Best cycling insurance

[Dubber]

Sjoe!!

After my bikes got stolen, Outsurance increased my premiums on 2 x 20k bikes to R684.00 per month. That is after I increased security on all entrances and got an alarm with armed response that cost me R285.00 per month. Mmmmmm ....Maybe it is time to shop around.

 

R684 - just think, after a year of paying that you could replace the Gruppo on one of the bikes with the money you have spent.

 

I love the way insurance companies want us to mitigate their risk. They want us to upgrade all the security, they want us to ensure it's never left unattended and then they want us to pay more money each month - just to reduce the chane that they have to pay out!

Come on insurance guys, that's why we want insurance. If I store my bike in a steel room all the time I wouldn't need insurance!

 

Monday rant off ;-)

 

Most bicycle specific insurance companies charge around the R100 mark for a R20k bike. So, shop around, you can save a bundle.

[Help.Me.]

the reason why Outsurance pay back some money after 3 years of no claims is because they overcharge you in the first place....

[Pieter1]

the reason why Outsurance pay back some money after 3 years of no claims is because they overcharge you in the first place....

Exactly. I don't get a "out bonus" but I do pay a much lower premium.

[Spinsei]

Bikes stolen on Tuesday insurance paid out Friday Thanks for that Dial Direct. No questions, no stories, no forms just needed a quote for replacements. Hatfield Cycles on the ball, thanks for that. Picked up bikes Friday afternoon. Great deal on the Spark 940 for me and 950 for Mrs. Spinsei. We raced yesterday at Avianto and Mrs. won the 20k!

[Steven Knoetze (sk27)]

Sjoe!!

After my bikes got stolen, Outsurance increased my premiums on 2 x 20k bikes to R684.00 per month. That is after I increased security on all entrances and got an alarm with armed response that cost me R285.00 per month. Mmmmmm ....Maybe it is time to shop around.

 

I've only ever had dealings with outsurance on motorcycles.

I shopped around and got a better deal through Santam and phoned them to cancel, they were then willing to drop my premium by half. I asked them if that seems fair considering they have been overcahrging me for the last year and they couldn't respond. I cancelled staright away.

I am now with Santam, great premiums, Under R100 for 2 bicycles of R9500-00 each and they have little to no exclusions. I've never claimed so can't comment, what i will say is that I never claim for small items like derailleur damage, helmet theft, etc as it will negatively impact your premiums in the long run. My insurance is there for total loss in the case of the Bike itself getting stolen or irrepairably damaged in a crash or in transit.

[P.A.K.]

See Mr. Taxman, give us a rebate for our cycling.

So guys this is where we stand so far:

MiWay - Out

Virgin - Out

Outsurance - Out

 

Icycle - Mixed So Far (with Claim pending Completion)

Indew - In (Apparently pretty damn good, cheap and their service is fast.)

Santam - In (Apparently No fine print, no limitations, no ***, lowest premiums )

pedalcycle insurance/ pedalsure - no verdict yet

cyclesure - No Verdict yet

 

Good time for a bike insurance company to come in and do some marketing wouldn't one think.

Did someone not say that Santam doesn't cover while you are at (or travelling to) races ?

[BlinkFan]

Jip I couldn't believe it but read your policy document they send to you, under the heading "Special Conditions" , it says :

"! Cover in outbuildings is limited to R10,000", they only made me aware of this after I put in the claim, guess you need to read the policy documents with wide open eyes before signing up with any insurance company....

 

I don't understand. So if your bike is on the back of your car (locked with a chain), and you go park it in a dodgy area and they steal it they will pay the full amount. But locked up in a secure garage, there is a limit??

[worthwhile]

Dont ever insure your valued bike with MOMENTUM personal all risk or MOMENTUM bicycle insurance. They will drag your matter as long as they possibly can. They will gladly accept your premiums monthly but the moment something unfortunate occurs they will treat you with complete disrespect. They will ask you all sorts of nonsense that will supposedly validate your claim, they will go so far as to want to get into your personal life and violate constitutionally protected right to privacy such as your phone records if your bike got stolen. It  was so ridiculous that I was bullied to say where I obtained my cycling gear etc. Its been a month and yet no reply with regards to my claim. They have no consideration to the policy agreement and will make up new rules as they go along that will suite them. A very horrible experience. Dont ever use them.

