Trends we picked up in claims as insurers of bicycles

[Kranswurm]

Should you then not consider specifying this on your travel insurance?

 

Our bikes are specified and are covered when we travel.No additional insurance is required.

Racing accidents,theft etc etc are fully covered for the replacement value

I detail the bike.its components and include a photograph

 

Never had an issue with M&F,Etana and now Hollard

My son pranged in the first bunch on Hospital Bend and he had a new bike in two weeks

My broker organises it all and changes the schedule the minute I notify them of a change

 

My broker informs me that the fraud incidence is high and there are particular patterns which are followed.Sluit hulle op!

[Shebeen]

Dear Shebeen

 

Point taken.

 

As much as we appreciate your input. The intention is not to run away.

 

Maybe the spelling and grammar is not of the standard you are accustomed to but in all sincerity the intention was a good one.

 

We apologies if you have offended you in any way.

 

If you have a suggestion in which we can deliver our message in a manner which will be constructive we are more than happy to engage with you on this. I am happy to even discuss via telephone if your intention is genuinely constructive and meaningful.

 

Our numbers and my personal email is available should you need them.

 

Regards

 

Sean Botha

Thanks Sean, a belated welcome to thehub! I think we can all agree that the debate is heating up as it's a hot topic. Hope that you're able to share some of the data/insights from your side of the fence. for the record I am insured on some of my bikes (the nice ones), but don't think with you guys.

I do expect a decent level of spelling/grammar from insurers but won't labour the point any further.

 

Steve

[Shebeen]

Jeepers, you sir, need a mirror.

not really, I'm not posting as a company in the insurance industry.

 

still aN error

Thanks for noticing the deliberate mistake I put in to show the existing mistake in the first sentence of the original edited post. Maybe it was still too cryptic as you're not the only one.

So here we go.

'a' when followed by a consonant

'an' when followed by a vowel

[mazambaan]

Thanks I_Cycle - appreciate your reply but I note that the data is from 2008 and vehicles like the Toyota Fortuner don't even feature.

[doppelganger]

not really, I'm not posting as a company in the insurance industry.

 

 

Thanks for noticing the deliberate mistake I put in to show the existing mistake in the first sentence of the original edited post. Maybe it was still too cryptic as you're not the only one.

So here we go.

'a' when followed by a consonant

'an' when followed by a vowel

 

Who gives a damn? Please just use capital letters when you start a sentence, it is really annoying when you pick on the OP for making a spelling/grammar mistake yet you can't bother to use correct grammar yourself.

 

What a stupid thing to do. And yes I see you mention a few times that you are not writing on behalf of a company, but remember you are an adult human being.

[Akon]

not really, I'm not posting as a company in the insurance industry.

 

 

Thanks for noticing the deliberate mistake I put in to show the existing mistake in the first sentence of the original edited post. Maybe it was still too cryptic as you're not the only one.

So here we go.

'a' when followed by a phonetic consonant

'an' when followed by a phonetic vowel

 

Still not quite there, but don't worry, I again corrected, for your convenience...

[koukie]

'a' when followed by a consonant

'an' when followed by a vowel

Not that I am someone to give grammer lessons, but you are actually wrong. Its more how the next word is pronounced, for example: an hour, a university etc.

 

EDIT: Akon beat me to it

[ChUkKy]

 

I do expect a decent level of spelling/grammar from insurers but won't labour the point any further.

 

Steve

 

Must be Steve from FNB... has to be.

Stirred the same emotions in me reading your posts as listening to an advert.

[GLuvsMtb]

 

This is a real problem for us and we are sure we have these however don't often catch the person. We have had two situations where we have got solid evidence of the client doing this and they simply never pursue the claim when confronted. Unfortunately this does become a matter for the SAPS to deal with and it's is left to them. Coincidentally the one individual even posted a complaint about us on Hub which was withdrawn.

 

This is the dilemma we have.

 

One of the major challenges is that there is no real book-value for used bicycles. It sounds absurd at first glance, but with most top end bikes breaking through the magic R100k barrier lately it may become feasible for the insurance industry to establish a book. It should lead to more affordable premiums and reduction in fraudulent claims. I know that there will also be disputes when claims are submitted, but it also creates an opportunity for those who elect to insure for replacement value to build in extra checks, such as annual assessment of condition of bicycles.

[I-cycle]

Who underwrites I-cycle's policies?

 

HI I need your email to send your quote.

 

mine is Sean@policyprovider.co.za

[Super Sywurm]

One of the major challenges is that there is no real book-value for used bicycles. It sounds absurd at first glance, but with most top end bikes breaking through the magic R100k barrier lately it may become feasible for the insurance industry to establish a book. It should lead to more affordable premiums and reduction in fraudulent claims. I know that there will also be disputes when claims are submitted, but it also creates an opportunity for those who elect to insure for replacement value to build in extra checks, such as annual assessment of condition of bicycles.

 

What if I buy a 20k bike and upgrade it with 40k worth of parts?

[LazyTrailRider]

One of the major challenges is that there is no real book-value for used bicycles. It sounds absurd at first glance, but with most top end bikes breaking through the magic R100k barrier lately it may become feasible for the insurance industry to establish a book. It should lead to more affordable premiums and reduction in fraudulent claims. I know that there will also be disputes when claims are submitted, but it also creates an opportunity for those who elect to insure for replacement value to build in extra checks, such as annual assessment of condition of bicycles.

The problem here is the configurability/customisability of bikes. There are *very* few bikes used by serious riders which are standard-issue. Add also the fact that most of these customised bikes have a mixture of new and used components in different states of wear, sourced from different suppliers (some retail, some not, some charging "market value" and some not) and you end up with what's pretty much an impossible-to-value-accurately situation.

[Kranswurm]

What if I buy a 20k bike and upgrade it with 40k worth of parts?

Go to your bike shop and ask them to provide a quotation for insurance purposes

[Paul Ruinaard]

I was wondering about the price I am paying for my bike insurance from my short term insurer.. I have one of my bikes under All risks on my policy for R 80k value (Specialized Sworks Epic with XTR etc).

 

Its costing me about R 400 per month in premiums.

 

Is that expensive ?

 

Please note this is under the all risks section of my policy rather than at a specialist bike insurer. I don't mind paying them a premium as my overall policy gives me more w=swing with them.

 

But just checking.

[Kranswurm]

I was wondering about the price I am paying for my bike insurance from my short term insurer.. I have one of my bikes under All risks on my policy for R 80k value (Specialized Sworks Epic with XTR etc).

 

Its costing me about R 400 per month in premiums.

 

Is that expensive ?

 

Please note this is under the all risks section of my policy rather than at a specialist bike insurer. I don't mind paying them a premium as my overall policy gives me more w=swing with them.

 

But just checking.

 

That's reasonable

I pay R320 for 50K

[Snytjie]

I was wondering about the price I am paying for my bike insurance from my short term insurer.. I have one of my bikes under All risks on my policy for R 80k value (Specialized Sworks Epic with XTR etc).

 

Its costing me about R 400 per month in premiums.

 

Is that expensive ?

 

Please note this is under the all risks section of my policy rather than at a specialist bike insurer. I don't mind paying them a premium as my overall policy gives me more w=swing with them.

 

But just checking.

That's reasonable

I pay R320 for 50K

 

I pay R53.00 for a 18k bike. Not sure if it is legitimate to count linearly, but for R80k my premium should be R260 odd if you do. Plus, I had one write-off already in the past year.