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Best bike insurance?


GBguy

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I did a quick search, but couldn't find anything on this...

 

I have householders' insurance (through M&F) which covers anything stolen from my house, as long as there's forced entry. Not very expensive. I can also get "all risks" cover for specific items, but the premiums are just ridiculous for cellphones, cameras, computers - and bikes.

 

Once or twice I've looked into bike insurance to cover me against theft (e.g. bike-jacking) and accidental damage, but it seems like I can buy a new bike every four or five years with the same money. And surely there's no point insuring the bike without covering my GPS, cellphone, light, helmet, shoes...?

 

The other thing is there's insurance, and insurance. I don't want to drop a wad of cash - maybe for years - only to discover that the insurers find reasons not to pay, or to pay only a fraction of the replacement value.

 

Any insights out there? Good and bad experiences?

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I just bought a new bike. I have got a quote from MiWay to insure it for 30k and I pay R150pm. I will probably keep it for 3 years. So my total insurance paid over the life of the bike will be R5400. (150 x 36 months).

 

Now if I had to break my wheelset during those 3 years, it will cost me R5500 to replace if I don't have insurance. So in my mind, it's a rather good deal paying the 150pm for peace of mind

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I just bought a new bike. I have got a quote from MiWay to insure it for 30k and I pay R150pm. I will probably keep it for 3 years. So my total insurance paid over the life of the bike will be R5400. (150 x 36 months).

 

Now if I had to break my wheelset during those 3 years, it will cost me R5500 to replace if I don't have insurance. So in my mind, it's a rather good deal paying the 150pm for peace of mind

 

Interesting... if you hit a pothole and break your wheels, will they pay out? Do you have to pay an excess?

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I ride 3 bikes and opted to insure under the house contents, I will only be paid if the bike/s are stolen from my workshop. The premium to insure all 3 on the open road is to great > R 450, I simply self insure and put the R 450 in a call account and draw if major damage is sustained. Soon I will have enough cash for a new bike.

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MiWay told me that all accidental crashes are covered and more specifically if u break a wheel they will pay out. Excess is R400.

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