[worthwhile]

What is the best cycling insurance? I can add my bikes to my home + contents policy, but then they won't be covered when in transit or during competitions. I would really like them to be covered whenever.. I have contacted cyclesure, and they seem to be quite good. Anyone else I should consider?

 

What is the best cycling insurance? I can add my bikes to my home + contents policy, but then they won't be covered when in transit or during competitions. I would really like them to be covered whenever.. I have contacted cyclesure, and they seem to be quite good. Anyone else I should consider?

Dont ever insure your valued bike with MOMENTUM personal all risk or MOMENTUM bicycle insurance. They will drag your matter as long as they possibly can. They will gladly accept your premiums monthly but the moment something unfortunate occurs they will treat you with complete disrespect. They will ask you all sorts of nonsense that will supposedly validate your claim, they will go so far as to want to get into your personal life and violate constitutionally protected right to privacy such as your phone records if your bike got stolen. It  was so ridiculous that I was bullied to say where I obtained my cycling gear etc. Its been a month and yet no reply with regards to my claim. They have no consideration to the policy agreement and will make up new rules as they go along that will suite them. A very horrible experience. Dont ever use them.

[Help.Me.]

Dont ever insure your valued bike with MOMENTUM personal all risk or MOMENTUM bicycle insurance. They will drag your matter as long as they possibly can. They will gladly accept your premiums monthly but the moment something unfortunate occurs they will treat you with complete disrespect. They will ask you all sorts of nonsense that will supposedly validate your claim, they will go so far as to want to get into your personal life and violate constitutionally protected right to privacy such as your phone records if your bike got stolen. It was so ridiculous that I was bullied to say where I obtained my cycling gear etc. Its been a month and yet no reply with regards to my claim. They have no consideration to the policy agreement and will make up new rules as they go along that will suite them. A very horrible experience. Dont ever use them.

Blacksam you are angry with them.....to post at this hour and sommer on 2 threads aswell....ombudsman is your man !!

Edited February 7, 2017 by Help.Me.

[DAcaveman]

On point 6 reference is being made to the fact that the bike must be locked to a bike rack while in transit or theft out of your car must be accompanied by violent and forcible entry/At least they have brought the conditions to your attention.

Hi guys

 

I'm with Cyclesure, and am a bit worried right now. Here's why:

All of those exceptions/requirements bits specifies that insured bike must be locked with a 12mm chain and a massive lock - if not, no claim. Even inside my house, or when stopping for a coffee mid ride... DO THEY KNOW HOW BIG THAT IS? Im trying to save weight when riding 40-80km, and not die due to over exertion here....

Long story shorter - I had no claims for a year, and I got this email from them checking if I was not under insured, also highlighting all those exceptions listed before. The rulebook got thick quick, and quite exhausting. I queried some new pricing and asked to update my policy - its been 11 days now, no answer. Not ayoba, right? If they're like that under normal queries, what will happen when the sh...crap hits the fan and I have to claim something some day?

 

Have a look at the fineprint - bikes are not covered even if stolen from inside a locked vehicle or trailer. I mean wth?

 

"-              Theft from an unattended vehicle unless: The vehicle is locked, and there are clear signs of forced entry

-              Theft from any building where the insured is residing, unless there are clear signs of forced entry

-              Theft, loss or damage while the bicycle, wheels or parts are in transit, unless:

-              They are attached to a vehicle or trailer with an approved lock and cable, chain; or

-              Locked inside a vehicle or trailer; or

-              The bicycle carrier is securely bolted or locked to the vehicle or trailer by an approved lock

-              The frame and wheels of the bicycle are secured to the bicycle carrier with an approved lock, cable or chain

-              There are clear signs of forced entry

-              Approved lock, chain or cable means;

-              A cable that is at least 12 mm thick with an integrated lock, or

-              A chain that is at least 12 mm thick with a close shackle padlock."

