HBO Posted September 7, 2015 Share 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. It is rather strange, because if you insure it at a lesser value, that is what you will get paid. Maybe they misunderstood you. I recently claim for my frame and Santam paid out the replacement value of that frame. I however bought a second hand frame on the hub (S- Works Venge) which replacement value is more than double of that of the old bike. The full replacement value of the bike is about R 75 k, but I insured it for R 60k. Had no problems. I don't know if you want to insure the bikes on its own or as part of a package (including contents and vehicles). If you struggle you can send me a pm. Link to comment Share on other sites More sharing options...
Lexx Posted October 29, 2015 Share Im with Outsurance, and my Monthly Premium is now R2990. But when i got a quote from Santam, they charged me R1490.( The same stuff thats with Outsurance insured as well)So Outsurance is now stating that Santam is not going to payout the full amount of your bike Minus the Excess, there will always be extra charges that they dont tell you about etc etc. I know its their way of telling me not to move, but, any hubbers using Santam, and how are their claim processes? Is there any Hidden charges etc? Link to comment Share on other sites More sharing options...
Veebee Posted October 29, 2015 Share I'm with Integrisure brokers and they are underwritten by Santam. The worst insurance company ever. full of crap when it comes to claims, don't know if its the brokers or underwriters fault but either way they are cr@p to deal with. I will be changing in the new year... Link to comment Share on other sites More sharing options...
JohanC Posted October 29, 2015 Share Im with Outsurance, and my Monthly Premium is now R2990. But when i got a quote from Santam, they charged me R1490.( The same stuff thats with Outsurance insured as well)So Outsurance is now stating that Santam is not going to payout the full amount of your bike Minus the Excess, there will always be extra charges that they dont tell you about etc etc. I know its their way of telling me not to move, but, any hubbers using Santam, and how are their claim processes? Is there any Hidden charges etc?I'm with Santam and never had any issues with claim and pay outs. I won't move. Link to comment Share on other sites More sharing options...
Lexx Posted October 29, 2015 Share I'm with Santam and never had any issues with claim and pay outs. I won't move.Thanks Johan, Feel much better. Just dont want a Surprise when i do have to claim Link to comment Share on other sites More sharing options...
muagie Posted October 29, 2015 Share Santam + broker = Happy 2 bikes R48k @ just under r300 last time i checked2 incidents so far no hassels -1. theft of MTB = sorted within 4days2 . road bike crash on training ride - frame cracked and left shifter bent - told to get a damage report - lifted bike and paid out the moolaboth incidents within a space of 23 days Link to comment Share on other sites More sharing options...
TCTG Posted October 29, 2015 Share I place business with Santam...no problem. Link to comment Share on other sites More sharing options...
Bub Marley Posted October 30, 2015 Share I'm a broker and I can safely say that Santam are by far the best insurance company in South Africa. I'm also willing to bet that all the other brokers on this forum would feel the same. If you're insured with Santam and you have a legitimate claim, you will get paid out. Link to comment Share on other sites More sharing options...
Veebee Posted October 30, 2015 Share so is it just my badluck or probably that Integrisure are absolute crap ?? It would be their duty to ensure the claim is settled fairly by Santam... Had a house break-in last year, in a complex. Claim took 2 months to be settled.Another claim now for equipment damage, claim open since 13 October and still not resolved after following up almost every day. Link to comment Share on other sites More sharing options...
Bub Marley Posted October 30, 2015 Share so is it just my badluck or probably that Integrisure are absolute crap ?? It would be their duty to ensure the claim is settled fairly by Santam... Had a house break-in last year, in a complex. Claim took 2 months to be settled.Another claim now for equipment damage, claim open since 13 October and still not resolved after following up almost every day.It's difficult for me to comment unless I know the full story. Also, there's a difference with insuring with Santam direct or via a groupscheme/admin house. If you're on a groupscheme or you're with an admin hub, it means the scheme actually deals with and pays claims from their pool. You don't actually deal with Santam at all. My experience with groupschemes is that they don't last. Initially they're fantastic but the more claims that need to be paid, the more expensive it gets and the slower it takes to pay out claims. Link to comment Share on other sites More sharing options...
Patchelicious Posted October 30, 2015 Share I'm a broker and I can safely say that Santam are by far the best insurance company in South Africa. I'm also willing to bet that all the other brokers on this forum would feel the same. If you're insured with Santam and you have a legitimate claim, you will get paid out.That is a pretty big statement. Can you substantiate that? I would love to hear as I deal with the FIA and all brokers have different opinions and reasons, always good to hear. Which brokerage are you with? Do you have a binder with them? Are you a broker or a tied agent? Link to comment Share on other sites More sharing options...
WR 1.0 Posted October 30, 2015 Share That is a pretty big statement. Can you substantiate that? I would love to hear as I deal with the FIA and all brokers have different opinions and reasons, always good to hear. Which brokerage are you with? Do you have a binder with them? Are you a broker or a tied agent? There's also a few statements in this whole tread that borders on advice Link to comment Share on other sites More sharing options...
