Stoffel76 Posted April 13, 2016 Posted April 13, 2016 Applying average to a specified All Risk item is unusual. Most insurers do not do this, but Cyclesure do and, to be fair, it is on all their documents... Also look out for Cyclesures theft conditions... There are pretty strict conditions relating to the types of locks that are acceptable etc... I'm sorry you've been caught short dude... Moral of the story - read your documents (and get a good broker...)
HBO Posted April 13, 2016 Posted April 13, 2016 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 !!! Did you already accept the settlement? I would definitely take them on if they base their value on Dura Ace instead of Ultegra. It is not as if Ultegra is discontinued. You would probably still be under insured, but by less.
bmw1za Posted April 13, 2016 Author Posted April 13, 2016 Did you already accept the settlement? I would definitely take them on if they base their value on Dura Ace instead of Ultegra. It is not as if Ultegra is discontinued. You would probably still be under insured, but by less.I did accept, looked for every possible way but they kept throwing legal documents at me stating I am underinsured, hubbers and brokers confirm that I am in the wrong... so just cutting my losses and moving on. I can tell you this much, from now on I will claim for every cent i'm covered for in future . ( So I will be sure to be fully covered on all bases )
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