Jump to content

Bike Insurance


KayJ

Recommended Posts

  • Replies 103
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

If you can afford a R50k bike you are probably earning ok, meaning you probably have more than 2 brain cells. So use them.

I wanted to said something similar, but thought that it may be a bit unprofessional due to my bias. But you can say it as it is, and you do.(hehe) Sometimes, something's need to be said blunt.

Link to comment
Share on other sites

If you can afford a R50k bike you are probably earning ok, meaning you probably have more than 2 brain cells. So use them.

But sometimes the richest are the stingiest

 

That's how they became the richest :P

Link to comment
Share on other sites

Interesting, previous people were warning each other to stay away from Outsurance.

 

What became of the guys in Durban, their prices were good, but looking deeper into their policy their excess and the way it was calculated was scary.

 

G

 

If you are thinking of iCycle they were bought out by Compendium.

Link to comment
Share on other sites

Does someone have contact details for them now?

 

G

 

If you are thinking of iCycle they were bought out by Compendium.

Link to comment
Share on other sites

Shocked....

 

Are people aware...

 

First 10% or min R (amount per claim amount) is your excess.

 

consider in todays age, of no foul of your own, bikes are stolen, criminals already took advantage of you, stole say your wife' and your bike, combined insured value, easily R100 000+ (at time of purchase).

 

Now the insurance company is will only pay at max R90 000, first 10% is your problem...

Now bikes are getting more expensive, so a year later you will easily have a replacement value of R120 000, taking prices increased and the Rand/$ seeing it's ass... Leaving you R30k short.

 

Read, Understand those Annexe's, those Excess amounts, and work out what it actually means.

 

G

 

Allison Naicker
Allison@cig.co.za
031 242 6800

Link to comment
Share on other sites

Shocked....

 

Are people aware...

 

First 10% or min R (amount per claim amount) is your excess.

 

consider in todays age, of no foul of your own, bikes are stolen, criminals already took advantage of you, stole say your wife' and your bike, combined insured value, easily R100 000+ (at time of purchase).

 

Now the insurance company is will only pay at max R90 000, first 10% is your problem...

Now bikes are getting more expensive, so a year later you will easily have a replacement value of R120 000, taking prices increased and the Rand/$ seeing it's ass... Leaving you R30k short.

 

Read, Understand those Annexe's, those Excess amounts, and work out what it actually means.

 

G

I've done my home work and I definitely wont be caught short. Secondly I update my insured values once or twice a year depending on exchange rates.
Link to comment
Share on other sites

Shocked....

 

Are people aware...

 

First 10% or min R (amount per claim amount) is your excess.

 

consider in todays age, of no foul of your own, bikes are stolen, criminals already took advantage of you, stole say your wife' and your bike, combined insured value, easily R100 000+ (at time of purchase).

 

Now the insurance company is will only pay at max R90 000, first 10% is your problem...

Now bikes are getting more expensive, so a year later you will easily have a replacement value of R120 000, taking prices increased and the Rand/$ seeing it's ass... Leaving you R30k short.

 

Read, Understand those Annexe's, those Excess amounts, and work out what it actually means.

 

G

10% is a very high excess... Sometimes it's 5%, sometimes it's a fixed excess, sometimes it's capped. All depends on how you've structured your policy and the company you're dealing with. 

Link to comment
Share on other sites

Be ready to be scared...

 

iCycle...

 

Excess

Road Bikes

up to R15k - 5% or min R500 

15-30k - 5% or min R1000

over 30k - 5% or min R1500

 

Mountain Bikes

up to R15k - 10% or min R1000 

15-30k - 10% or min R2000

over 30k - 10% or min R3000

 

Theft/HighJack

10% of claim

- Please note that the theft/highjack excess is cumulative  to the basic excess

 

Pretty sure i won't be using this quote.

 

G

 

10% is a very high excess... Sometimes it's 5%, sometimes it's a fixed excess, sometimes it's capped. All depends on how you've structured your policy and the company you're dealing with. 

Link to comment
Share on other sites

  • 2 months later...

Hi Guys,

 

A lot of topics regarding bike insurance and other insurance for that matter, but I'm not going to read through them all. 

 

Which hub brokers can you recommend?

 

 

Link to comment
Share on other sites

Hi Guys,

 

A lot of topics regarding bike insurance and other insurance for that matter, but I'm not going to read through them all. 

 

Which hub brokers can you recommend?

A FIA accredited broker who will listen to your needs before suggesting an Insurer.

 

If people start telling you to go with an Insurer off the bat, tread with caution.

 

Here is a search function: http://www.fia.org.za/EN/Content/SearchServiceProviders

Link to comment
Share on other sites

I'm with A&G. Bike insured for 40k, paying about R270 a month. Seems from the above comments I could probably get it cheaper somewhere else. Will phone around for a few quotes.

 

Strange thing with A&G they never asked for the make or model or any other info. Just the value. I've got it with my home content but as a specified portable possession.

Link to comment
Share on other sites

  • 2 weeks later...

Just received the below regarding Santam:

 

Good day Sir

 

Unfortunately does Santam not provide cover for your mountain bike only.

 

Cover will only provide  if there is house contents and a vehicle on the policy.

 

Hope this is in order.

 

Any brokers here that want some business please Pm me

 

Cheers

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Settings My Forum Content My Followed Content Forum Settings Ad Messages My Ads My Favourites My Saved Alerts My Pay Deals Help Logout