GLuvsMtb Posted April 8, 2016 Share Learnt something here today. My Stumpy's replacement value is about 30k more than what I paid in 2013. Chatting to my broker on Monday. Link to comment Share on other sites More sharing options...
Fr33rider Posted April 9, 2016 Share Learnt something here today. My Stumpy's replacement value is about 30k more than what I paid in 2013. Chatting to my broker on Monday.My 2011 stumpy fsr comp cost me 8k second hand, it's insured for 39k because that's what the new one costs. Sux to pay the premiums but I prefer the peace of mind. Link to comment Share on other sites More sharing options...
Eugene Posted April 9, 2016 Share I still cannot see how he is under insured. I agree, if he bought his bike for R30k and that SAME bike has increased in value to R60k, then he is under insured. In his case, let's use an example. He bought a Silverback for R30k that has Ultegra parts and Mavic Aksium wheels. He writes off this bike. He asks for a replacement quote and is told, Silverback no longer makes a bike with Ultegra and Aksium wheels, they only make a Silverback with Dura Ace Di2 and Mavic SLR. He only rode a bike with Ultegra and that is what he is insured for. Why should he pay premiums on a Dura Ace bike when he actually rides an Ultegra bike. It's not his fault Silverback discontinued their Ultegra specced range. I am willing to bet the last Rand in my pocket that if he did insure for a 76k bike with Dura Ace Di2 and SLR wheels, the insurance company would have told him sorry, you rode a bike with Ultegra and Aksium wheels, then we are only going to pay out for a bike with Ultegra and Aksium. Another example.....a new Ford Figo was launched recently. The newer model has much higher specs than the old one and it is about 40% more expensive. So does that mean all those people with the older generation Figo are now under insured. Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted April 9, 2016 Share Cars are not relevant here. They are insured at current market value or financed amount whichever is higher, not replacement value Link to comment Share on other sites More sharing options...
cat-i Posted April 9, 2016 Share I am willing to bet the last Rand in my pocket that if he did insure for a 76k bike with Dura Ace Di2 and SLR wheels, the insurance company would have told him sorry, you rode a bike with Ultegra and Aksium wheels, then we are only going to pay out for a bike with Ultegra and Aksium. I am willing to take you on on that bet. If a theoretical bike was bought and insured for 10k, and years later the new version of this bike is 20k, and theoretically there's now damage to this bike of 15k ... would you expect the insurance to pay out 15k? Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted April 9, 2016 Share I am willing to take you on on that bet. If a theoretical bike was bought and insured for 10k, and years later the new version of this bike is 20k, and theoretically there's now damage to this bike of 15k ... would you expect the insurance to pay out 15k?Yep. The replacement version is the replacement version. Let's take this to sound equipment, just as an analogy. If you had an old style 5.1 amplifier with no optical input, HDMI pass through, 4k capability and just RCA connectors, and you bought it 15 years ago for 5k. The replacement version has all the above, and sells for 20k. It's got all the new technology and is for all intents and purposes far higher spec than your current one. But it's the replacement as yours was discontinued. You simply must insure the current one for the amount that you would need to shell out to replace it with the new version of it. Link to comment Share on other sites More sharing options...
Lurch the stalker Posted April 9, 2016 Share I think a lot of people are calling their brokers on Monday morning... Link to comment Share on other sites More sharing options...
Brickleberry Posted April 9, 2016 Share And also check, I know Alexander Forbes is one of the only insurers who's standard policy covers you in races. A lot of them will screw you if damage occurs in a race Link to comment Share on other sites More sharing options...
BigDL Posted April 9, 2016 Share Lots of smashing the insurers here. Short term insurance has always been simple. If you want replacement value, insure for current value. No secrets, no small print, no attempt to rip you off. That's just how it works. Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Lurch the stalker Posted April 9, 2016 Share And also check, I know Alexander Forbes is one of the only insurers who's standard policy covers you in races. A lot of them will screw you if damage occurs in a raceMomentum covers me for racing as well. Link to comment Share on other sites More sharing options...
Patchelicious Posted April 9, 2016 Share I think a lot of people are calling their brokers on Monday morning...Well this is what you are supposed to do, that's why they earn com. If you don't have a broker, don't moan later Stuck record here. Link to comment Share on other sites More sharing options...
eddy Posted April 9, 2016 Share no one ever wins from insurance, This is not directed at you cat-i , but a general comment based on reading many insurance related threads. Insurance is NOT about winning or losing. It is about pooling resources and sharing the risk of loss or damage. All the insurance industry does is calculate the risk, apply a price to it and then administer the pools. Frankly, they could actually not care about an individual "losing" or "winning" as ultimately the surplus or shortfall gets passed on to your fellow pool members. Getva good broker, understand your policy, review it regularly, pay you premius promptly, manage your claim behaviour properly, and eventually you will find yourself in a pool of like minded people and you will find the price of your risk goes down. AND THEN YOU ARE WINNING.. Link to comment Share on other sites More sharing options...
Patchelicious Posted April 9, 2016 Share This is not directed at you cat-i , but a general comment based on reading many insurance related threads. Insurance is NOT about winning or losing. It is about pooling resources and sharing the risk of loss or damage. All the insurance industry does is calculate the risk, apply a price to it and then administer the pools. Frankly, they could actually not care about an individual "losing" or "winning" as ultimately the surplus or S.Couldn't agree more. People often forget or never understood the most basic principles of insurance. The many that pay for the few.I.e. Lots of people pay small amounts to pay a small number of people big amounts Also, just to put it out there, the underwriting profits that Insurnace companies make is minimal compared to their investment profits for the reserves they need to keep. So they don't try and screw people as they would prefer it if you kept paying them premiums. Link to comment Share on other sites More sharing options...
eddy Posted April 9, 2016 Share . See post above. Premature posting half way through on phone Link to comment Share on other sites More sharing options...
Dieter ( ͡° ͜ʖ ͡°) Posted April 9, 2016 Share So this is not a Cyclesure issue at all but an insurance issue. I recently dealt with Cyclesure and the process was a pleasure with great communication throughout. I was under insured initially because I was naive but I just emailed my LBS for a valuation with the list of parts, let Cyclesure know and it was adjusted accordingly. Will do so every year with my new bike. Link to comment Share on other sites More sharing options...
Eugene Posted April 9, 2016 Share One more attempt to illustrate my argument. bmw1za buys an Ultegra specced bike. His premiums are based on the fact that his bike has Ultegra parts on it. He crashes the bike and damages the Ultegra shifters. He puts in a claim for new Ultegra shifters. The insurance company comes along and says that his brand of bike no longer sell bikes with Ultegra, they only have Dura Ace bikes. They claim that he is under insured because the only model available only comes with Dura Ace. He has paid a premium on Ultegra parts, he has damaged his Ultegra parts and has claimed on his Ultegra parts. How the he'll can he be under insured? He has claimed for what he has paid for, nothing more. They need to.compare apples with apples. They cannot compare his Ultegra bike to a Dura Ace bike and then say he is under insured. Link to comment Share on other sites More sharing options...
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