Need some advice please.....!!!

[Bomberman]

I hope someone can help?

 

About  2 months ago I bought my Merida from a fellow hubber and now I want to get it insured.

Now my question is.

 

 Do I insure for the replacement value, or for the cash value?  I got the bike for R5500.00 but have no proof of

 payment as it was a cash deal. I'm planning on insuring it for about R 10 000.00  I see some of the models go for about R12 000.00. 

 

Any advice will be appreciated!!

 

 

['Dale]

I'd go replacement value

[Cruz Addict]

insure at replacement value, go to a cycle shop and get a quote and use with pics etc of you and your bike in the event of a loss. make sure you have a clear photo of you and the bike not a 100 foot race pic that kind of shows you and the bike.

[Cruz Addict]

what you paid is irrelevant 

[mudda]

You need to insure at replacement value.

 

If you dont, you will be paid by the following formula   :    value you insured at / replacement value * value insured at

 

so if your bike cost you 5000 and its replacement value is 10,000 and you claim:

 

5000/10000 * 5000 = 2500 claim paid. This is why you insure at replacement value.

[porqui]

Is it really worth your while to insure.

 

Save the monthly payments.

 

Have you had quotes?

[MeridaHFS]

I've insured my bike for replacement value (+-R15000) and if memory serves me correct I'm paying something like R47 per month. At that rate I'm looking at saving for 26,6 years to be able to replace my bike. Rather insure and have the peace of mind...

[Bomberman]

Is it really worth your while to insure.

 

Save the monthly payments.

 

Have you had quotes?

 

My biggest fear is high jacking. I can get the bike insured for R 88 a month valued at R 15 000.

i would rather insure it and pay the R 88 then have to fork out 10 grand to replace it.

[Cassie]

I've insured my bike for replacement value (+-R15000) and if memory serves me correct I'm paying something like R47 per month. At that rate I'm looking at saving for 26,6 years to be able to replace my bike. Rather insure and have the peace of mind...

 

Wow!  I'm paying around R167-00....

please share your source of insurance...I need to change & fast!!

[Bomberman]

Thank DaddyG. Got some pics of me after a race so will keep them. Will then have to make a turn at the cycle shop and get the paper work done.

[Cruz Addict]

Thank DaddyG. Got some pics of me after a race so will keep them. Will then have to make a turn at the cycle shop and get the paper work done.

cool stuff, the pics are not always necessary but some insurers want proof you had the bike, with no proof of purchase it gets a bit difficult thats why i recommend the pics. also the quote will let you know the actual replacement value.

[gimaro01]

I've insured my bike for replacement value (+-R15000) and if memory serves me correct I'm paying something like R47 per month. At that rate I'm looking at saving for 26,6 years to be able to replace my bike. Rather insure and have the peace of mind...

I would also want to know whom you are insured with please, because I recently got an insane quote.

[Bomberman]

Thanks for all the advice guys!!

[eddy]

Insurance and boerewors are best not bought on price alone.

[Long Wheel Base]

The new premiums on the bikes are as follows:

 

· 2014 giant TCR advanced M/L road bicycle – Premium R249.16 Excess R550

 

· 2013 Merida big 9 XT edition mountain bike – Premium R99.34 Excess R550

 

 

Thank you

 

Kind Regards,

 

 

Sjoe looks like im getting screwed over big time, I need to change to that R47 company. Please give us the details.

[Big John]

insure at replacement value, go to a cycle shop and get a quote and use with pics etc of you and your bike in the event of a loss. make sure you have a clear photo of you and the bike not a 100 foot race pic that kind of shows you and the bike.

 

This is exactly what you need to do. Get a quote for replacement, insure it for that value, and then take pictures of you and the bike, take specific pics of the components, and importantly, the frame number which is usually stamped into the bottom of the BB. Then email this to your insurance company. Make sure you email from somewhere where your sent items are saved forever (like gmail etc.). They will usually add the document you sent them (proof of ownership) to your policy. Make sure to email them, then you are covered. Trying to prove you owned something you paid cash for is difficult once it has been liberated!!!

Edited September 18, 2014 by Big John