my broker once if I should claim for my sunglasses because I did not want my premium to go up.  He told me that your premium will only go up if you become a high-risk client.  High-risk client, claiming more that 60% of your total premiums in a running 3-year cycle.  He basically told me that you have insurance for a reason, use it.  Obviously, there must be an insurable event to claim for your broken wheels, like you had a crash, or your dog ate the wheel or something.  If the wheel just breaks because it reached the end of its useful life, then you probably must pay for it yourself.

 

I’ve claimed for 2 broken wheels, 2 helmets, fork lowers and for my bike when I broke my frame.  My premiums have not gone up this year and after my bike claim I must be very close to 60% of my premiums.

I am not an expert in this, this is just what my broker told me.  So, get a broker and ask him some expert advice.

 

 

Just note that you probably do not have cover if your dog eats your wheel. It's a standard exclusion in most policy wordings.

[igg]

Many companies in other parts of the world does it quite well without hassle or a large portfolio with them. I was actually asking the question here thinking that there must be a bicycle specific insurer somewhere in SA that does this.

 

Take velosure in the UK. Three or so clicks on their website and you are covered. So I do not buy thebadmin thing. It’s an innovation thing and the companies have not bothered yet becuuse, I suspect, they now very well you only have one risk at a time, but currently likes the double/tripple/quadruple premium becuase the consumer does not question it

 

PS, thanks for the concern, but I have all other risks covered, just not theft. And the levy covers me through eliminating the risk of theft by wht I deem very good 24 hour monitored and patrolled security services to the extent that I believe my theft risk is adequately negated

 

After discussions with my broker, the result was to make use of unspecified all-risks to cover multiple bikes. Basically the value of the most expensive bike + all gear. Obviously I won't be covered if I take multiple bikes out of the house, but I'm okay with this, since it's something I hardly ever do.

[Guest Ratchet road]

Cycle sure is the best. I insured my 10k bike a while ago. They cost me R65 without sweatsafe premium(which costs an extra 100 bucks). I read through their whole policy book, they are an amazing option. definitely better than insuring with house and car insurance as they also have racing and training benefits, which I think not many house insurance policies cover.

Get a quote from them maybe.

[daniemare]

After discussions with my broker, the result was to make use of unspecified all-risks to cover multiple bikes. Basically the value of the most expensive bike + all gear. Obviously I won't be covered if I take multiple bikes out of the house, but I'm okay with this, since it's something I hardly ever do.

 

If I my asked, how much is this value you specified and how much is that marginal premium (if it is possible to observe it on your policy docs).