 

Beware..... not sure where to go from here tho...

[WR 1.0]

You're reading that wrong as you already contradicted your statement that bikes are not covered in a locked vehicle.

bikes are not covered even if stolen from inside a locked vehicle or trailer. I mean wth?

 

 

 

"- Theft from an unattended vehicle unless: The vehicle is locked, and there are clear signs of forced entry

[Eugéne Alberts]

Hi guys

 

I'm with Cyclesure, and am a bit worried right now. Here's why:

All of those exceptions/requirements bits specifies that insured bike must be locked with a 12mm chain and a massive lock - if not, no claim. Even inside my house, or when stopping for a coffee mid ride... DO THEY KNOW HOW BIG THAT IS? Im trying to save weight when riding 40-80km, and not die due to over exertion here....

Long story shorter - I had no claims for a year, and I got this email from them checking if I was not under insured, also highlighting all those exceptions listed before. The rulebook got thick quick, and quite exhausting. I queried some new pricing and asked to update my policy - its been 11 days now, no answer. Not ayoba, right? If they're like that under normal queries, what will happen when the sh...crap hits the fan and I have to claim something some day?

 

Have a look at the fineprint - bikes are not covered even if stolen from inside a locked vehicle or trailer. I mean wth?

 

"- Theft from an unattended vehicle unless: The vehicle is locked, and there are clear signs of forced entry

- Theft from any building where the insured is residing, unless there are clear signs of forced entry

- Theft, loss or damage while the bicycle, wheels or parts are in transit, unless:

- They are attached to a vehicle or trailer with an approved lock and cable, chain; or

- Locked inside a vehicle or trailer; or

- The bicycle carrier is securely bolted or locked to the vehicle or trailer by an approved lock

- The frame and wheels of the bicycle are secured to the bicycle carrier with an approved lock, cable or chain

- There are clear signs of forced entry

- Approved lock, chain or cable means;

- A cable that is at least 12 mm thick with an integrated lock, or

- A chain that is at least 12 mm thick with a close shackle padlock."

 

Beware..... not sure where to go from here tho...

Dump the niche underwriters and add your bike to the all risk cover on your existing insurance policy.

 

Get a broker.

[DAcaveman]

Dump the niche underwriters and add your bike to the all risk cover on your existing insurance policy.

 

Get a broker.

Can I afford a broker? Can I afford not to have a broker these days?

 

I received a call from the owner of Cyclesure the very next morning after my 'rant' - long story short - I'm now a Cyclesure groupie for life. Not only did he help me understand the t'c and c's a bit better(they are the experts on insurance after all), he came to the party in so many ways I was blown away. Extremely helpful, aware of the issues everyday people like me might have with insurance in SA, I do not see any other big ol generic insurance company going the extra mile for me any day soon. I pay R330 for a 40K and 14k bikes, and 2.7k accessories, and they will guide you on which bike lock to purchase thats light, strong and approved. Apparently a new lock is on the way thats way thinner and lighter than the 12mm one previously recommended. 

 

I hope they get many more customers from this topic. I rest my case. Happily.

Edited June 19, 2019 by DAcaveman

[Sbloomer]

Can I afford a broker? Can I afford not to have a broker these days?

 

I pay R330 for a 40K and 14k bikes, and 2.7k accessories

 

 

 

You're paying too much.  My insurance on my all risks policy for the same amount you are insured for would be R245. And yes I have a broker.

[daniemare]

I pay R330 for a 40K and 14k bikes, and 2.7k accessories,

 

I hope they get many more customers from this topic. I rest my case. Happily.

And here is my problem with Cyclesure. I have 3 bikes like many other. But I can only ride 1 at a time, like most other.

 

I did not want insurance for my bikes whilst parked in my garage - for that I have a moer of a levy at my estate.

 

They just could not understand that I wanted to insure my loss, which is 1 risk at a time. So off to my broker and onto my all risk insurance for a third of the price (as expected when you are trying to insure 3 bikes instead of 1 loss risk)