Trends we picked up in claims as insurers of bicycles

['Dale]

 

I think you may have missed the point.

There was no point attacking someone who was making a valuable contribution and then carrying on about it afterwards.

 

Indeed

The hi-jacker was indeed Shebeen

[I-cycle]

Morning All

 

We have tentatively watched and read all your replys and comments.

 

We need to point out that you need only read the forums on the HUB, news papers, follow twitter or read facebook posts to confirm most of what we say with regards thefts. I agree that BI is important but on the ground feedback from the victims is closer to ones heart and more real.

 

The one thing that is possibly the least know is that their are cyclists out there that do buy stolen bikes knowingly and have been told by the seller they can get any bike that a buyer wants.

 

This information was brought to our attention in one of our own theft claims by our investigators and informers.

 

Again we appreciate all the positive feedback and thank you for that. We dont have all the answers but will impart our knowledge with regards what we hear and see from the trends in our own business which deals with cycling.

 

Cycle safe.

[Capricorn]

The one thing that is possibly the least know is that their are cyclists out there that do buy stolen bikes knowingly and have been told by the seller they can get any bike that a buyer wants.

 

This information was brought to our attention in one of our own theft claims by our investigators and informers.

 

Cycle safe.

 

can you be more specific: are you stating the above highlighted bit as a general statement, OR as fact that buyers of stolen bikes and thieves are operating on a 1-to-1 direct basis, OR are the investigation results finding that thieves are laundering stolen goods through established retail outfits such as Neils Wheels (sp?), Cash Crusaders etc etc? I know of one instance whereby a hubber bought a bike through a dodgy establishment via Neils Wheels, the fork of which just happened to have been stolen from another hubber.

If there is a structured laundry operation going, meaning the retail outfit is in cahoots with thieves, can you have us insights into the stats on this, or the stats proving the relationship between buyers knowingly buying stolen goods and thieves?

[Bonus]

I-Cycle - can you give me your view on the following hypothetical, but entirely possible scenario pls?

 

I'm driving in my bakkie to or from a ride. I have fully comp insurance and a valid driving license. I have two bikes on a tow-bar mounted Thule bike rack. Cost of bike rack - R6000. Cost of bikes - approx R60 000. All relatively new.

 

Now, someone driving behind me, paying more attention to his or her phone than to the road - rear-ends me. The bikes and bike rack are effectively destroyed (ie beyond normal consideration for repair). The bakkie may or may not have damage.

 

Where do I stand in the following situations:

 

1) The other driver has no car insurance. I have fully comp. car insurance and the bikes are named on the house contents insurance.

 

2) The other driver has fully comp. car insurance. I have fully comp. car insurance and the bikes are named on the house contents insurance.

 

Thanks.

 

B.

[Tumbleweed]

can you be more specific: are you stating the above highlighted bit as a general statement, OR as fact that buyers of stolen bikes and thieves are operating on a 1-to-1 direct basis, OR are the investigation results finding that thieves are laundering stolen goods through established retail outfits such as Neils Wheels (sp?), Cash Crusaders etc etc? I know of one instance whereby a hubber bought a bike through a dodgy establishment via Neils Wheels, the fork of which just happened to have been stolen from another hubber.

If there is a structured laundry operation going, meaning the retail outfit is in cahoots with thieves, can you have us insights into the stats on this, or the stats proving the relationship between buyers knowingly buying stolen goods and thieves?

 

Great question. If this intel is correct, why have so few - if any - arrests been made?

[andydude]

I-Cycle - can you give me your view on the following hypothetical, but entirely possible scenario pls?

 

I'm driving in my bakkie to or from a ride. I have fully comp insurance and a valid driving license. I have two bikes on a tow-bar mounted Thule bike rack. Cost of bike rack - R6000. Cost of bikes - approx R60 000. All relatively new.

 

Now, someone driving behind me, paying more attention to his or her phone than to the road - rear-ends me. The bikes and bike rack are effectively destroyed (ie beyond normal consideration for repair). The bakkie may or may not have damage.

 

Where do I stand in the following situations:

 

1) The other driver has no car insurance. I have fully comp. car insurance and the bikes are named on the house contents insurance.

 

2) The other driver has fully comp. car insurance. I have fully comp. car insurance and the bikes are named on the house contents insurance.

 

Thanks.

 

B.

Maybe you should contact one of their agents? I think they said they don't deal directly with the public and only through agents. They are just posting general trends in this thread.

