Trends we picked up in claims as insurers of bicycles

[GLuvsMtb]

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.

Perhaps upgrades could be specified and insured as specified items. Photographic equipment displays many of the same characteristics as bikes and that is what you do with high end cameras, lenses, flashes etc.

[I-cycle]

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.

 

A 80k bike with us will cost R257

 

this includes road side assistance and excess buyback (no basic excess payable)

[I-cycle]

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

 

the way to insure the bike is the cost/what you spent on building the bike. The secret is to list the items on the bike and supply to the insurer. Any bike insurer will now what these cost and will insure at the value it will cost to put you in the same position as long as you pay the premium

[I-cycle]

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.

 

when insuring these value bikes we would ask the question as a matter of course whether it is standard (not normally the case) and to please supply a list, an appraisal or invoice from a cycle shop of the extras or items that are not standard and insure the bike accordingly. It also helps to have the serial number of the bike as the history of the bike can be tracked to a degree from first sale.

 

alt of cyclist have a training set of rime/tyres and race day rims and tyres and these would be separately specified when doing the policy

[andydude]

 

 

the way to insure the bike is the cost/what you spent on building the bike. The secret is to list the items on the bike and supply to the insurer. Any bike insurer will now what these cost and will insure at the value it will cost to put you in the same position as long as you pay the premium

For clarity, your last sentence is confusing. When you say "put you in the same position", does that mean if my bike is two years old you're only going to pay out for a. two year old bike or b. new bike? Because as far as I know it's always been b. which in effect is in a better position.