Cyclesure issues

[Eugene]

WTF your example says it was no longer available, I was responding to YOUR example.

 

 

Insure your bike correctly, this isn't a difficult concept.

I never said Ultegra was no longer available, I said his brand of bike was no longer available with Ultegra parts.

[Captain Fastbastard Mayhem]

I never said Ultegra was no longer available, I said his brand of bike was no longer available with Ultegra parts.

Doesn't matter. My reign advanced came with slx and XT mix. New model now comes with full XT m8000. Does that mean I must insure it for less than what it currently costs? No. It's the replacement model. Net so.

[Oufy MTB (Roadie)]

Guess, I'm also calling my insurance on Monday. Despite confusion/debates/scenarios, this most probably be the most useful Bikehub thread I have read.

[eddy]

Ok that makes sense. So if he say had the bike stolen they would pay out the R32k less excess then?

I suspect so.

[Fr33rider]

I suspect so.

No one needs to assume anything, I posted a link to the pdf policy document. It cannot get clearer than that.

[Sitting@89]

No one needs to assume anything, I posted a link to the pdf policy document. It cannot get clearer than that.

[Sitting@89]

No one needs to assume anything, I posted a link to the pdf policy document. It cannot get clearer than that.

Yes because nothing is quite as clear and simple to interpret as a 60 page insurance document.

[Fr33rider]

Yes because nothing is quite as clear and simple to interpret as a 60 page insurance document.

Cyclesure actually has a shortish document which is very clear, it's only 20 pages start to finish.

[carbon29er]

Amazing that we still have consumers who expect new for old replacement in a massive inflationary environment when paying premiums based on historic values.

 

A third certainty in life after death and taxes is that insurance companies will only pay out what the premium covers. Not a cent more.

 

The way around this inflationary under insurance? Find a policy that specifies the components you want to insure rather than blandly stating a bike model. But as it is a specified item and not covered by the catch all "contents" new for old replacement policy the onus is on the insured, not the insurer, to get the values right.

[Pikey]

So if you have bikes that you built up from scratch,some with 2nd hand parts and some new parts. You are underinsured if you have them insured for the build cost.

 

So how do you insure them if you don't have receipts for the parts bought 2nd hand? Or new for that matter.

 

If one is very close to the original spec and the other is way over specced to original .

But both built from scratch.

[Pikey]

Bmw1za sorry for your situation, but am sure by posting this you have saved lots of ppl from the same fate.

[Captain Fastbastard Mayhem]

So if you have bikes that you built up from scratch,some with 2nd hand parts and some new parts. You are underinsured if you have them insured for the build cost.

 

So how do you insure them if you don't have receipts for the parts bought 2nd hand? Or new for that matter.

 

If one is very close to the original spec and the other is way over specced to original .

But both built from scratch.

Take them to a bike shop who sells that brand, and get them to spec a build quote to your bikes spec. Document your frame number on the quote and take as many pictures as you can. Send that in as "proof of purchase" and insure accordingly.

 

They will normally spec an off the shelf frame or bike and add or remove components it theyre at a different level to stock, do you get a quote of the same value as your bike.

[Ranga]

I have only had good dealings with Cyclesure.

 

I built up a road bike with used high end frame and components. Cost me about 50k to build. I insured it for full replacement cost, ie cost of replacing it now with the current frame and component costs. I pay premiums on 100k.

 

My mountain bike is also insured for full replacement cost not what i paid for it

 

I had had 2 claims in the last 6 months. Claimed a broken shifter from getting taken out at the track on my road bike. No problem from Cyclesure. Claim was authorised within a couple of hours of sending through the forms and i was paid for the full replacement cost less excess

 

I have just claimed a new frame for my mountain bike after having a crash. Again my claim was authorised within a couple of hours by Cyclesure at full replacement cost less excess.

 

At the end of the day you get what you pay for.

 

Every year my broker pays me a visit and we re-evaluate my insured items.

[Frosty]

I was surprised to see that the replacement value is only 10% higher compared to my last valuation, which is already calculated using R16/USD and R18/EUR.

 

I then asked how a custom build is insured, as the insured bike cannot be purchased fully built. The reply was "cash pay out for the custom components - be it imported or locally sourced" while the generic stuff can be purchased at any bike shop of my choice.

 

The only thing I didn't calculate was the cost to build the bike again, in the event of theft.

[JDipstiek]

Jis, That sucks man!

 

Look usually I THINK. they will see what amount of the total insured value you are claiming for what. IOW. You cannot claim 35k for parts if the complete bike was insured for 35K.. that means you are under insured.

 

Its the same thing with cars (Again, I think)

 

Id consult a broker.... They might be able to help

[bmw1za]

my bike covered at                                  :    32 k

extras ,PM, Garmin,helmet,eyewear       :    21 k  

                                                                   ............

                                        Total Cover          53 K

 

Claim, for , 2 x di2 ultegra shifters, 1 x di2 ultegra derailleur:    15 000.00

                                                                                 Paid out:    R8 700.00   

 

Awaiting actual payment so I will just partially fix what I can for now... As said before I have learnt the lesson so will try to insure for the replacement Value in future

 

NB, found an email on my work email from cyclesure that was hidden / spam/junk

They did in fact send a mail saying that rates, rand dollar value changing, bla   - bla - bla -, So I should have paid attention and increased the Insured value

 

Good luck you guys , Learn From Me !!!