PeterF Posted April 8, 2016 Share "i understand the argument, but its illogical to buy a bike for 32k , insure it for 76k.. then they hit you with intent , mmmm :whistling:" That's not really what is expected of you. What is expected though is to keep the insured value current with the replacement value. Link to comment Share on other sites More sharing options...
Brickleberry Posted April 8, 2016 Share i understand the argument, but its illogical to buy a bike for 32k , insure it for 76k.. then they hit you with intent , mmmm No the year you baught it it should have been insured for 32k , upon annual renual it would have been increased and again in 2016 and you would now be covered in total with a brand new 72 k bike. Again, I don't like it, but that's how it works Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted April 8, 2016 Share i understand the argument, but its illogical to buy a bike for 32k , insure it for 76k.. then they hit you with intent , mmmm I bought a bike for a sum total of 18k (old reign x) 2nd hand through various deals. It was insured for the new replacement value of R 42k. Then it was stolen. I got a new bike, the new Reign, and again within 2 months of me taking ownership of it the dollar got shot to shaite, and instead of having a 50k bike it is now insured for R 82,000 - the amount I would have to pay to replace it like for like. You insure for new replacement value. The only time you have to worry about intent is if you commit insurance fraud, and arrange for it to be stolen or damage it intentionally... Link to comment Share on other sites More sharing options...
igg Posted April 8, 2016 Share Could you not get them to value the bike at the sum of its parts?While your frame may be discontinued (and therefor underinsured) I doubt that all the components from a 2014 bike would be as well. That said, if the component spec is similar it's probably going to add up to more than 72k. One of my bikes was built entirely from pieces, it quite simply doesn't have an off-the-shelf replacement value. I ended up insuring it for slightly more than what I paid for the parts (90% were new); my broker was no help... Link to comment Share on other sites More sharing options...
Oakley360 Posted April 8, 2016 Share Ask them how they got R72k ?? Make sure they take into account that the groupset has to be the exact same as the ones that was on there, eg calling your much older 600 groopset as ultegra and now thwy get a quote from the shop for new Ultegra - not really a realistic replacement. Also try and get a quote from a shop for the bike and compare to what they got. This might make the underinsuranced value percentage smaller, which might result in a bigger payout. Hope it helps Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted April 8, 2016 Share Could you not get them to value the bike at the sum of its parts?While your frame may be discontinued (and therefor underinsured) I doubt that all the components from a 2014 bike would be as well. That said, if the component spec is similar it's probably going to add up to more than 72k. One of my bikes was built entirely from pieces, it quite simply doesn't have an off-the-shelf replacement value. I ended up insuring it for slightly more than what I paid for the parts (90% were new); my broker was no help...It would have been best to take it to an LBS that deals with that particular brand, and get them to spec a "custom build" insurance replacement quote. They generally spec it to one of the off the shelf items and then sub in any parts that may be higher or lower in the parts heirarchy so that the value is closer to what it actually should be. And no. New Replacement. As long as that model is still available, it doesn't matter whether the new one has a higher parts spec on it - it's the replacement model. If it had a lower parts spec, then you would have to insure it as per the cost of the one up, or again as a custom build. Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted April 8, 2016 Share Ask them how they got R72k ?? Make sure they take into account that the groupset has to be the exact same as the ones that was on there, eg calling your much older 600 groopset as ultegra and now thwy get a quote from the shop for new Ultegra - not really a realistic replacement. Also try and get a quote from a shop for the bike and compare to what they got. This might make the underinsuranced value percentage smaller, which might result in a bigger payout. Hope it helpsThat's a very realistic replacement - it's the current model which is on the bike. Doesn't matter how old the one on the frame is at this point in time - it's how much the new version of it would cost. Link to comment Share on other sites More sharing options...
igg Posted April 8, 2016 Share It would have been best to take it to an LBS that deals with that particular brand, and get them to spec a "custom build" insurance replacement quote. They generally spec it to one of the off the shelf items and then sub in any parts that may be higher or lower in the parts heirarchy so that the value is closer to what it actually should be. No LBS deals with this brand . Most of the parts were imported and the groupset isn't even available in ZA last I checked; getting a quote from a LBS would largely be a thumbsuck exercise. Link to comment Share on other sites More sharing options...
Brickleberry Posted April 8, 2016 Share My 2011 TCR advanced SL 0 frame with 6700 ultegra and vento reaction wheels, cost to buy second hand 20k. Insured sum. 70k, a new SL frame with ultegra components and a campag vento wheels all 2016 models will cost 70k odd to replace . It sucks that I must pay so much insurance , but I'll be covered in a loss event . Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted April 8, 2016 Share No LBS deals with this brand . Most of the parts were imported and the groupset isn't even available in ZA last I checked; getting a quote from a LBS would largely be a thumbsuck exercise.then you go shopping for new items, print wishlist and keep your original invoices very safe. Link to comment Share on other sites More sharing options...
bmw1za Posted April 8, 2016 Share Thanks guys, seems either way i am losing out. I will have to pay for the repairs, insure it at the higher replacement value and then claim for every little thing in future like some people do... Is it really worth it ??? I was trying to NOT BE THAT GUY ! Link to comment Share on other sites More sharing options...
KurTieB Posted April 8, 2016 Share Fight them I say. The premium I assume you've been paying is worth the effort to take them on. I insure my bike with my house, cars and contents to make it a reasonable amount and would never pay the premium some of my buddies pay for the exact reason they've given u, which is to rip you off while you pay and then again when u claim. Take them on! Link to comment Share on other sites More sharing options...
Fr33rider Posted April 8, 2016 Share Thanks guys, seems either way i am losing out. I will have to pay for the repairs, insure it at the higher replacement value and then claim for every little thing in future like some people do... Is it really worth it ??? I was trying to NOT BE THAT GUY ! It works both ways, why should we get to pay lower premiums on the lower value, while the insurer is expected to pay out at full replacement value? The policy is sold as "old for new" and you pay premiums accordingly. Link to comment Share on other sites More sharing options...
Fr33rider Posted April 8, 2016 Share Fight them I say. The premium I assume you've been paying is worth the effort to take them on. I insure my bike with my house, cars and contents to make it a reasonable amount and would never pay the premium some of my buddies pay for the exact reason they've given u, which is to rip you off while you pay and then again when u claim. Take them on!Fighting them is going to be like pissing into the wind. The policy is very clear. There's a good reason why I've reinsured with cycle sure after a loss. They paid out according to what I was paying premiums for, no fuss whatsoever. Link to comment Share on other sites More sharing options...
bmw1za Posted April 8, 2016 Share It works both ways, why should we get to pay lower premiums on the lower value, while the insurer is expected to pay out at full replacement value? The policy is sold as "old for new" and you pay premiums accordingly.I am not unreasonable .. so I comprehend where you coming from ... long story short : im not having my bike replaced! only a few parts Insured value 32 k - repair cost 15 K -- actual amount being paid 7K Jacob Zuma Mathematics being used Link to comment Share on other sites More sharing options...
Fr33rider Posted April 8, 2016 Share Just a last addition however, when going through a broker they neglected to mention the old for new bit and wanted to insure my bike for what I paid for it second hand. Luckily I spoke to cycle sure and read their policy doc or I would have had the same issues you are experiencing bmw1za. Link to comment Share on other sites More sharing options...
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