 

Edit: And I assume with the general advertising/marketing being not allowed they can't help in any case until they pay for advertising space.

[I-cycle]

I-Cycle - can you give me your view on the following hypothetical, but entirely possible scenario pls?

 

I'm driving in my bakkie to or from a ride. I have fully comp insurance and a valid driving license. I have two bikes on a tow-bar mounted Thule bike rack. Cost of bike rack - R6000. Cost of bikes - approx R60 000. All relatively new.

 

Now, someone driving behind me, paying more attention to his or her phone than to the road - rear-ends me. The bikes and bike rack are effectively destroyed (ie beyond normal consideration for repair). The bakkie may or may not have damage.

 

Where do I stand in the following situations:

 

1) The other driver has no car insurance. I have fully comp. car insurance and the bikes are named on the house contents insurance.

 

2) The other driver has fully comp. car insurance. I have fully comp. car insurance and the bikes are named on the house contents insurance.

 

Thanks.

 

B.

 

Hi Andy

 

With regards to both scenarios and in the case of iCycle we would pay your claim and then do a third party approach to do a recovery.

 

Some insurers may have another view so I cannot comment on there take on this but in my experience most should pay you if you insured correctly.

 

Help this helps

[Bonus]

Thanks very much for the info.

 

B.

[Brett]

Great info.

Definitely want to insure now.

[Oufy MTB (Roadie)]

Great info.

Definitely want to insure now.

 

don't delay, and in my case, don't under insure, I paid the price for the latter

[Dirkitech]

In our opinion, we think that the general insurer who does the normal domestic insurance is going to be taking a harder stance with regards rating (premium) and the values they will insure. There was a time when bikes were just a item that the normal insured had and was a relatively cheap item. We now insure bikes up to R160 000.00. This is a price of a car and with no security what so ever. Your average car has some sort of security albeit not always enough but it is a deterent.

 

We as a specialised insurer are looking of ways of incorporating security to a bike to safe guard the cyclist and then obviously the bike.

 

We will elaborate on this once we confident we can rely on the technology with out compromising the performance of the bike.

 

I will pay very good money for an electrocution system on my bike that I can activate and deactivate with fingerprint/voice/remote/whatever. Anything above 5 Amps would be appreciated.

 

I can at least agree about the insurance value on bikes skyrocketing. Heck, my previous bike wasn't even worth insuring, but now my current one is insured for 10k only, as anything higher than that is just unaffordable in terms of premiums.

 

Perhaps if you work in conjunction with other companies and make a "tracker" for bikes- premium decrease if you have one. This is just one non-coffee boosted example and I'm sure there should be more good suggestions too.

[Dirkitech]

Morning All

 

We have tentatively watched and read all your replys and comments.

 

We need to point out that you need only read the forums on the HUB, news papers, follow twitter or read facebook posts to confirm most of what we say with regards thefts. I agree that BI is important but on the ground feedback from the victims is closer to ones heart and more real.

 

The one thing that is possibly the least know is that their are cyclists out there that do buy stolen bikes knowingly and have been told by the seller they can get any bike that a buyer wants.

 

This information was brought to our attention in one of our own theft claims by our investigators and informers.

 

Again we appreciate all the positive feedback and thank you for that. We dont have all the answers but will impart our knowledge with regards what we hear and see from the trends in our own business which deals with cycling.

 

Cycle safe.

 

Goodguy I-Cycle. (lol, sounds like icicle!) Your information from the insurer's perspective is appreciated.

 

It would be good if said thiefs-by-demand get either shot or sentenced.

[I-cycle]

Morning

 

In the event that you want to insure we are happy to refer you to a broker who does iCycle or speak to your broker.

[rouxtjie]

Morning

 

In the event that you want to insure we are happy to refer you to a broker who does iCycle or speak to your broker.

Mornin...

 

I urge to do a seach for the cyclesure vs thehub thread, read it from start to finish....might take a week.

 

You will get very valuable information form that thread....take this to the decision makers in your company and come up with a product that caters for this need. Believe it or not, price is not the most important thing when it comes to insurance...peace of mind...CLEAR communication...carries much more weight

[The Bastion]

jirre bliksem, thanks for the warnings but please run that spellcheck when posting as a company rep. Especially when the industry involves meticulous understanding of fine print. I leave you to find the other grammar mistake.

 

Ya... the correct term is "whif"

[Tumbleweed]

I still want to know what evidence there is of bikes being stolen/bikejacked to order.