Bub Marley Posted October 30, 2015 Share That is a pretty big statement. Can you substantiate that? I would love to hear as I deal with the FIA and all brokers have different opinions and reasons, always good to hear. Which brokerage are you with? Do you have a binder with them? Are you a broker or a tied agent?ive been in the industry 10 years. I've dealt with a lot of companies: M&F, Santam, Absa, Discovery, Momentum, Renasa, Auto & Gen, AIG and Santam are the best. I have the least issues wrt claims, they give the best and most efficient service and more importantly they are there to assist when there is a problem. They're not the cheapest, but for that little extra you pay, I think it's worth your while. Link to comment Share on other sites More sharing options...
Patchelicious Posted October 30, 2015 Share ive been in the industry 10 years. I've dealt with a lot of companies: M&F, Santam, Absa, Discovery, Momentum, Renasa, Auto & Gen, AIG and Santam are the best. I have the least issues wrt claims, they give the best and most efficient service and more importantly they are there to assist when there is a problem. They're not the cheapest, but for that little extra you pay, I think it's worth your while.And my other questions? Which brokerage are you with?Do you have a binder with Santam?Or are you a tied agent? Making a blanket statement that Santam is the best insurer is not really what a broker is supposed to do? A broker is supposed to advise on the best product for a risk or persons set of criteria. A broker is supposed to represent a client not the insurer. Your biase would make me question if you are giving me the best product for my requirements. Else we can all just go to Santam direct, MiWay and not pay a broker fee or commission. Link to comment Share on other sites More sharing options...
HBO Posted October 30, 2015 Share And my other questions? Which brokerage are you with? Do you have a binder with Santam? Or are you a tied agent? Making a blanket statement that Santam is the best insurer is not really what a broker is supposed to do? A broker is supposed to advise on the best product for a risk or persons set of criteria. A broker is supposed to represent a client not the insurer. Your biase would make me question if you are giving me the best product for my requirements. Else we can all just go to Santam direct, MiWay and not pay a broker fee or commission. Hi patch, you ask some very valid questions and as an independent broker myself, I would like to answer as follow. First of all, Santam is also my first choice of Insurer and I am insured with them myself, although I can get myself cheaper insurance with the other companies I have contracts with. The other companies are: Zurich, Hollard, AIG and Discovery Insure, M&F (only commercial) and then some AMU's like Mirabilis etc. None of these companies are "bad", it is just that I know that Santam would rather look for a reason to settle a claim than to repudiate it. Also if there is a "grey" area on a claim, for instance you can't proof certain high value items during a burglary, they would always give the benefit of the doubt to the client. Of course each claim has its own merit. Besides this, their systems and procedures are worldclass. The insurance industry is a very competitive market and as an independent broker my only edge in this market is quality personal service. I can't give that if I don't get that from the insurers. In this regard Santam is definitely ahead of the rest. due to your connection with the FIA, you must be well aware of the fact that Santam takes the majority of the awards year after year although Hollard does make some huge inroads lately. As was stated before by my colleagues, you will find that the majority of independent brokers have a contract with Santam and that Santam is their preferred choice of insurer. That must count for something. I don't have a binder agreement, nor am I a tied agent with them. My opinion is based on 19 years of experience with various insurers, and administrators. Whether I insure a client with Santam or Hollard or Zurich doesn't make any difference in my commission. It is regulated as I'm sure you are well aware off. There's no biases involved. You are quite correct that we should advise the client according to his/ her individual needs. But comprehensive cover on a vehicle is comprehensive cover, whether it is with Santam, Hollard or Zurich. The only difference is in premium and excesses. In my experience as a broker 95% of clients choose the cheapest option. btw, what is your affiliation with FIA? Link to comment Share on other sites More sharing options...
streetfighter Posted October 30, 2015 Share With Miway, road bike R180 for 30 000 and race bike R280 for R50 000. I'm busy with a claim since my accident on Malmesbury road in the Derby dash Saturday that past cde group. Was well received, and miway requested to take my damaged bicycle (frame)to Chris Willemse Cycles for assessment cause they do the assessment down hear in Cape Town.Chris Willemse Cycles response to Miway is to replace the carbon frame (damage to the left rear back stay of my swift attack)but according to Rachel Lewis (rep) and Martinus.... (manager) they have a better understanding with Procycles up in Johannesburg that can fix carbon frames therefore Miway will ship the bike free of charge for further assessment.By now hands tied and completely out of the picture this exercise has taught me to expect the worse and nothing less from Miway. For my safety no matter the outcome I will stick to Oom Chris Willemse's assessment to replace the frame to avoid any further unseen medical cost and damages to other road users if failure should occur...hope my wife reads this Ps there will be a newly repaired 2015 swiftcarbon frame available shortly! Not sure about warranty but claim no674753 will be tagged to frame Link to comment Share on other sites More sharing options...
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