Bicycle specific Insurance

[Mats]

If i have a few questions regarding cycle specific insurance.

 

 

With who is your bike insured?

If not what is your reasons.

 

Have you ever claim and were you satisfied with the service?

 

What are the important things to consider when taking out insurance?

Edited May 23, 2014 by Carpet

[Schnavel]

I'm with Miway for both my road a mountain bike.

 

Great service when coming to claiming. Claimed two wheel sets from them - they even gave me a brand knew set of lightweight meilensteins

[Sarge]

Hi Carpet,

I am with Mutual and Federal. No problems at all. Was involved in the big squash in the last "Fast One", damaged my bike and was payed out within two days of me claiming.

Sarge

[liebenw]

I'm more interested in the going rate? I insure household and vehicles with Outsurance. They want to hit me with over R300 per month on a bicycle of value R20K. I ask them to only insure if stolen out of the house, still same quote. Think this is a bit too much.

 

Must have been a bad consultant?? Anyway will talk to my broker and ask her to do some research for me.

[HowardSteele]

Was with Santam...had a bike accident claim and stolen bike claim..They paid out in full no problems.

Now I'm with discovery insure and they paid out my claim after a nasty fall not only damage to bike but helmet and cycling top as well. Insure your goods to the correct values check with your broker what is covered and what isn't .Then the big thing if you put in claims every second week even the most obliging company's are going to revue your insurability.

[Schnavel]

  On 5/23/2014 at 12:18 PM, liebenw said:

I'm more interested in the going rate? I insure household and vehicles with Outsurance. They want to hit me with over R300 per month on a bicycle of value R20K. I ask them to only insure if stolen out of the house, still same quote. Think this is a bit too much.

 

Must have been a bad consultant?? Anyway will talk to my broker and ask her to do some research for me.

 

That's crazy! I'm paying R470 a month for a road bike and mtb bike insured together for R100k. This includes cover during racing, training, theft etc.

Edited May 23, 2014 by Schnavel

[liebenw]

  On 5/23/2014 at 12:23 PM, Schnavel said:

That's crazy! I'm paying R470 a month for a road bike and mtb bike insured together for R100k. This includes cover during racing, training, theft etc.

my thoughts as well. That was my training bike, I was to scared to ask about my racing bike?

 

Thanks Schnavel. Who are you with just out of interest?

[Patchelicious]

When it comes to best products for bikes, rather speak to a broker who will shop around for a good deal.

Using a broker also means you have someone to deal with the claim once its happened.

 

The actual insurer is not as relevant as you think as most of their products are costed on similar rating models, also the broker doesn't pay the claim, so they tend to make sure YOU as their commission payer stays happy and will tend to fight for your claim to be settled.

 

Just make sure its an independent broker, who is registered with the FIA, they will moer them if they step out of line.

 

Having said that my policy sits with M&F (via a broker) and I pay a total of R300 pm for both my bikes insured to the value of R140k

Edited May 23, 2014 by ArchedBackChinOut

[Wez-O]

  On 5/23/2014 at 11:41 AM, Carpet said:

If i have a few questions regarding cycle specific insurance.

 

 

With who is your bike insured?

If not what is your reasons.

 

Have you ever claim and were you satisfied with the service?

 

What are the important things to consider when taking out insurance?

I think there is another thread with a whole lot of information on this topic.

 

Personally, I wouldn't touch any of these telephone insurance companies like Outsurance.

 

  On 5/23/2014 at 11:55 AM, Sarge said:

Hi Carpet,

I am with Mutual and Federal. No problems at all. Was involved in the big squash in the last "Fast One", damaged my bike and was payed out within two days of me claiming.

Sarge

Yeah M&F are brilliant!

[eelvio]

  On 5/23/2014 at 12:32 PM, Wez-O said:

I think there is another thread with a whole lot of information on this topic.

 

Link?

[boristheblade]

im insured with miway. but all my stuff - 2cars,household,wife's engagement ring, and then the mtb.

i dont even know what my policy's details are. will go and have a look tonight.

i know i read previously that they only payout R8k if the bike is stolen from an outside building like a garage - but i might be wrong.

my bike was exactly R8k, and it currently sleeps in the house.

[flymango]

  On 5/27/2014 at 6:48 AM, copperhead said:

Does anyone have a personal broker who would be able to assist Hubbers with insurance. He could make a fortune if he looked after the people who were prepared to move. I am with Cyclesure and so far no issues but would be prepared to move after this problem with Carpet. If anyone has a broker who treats you like a valued customer, would you be prepared to share with the masses?

 

I'm in the same boat as you. Cyclesure better come up with some clear examples of when exclusions kick-in. Nothing worse than paying for cover you think you have but actually don't have. Either I will modify my behaviour to ensure compliance, or I will go to another insurer who offers less restrictive exclusions or cheaper premiums for the same cover.