eddy Posted March 15, 2015 Posted March 15, 2015 Seems like someone is grumpy for his insurance company or some other reason. I don't even need to explain myself to you as this is a totally different thread.Give me advice, if not please keep your cocky comments to yourself.If you think it is your insurance company that took the loss when you claimed almost three times the value of your bicycle, you do not understand insurance underwriting. They may have administered the claim, but all cyclists insured within the risk pool end up paying for you to upgrade your bike.
mike88 Posted March 15, 2015 Author Posted March 15, 2015 I insured the bike, thinking what will the replacement value be in 5years for a new bike as my insurance will nit pay for a 2nd hand bike. I did not intentionally insure it with the thought of it getting stolen in less than six months to claim a new bike. I understand where you coming from, but please see my situation as well. I loved my bike and its getting terrible cuz i still check to see if my bike is not on gumtree or someone suspect in the area is riding it.
Captain Fastbastard Mayhem Posted March 15, 2015 Posted March 15, 2015 If you think it is your insurance company that took the loss when you claimed almost three times the value of your bicycle, you do not understand insurance underwriting. They may have administered the claim, but all cyclists insured within the risk pool end up paying for you to upgrade your bike.Eddy, when insuring ANYTHING except for a car you insure it for the amount you would pay for a new version of it. NEW Replacement value. Not 3rd hand value.
eddy Posted March 15, 2015 Posted March 15, 2015 Eddy, when insuring ANYTHING except for a car you insure it for the amount you would pay for a new version of it. NEW Replacement value. Not 3rd hand value.I understand that. The new replacement value of an entry level 26" bike is however not R10 000. But be that as it may, my comment was just that I hoped that I was not in the same risk pool as him. I made no allusions to fraud, but it is well known that many claims are inflated and that there is a perception that over claiming is somehow seen as OK. It is after all sticking one to the big bad insurance company.
Captain Fastbastard Mayhem Posted March 15, 2015 Posted March 15, 2015 I understand that. The new replacement value of an entry level 26" bike is however not R10 000. But be that as it may, my comment was just that I hoped that I was not in the same risk pool as him. I made no allusions to fraud, but it is well known that many claims are inflated and that there is a perception that over claiming is somehow seen as OK. It is after all sticking one to the big bad insurance company.Cool. And yes, on seeing it was an Amasa...
eddy Posted March 15, 2015 Posted March 15, 2015 Cool. And yes, on seeing it was an Amasa...I suspect we are on the same side of this matter..;-)
porqui Posted March 15, 2015 Posted March 15, 2015 Come on - an insurance company would not insure a 2nd hand bike bought at Cash Crusaders to be replaced at new bike value unless premium was loaded and I doubt that it was. As for your wife's bike - replace it with a bike from Cash Crusaders and insure it.
marko35s Posted March 15, 2015 Posted March 15, 2015 Come on - an insurance company would not insure a 2nd hand bike bought at Cash Crusaders to be replaced at new bike value unless premium was loaded and I doubt that it was. As for your wife's bike - replace it with a bike from Cash Crusaders and insure it.It's likely they would, if you scored a bargain on here and insured it you most likely insure for replacement value. Which is no different.
mike88 Posted March 15, 2015 Author Posted March 15, 2015 So insurance will not cover a 2nd hand car????Had to only show proof of payment of the mtb and quotes of the replacement mtb
marko35s Posted March 15, 2015 Posted March 15, 2015 So insurance will not cover a 2nd hand car????Had to only show proof of payment of the mtb and quotes of the replacement mtbAny of these will be better, sell the Axis and add a little more and you are golden - https://www.bikehub.co.za/classifieds/128124-gt-avalanche-20-for-sale/ https://www.bikehub.co.za/classifieds/126947-giant-xtc-3-26-medium/ https://www.bikehub.co.za/classifieds/127473-giant-anthem-x2-2010-26/
Guest notmyname Posted March 15, 2015 Posted March 15, 2015 My first bike I used when I startes riding in 2013 was a steel rigid bike. first fall - buckled the wheel. First time out on a proper trail - shifters broke. In my case it was a case of - you get what you pay for. Calling this incident a scam is IMO unfair to the bike shop."Steel rigid" Uni, you are awesome! Hehehe.
Guest notmyname Posted March 15, 2015 Posted March 15, 2015 Eddy, when insuring ANYTHING except for a car you insure it for the amount you would pay for a new version of it. NEW Replacement value. Not 3rd hand value.Sorry to jack this thread. So if I bought a new bike for say R17k 2 years ago and it's been insured for that for the duration of ownership. Should I increase the replacement amount as years go on? I'm almost 100% sure I'd never be able to replace to the same spec today for that amount.
Raydek Posted March 15, 2015 Posted March 15, 2015 Sorry to jack this thread. So if I bought a new bike for say R17k 2 years ago and it's been insured for that for the duration of ownership. Should I increase the replacement amount as years go on? I'm almost 100% sure I'd never be able to replace to the same spec today for that amount.Yes! Send the specs of your current bike to a few bike shops and ask them to quote on a new replacement, up your insured amount to the most expensive reply.. Edit: same goes for any specified item on your policy. Items can very easily be under or over insured, so you would either be paying too high a premium for an item that is over insured which you will never get the full payout for as it cost much less to replace, or you will loss out if an item is under insured as you will get payed out less than what the replacement costs. You should review your policy every 2-3 months.
Guest notmyname Posted March 15, 2015 Posted March 15, 2015 Yes! Send the specs of your current bike to a few bike shops and ask them to quote on a new replacement, up your insured amount to the most expensive reply.. Edit: same goes for any specified item on your policy. Items can very easily be under or over insured, so you would either be paying too high a premium for an item that is over insured which you will never get the full payout for as it cost much less to replace, or you will loss out if an item is under insured as you will get payed out less than what the replacement costs. You should review your policy every 2-3 months.Sjoe. Thanks for the heads up. I'll get on this ASAP.
mike88 Posted March 15, 2015 Author Posted March 15, 2015 Do not forget to specify....thats where they get you.
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