Bicycle Insurance - Help

[Lurch the stalker]

Wooohooo someone is bike shopping

Somebody has already done bike shopping and is waiting for the cash to show up...haha

[Veebee]

Outsurance

 

All breakage and theft.

 

Bike insured for R19440, premium of R88, excess of R650.

 

Although I've never specifically claimed for bikes from Outsurance they have been 'no-fuss' with my other household claims.

 

outsurance service has always been great so don't think you will have issues. I moved my car and household cover away from them a while bike which I think was a big mistake.

 

I am now with Integrisure Brokers, had a break in last year and they took about 6weeks to settle the claim. Anyway i'm paying R290 for R65k value which includes my bike, wheels and kit which I think is a bit expensive so need to start shopping around for better.

[Sukka]

Thanks for the update Lurch. Glad all worked out well, enjoy the shopping

[Patchelicious]

Well, I am VERY impressed with Momentum.

Turns out there was more damage than was at first visible so the bike is a write off.

I sent the woman I am dealing with the damage report and the quote at around 13:45 and she called me a few minutes ago saying they're paying me out in full and it should reflect in my account within 48 hours.

Oh stuff this insurance thread, more importantly whatcha buying??!!!??

[Lurch the stalker]

Oh stuff this insurance thread, more importantly whatcha buying??!!!??

Therein lies the million dollar question...

I feel like a kid in the proverbial candy store right now...

[Lurch the stalker]

Just a quick update, Momentum was true to their word, and the money is already reflecting in my back account.

[Bub Marley]

I run mine through a broker who actually advised to take my bikes off specified risk and add the value to an unspecified all risk. The benefit of this is that you can insure multiple bikes for a lower cost as you will only be riding one at a time. So i looked at my bike wheels phone garmin value for an on ride event, then looked at my two most expensive bikes plus bike rack for an off the car event. Household theft is covered by household goods. So have 70k worth of insurance which covers anything under any non - negligence circumstances for R290.

 

Hi. Just browsing through this thread and I though I'd comment on this. I'm a broker myself and of course I don't know the fine print of ​every single insurance company but what I can tell you is that all the insurance companies that I deal with specifically exclude bicycles from unspecified all risk cover. I'm not saying your broker is wrong but I would advise you to just double check this. You really have nothing to lose.

 

And the reason why insurance companies exclude bicycles from unspecified items is because you can insure multiple bikes for one premium basically like you have done. But yeah, just double check it with him.

 

Cheers.

[Skylark]

That's my understanding as well. I tried to do something similar to save on the monthly insurance bill and they said no ways, each item must be specified and covered individually, as in model and serial number supplied and cover paid. You need to watch out if it's too good to be true, broker will say don't worry your are covered until it's claim time and the insurance company refuses.

[HBO]

Hi. Just browsing through this thread and I though I'd comment on this. I'm a broker myself and of course I don't know the fine print of ​every single insurance company but what I can tell you is that all the insurance companies that I deal with specifically exclude bicycles from unspecified all risk cover. I'm not saying your broker is wrong but I would advise you to just double check this. You really have nothing to lose.

 

And the reason why insurance companies exclude bicycles from unspecified items is because you can insure multiple bikes for one premium basically like you have done. But yeah, just double check it with him.

 

Cheers.

My Thoughts exactly. I'm also an insurance broker and also found this a bit odd.

 

I know Echelon is a special product for higher net worth clients and have some additional benefits that you don't get on a normal insurance product, but I would advise you to sent them an e-mail specifically questioning if all your bikes are covered on a full all risk basis. This must includes damages occurred during an organised event.

 

the best will be to mention all your bikes (full description) with replacement values and specifically ask for confirmation that all of them are covered on an all risk basis. Get confirmation in writing.  

 

Like Bub Marley said, you've got nothing to loose. You can just gain some extra peace of mind.

[GrahamS2]

My Thoughts exactly. I'm also an insurance broker and also found this a bit odd.

 

I know Echelon is a special product for higher net worth clients and have some additional benefits that you don't get on a normal insurance product, but I would advise you to sent them an e-mail specifically questioning if all your bikes are covered on a full all risk basis. This must includes damages occurred during an organised event.

 

the best will be to mention all your bikes (full description) with replacement values and specifically ask for confirmation that all of them are covered on an all risk basis. Get confirmation in writing.  

 

Like Bub Marley said, you've got nothing to loose. You can just gain some extra peace of mind.

I work in insurance product design, and the alarm bells went off reading the bit about a broker advising their client to essentially be under insured. In the event of a claim there is a very good chance that they will apply averages due to under insurance, and payout will be proportionate to the risks (i.e. 2 bikes = 50% payout).

 

As mentioned above, double check that with your broker and get it in writing.

[Bub Marley]

I work in insurance product design, and the alarm bells went off reading the bit about a broker advising their client to essentially be under insured. In the event of a claim there is a very good chance that they will apply averages due to under insurance, and payout will be proportionate to the risks (i.e. 2 bikes = 50% payout).

 

As mentioned above, double check that with your broker and get it in writing.

In this particular instance, I doubt they will penalise him for under-insurance as this doesn't apply to All Risks. If an item is excluded they won't pay the claim outright though.

 

However, he is with Echelon who deal with High Net Worth/ Private Clients, so they might just allow it on their policy. Again, better to rather double check and make sure.

[Karman de Lange]

Do anyone know of a insurance company that wil insure the bike for what you paid for it, and not the new value? 

 

I buy all my bikes second hand and would love to insure for what they are worth (as they standing there), not the 4-5 times the replacement value of a new bike.

 

L:

[Lurch the stalker]

Do anyone know of a insurance company that wil insure the bike for what you paid for it, and not the new value? 

 

I buy all my bikes second hand and would love to insure for what they are worth (as they standing there), not the 4-5 times the replacement value of a new bike.

 

L:

 

Surely if you tell them that the worth is x they will insure it for that?

With my incident last week, Momentum actually tried explaining to me that the bike was under insured and it is my responsibility to make sure it's insured for the right amount.

I cleared it up with them when I explained what the damage report actually meant.

[Karman de Lange]

Not found 1 place that willing to insure for what its worth, all insist that have to insured for replacement NEW value.

 

My one bike paid R 10k for.. now worth about 5k.  Replacement new value about R 75k  (its 8-9 years old).  I would like to insure for R 10k so I can replace it if its stolen/broken for similar second hand bike.

 

 

Surely if you tell them that the worth is x they will insure it for that?

With my incident last week, Momentum actually tried explaining to me that the bike was under insured and it is my responsibility to make sure it's insured for the right amount.

I cleared it up with them when I explained what the damage report actually meant.

 

[Lurch the stalker]

Not found 1 place that willing to insure for what its worth, all insist that have to insured for replacement NEW value.

 

My one bike paid R 10k for.. now worth about 5k.  Replacement new value about R 75k  (its 8-9 years old).  I would like to insure for R 10k so I can replace it if its stolen/broken for similar second hand bike.

That's dumb on their part, surely they'd much rather potentially pay out R10,000.00 as opposed to R75,000.00?

Though I guess the premium is way higher on R75,000.00 so that's probably what they want...

[GrahamS2]

In this particular instance, I doubt they will penalise him for under-insurance as this doesn't apply to All Risks. If an item is excluded they won't pay the claim outright though.

 

However, he is with Echelon who deal with High Net Worth/ Private Clients, so they might just allow it on their policy. Again, better to rather double check and make sure.

That's true. I know with my own broker they really work on a relationship basis, and most of my claims are handled by just an email from me. But they manage their own risk pool so claims under R250k are at their discretion - same thing with Echelon I'd imagine.