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awesme

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I think the insurance companies here like that little loophole. If 30% of their clients don't read the fine print, they pay out less. I'm wondering if the new CPA will have something there to protect the consumer from this unethical practise. I agree that in the UK they do it this way, and this is how it should be done. Why would they agree to insure something that they don't even know exists?

 

 

Sure cuts down on the fraud, we just make it too easy. It really is crazy the method they use here.

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The secret word is: specify, specify, specify.

 

Whenever you buy anything that you want to insure, whether it's you new R2k oakley shades, your b.berry, your bikes, your TV, whatever - specify it immediately. In other words, you send an email to the broker/insurer and say you would like to add to your insurance policy as a specified item. In the email you attach a scanned copy of the paid invoice/receipt, as well as a photo of the item.

 

Do all this immediately and up-front. Always. You will never have problems claiming if you follow these basic rules.

 

I did just that yesterday, and my new bike is now covered, without any hassles from my insurer. :thumbup:

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I did just that yesterday, and my new bike is now covered, without any hassles from my insurer. :thumbup:

 

Hassles don't occur when you're getting it covered :P

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I would love to hear the end of the story(claim) between Miway and the "possible" fake frame.

 

Only two possible outcomes that I see here:

1. The claimant accepts that Miway is not going to pay him, Miway accepts the fake issue as a mistake, and both quietly go their own ways, or

2. Miway dig in their heels, decide he is trying to rip them off, and go after him for insurance fraud.

For his sake, I hope number 1 applies.

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Only two possible outcomes that I see here:

1. The claimant accepts that Miway is not going to pay him, Miway accepts the fake issue as a mistake, and both quietly go their own ways, or

2. Miway dig in their heels, decide he is trying to rip them off, and go after him for insurance fraud.

For his sake, I hope number 1 applies.

 

Judging by Miways response, he aint getting nothing, and will be out of pocket. The fact that this frame is now being labled " FAKE" is also very interesting.

 

Someone is not gonna be a happy bunny. :o

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I asked my broker for a quote for my bike.

The replacement value is R 30 000. The cost per month will be R 236 with cyclesure and R 242 with Santam.

 

What are you guys paying and with which insurance?

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I asked my broker for a quote for my bike.

The replacement value is R 30 000. The cost per month will be R 236 with cyclesure and R 242 with Santam.

 

What are you guys paying and with which insurance?

 

MTB value +/-R25k including extras @ +/-R100 a month specified all risks. It is not covered for competition use. Insured through Nedsure underwritten by Mutual and Federal and administered by Brolink :thumbup: (Highly recommended and based in PTA I think... :unsure: )

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I asked my broker for a quote for my bike.

The replacement value is R 30 000. The cost per month will be R 236 with cyclesure and R 242 with Santam.

 

What are you guys paying and with which insurance?

 

I insure 2 bikes with Outsurance. 30k each, R220 per month each with R250 excess. Full cover: training, racing, theft etc

Edited by Falco
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If folks are gonna mention prices, I think what exclusions would also need to be included, as Grebel mentioned, he is not covered at races.

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In my opinion Miway are in the wrong. They should have clarified the details of purchase and serial numbers from him right from the start before they elected to insure him for such an expensive bike. After all he has been paying them in good faith up to the time of the loss. To now retrospectively try and force him to supply these details is nonsense.

If their requirements stipulated that the insured must supply serial numbers , proof of purchase etc. they should have obtained this info from him before deciding to take his money.

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So how would one insure a (hub special) bike , thats built up from bits and pieces from hubbers?

 

Given that all parts are brand new, as well as the frame, except that you got them at great prices.

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If folks are gonna mention prices, I think what exclusions would also need to be included, as Grebel mentioned, he is not covered at races.

 

Agreed

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So how would one insure a (hub special) bike , thats built up from bits and pieces from hubbers?

 

Given that all parts are brand new, as well as the frame, except that you got them at great prices.

 

Break it down to component level and get itemised retail prices from local suppliers. Total it up and that is your actual value. Alternatively, take it to a reputable dealer (I would reccomend Dave Wiseman in your area) and ask them if they can have a look at it and give you a fair market related NEW replacement value.

Edited by Grebel
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In my opinion Miway are in the wrong. They should have clarified the details of purchase and serial numbers from him right from the start before they elected to insure him for such an expensive bike. After all he has been paying them in good faith up to the time of the loss. To now retrospectively try and force him to supply these details is nonsense.

If their requirements stipulated that the insured must supply serial numbers , proof of purchase etc. they should have obtained this info from him before deciding to take his money.

 

The claimant has been paying premiums for March, April and possibly May.

Lets say he paid R500pm that is R1500 and then wants to claim R50 000.

 

From a bike he cant prove he bought or that it is original.

Those fakes land here for R5000 + R1500 = R6500 in exchange for a quick R50 000 payout :blink:

 

(pm me for a group order, if we order 56 or more we can land them here for around R4000 each)

I asked the Jap for a quote on a 56cm Dogma, he sent me a quote for 56 Dogmas! Flipping Tjop! :lol:

 

post-4352-0-25518900-1308842960.jpg

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In my opinion Miway are in the wrong. They should have clarified the details of purchase and serial numbers from him right from the start before they elected to insure him for such an expensive bike. After all he has been paying them in good faith up to the time of the loss. To now retrospectively try and force him to supply these details is nonsense.

If their requirements stipulated that the insured must supply serial numbers , proof of purchase etc. they should have obtained this info from him before deciding to take his money.

 

 

Not sure if they are wrong, more that the system is flawed. I say details should be given before the Insurance company agrees to insure anything.

 

You can't expect them to hand over a lot of money with dodgy information, surely?

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The claimant has been paying premiums for March, April and possibly May.

Lets say he paid R500pm that is R1500 and then wants to claim R50 000.

 

 

 

Nice little earner

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