Bike insurance

[Barker]

Hi, I have 5 bikes insured with Santam. 3 bikes are mine and other 2 is my wifes and sons. Never had any issues. Very reliable and no problems with payouts. 

 

I purchased a set of HED deep section road wheels 2 weeks ago. These wheels are valued around 32k. I have been trying to insure the wheels by themselves but Santam refuses to insure the wheels separately.

 

They are adamant that the wheels need to be insured with a bike. This is obviously pushing the value of the bike they opted to pair it with through the roof which means ill have to pay a ridiculously high excess if anything ever happens to either the bike or wheels. The thing is, I am not going to be using these wheels all the time. I might take them off and use the plain hoops on windy days. 

 

I see a problem here - cause what if the wheels are stolen or something but they are not attached to the bike? For example these wheels are now being transported right now...but by themselves - no bike. Imagine there is a accident and the wheels get damaged.

 

How do the rest of you insure your wheels that might be used on more than one bike.

 

- Please feel free to move to another category if i posted in the wrong section.

Edited May 10, 2016 by WheelSeeker

[2 X 2]

Mine is under specified all risk items on my policy, think I pay R41 for 10k coverage.

[Barker]

Finally got santam to specify the wheels separately.

[Bobbo_SA]

Makes me wonder, with all the guys doing Sani2C, and the possibility of falling into sea water at the end, what the insurance policies state in these cases.

 

I expect that the sea water, even if rinsed off at the finish would still get into every moving part and wreak havoc with the inners (Bearings, pivots, hubs, RD etc)

[travisza]

Do you guys just stick bikes under house/homeowners insurance?

 

I'm going to guess that when choosing between them all everyone has a horror story and basically they all suck?

 

Edited: asking because I need to look for some

Edited May 11, 2016 by travisza

[Duane_Bosch]

Do you guys just stick bikes under house/homeowners insurance?

 

I'm going to guess that when choosing between them all everyone has a horror story and basically they all suck?

 

Edited: asking because I need to look for some

I specify my bikes as part of my house, car etc insurance. I insure with Frontline (underwritten by Hollard) through a broker. It's some sort of policy for "professionals" For me the relationship with the broker is paramount. Dealing with a nameless call centre agent is a terrifying thought for me.

 

They are insured for 100k in total. The premium is CRAZY! Something like R650 just for the bikes. Having said that I couldn't afford to replace them both if they got stolen.

[eddy]

Do you guys just stick bikes under house/homeowners insurance?

 

I'm going to guess that when choosing between them all everyone has a horror story and basically they all suck?

 

Edited: asking because I need to look for some

 

 

Use the search function on the Bikehub, there are many threads on this exact issue.

 

The short answer is a) you get what you pay for; and b) you are best served by a good broker that understands your requirements and will provide you with the appropriate cover; and c) see point a  above

[2 X 2]

I specify my bikes as part of my house, car etc insurance. I insure with Frontline (underwritten by Hollard) through a broker. It's some sort of policy for "professionals" For me the relationship with the broker is paramount. Dealing with a nameless call centre agent is a terrifying thought for me.

 

They are insured for 100k in total. The premium is CRAZY! Something like R650 just for the bikes. Having said that I couldn't afford to replace them both if they got stolen.

 

I think you pay way to much!  I pay R279 for R68 000 cover

[BaGearA]

I think you pay way to much!  I pay R279 for R68 000 cover

where?   I pay 284 for R 45K from cyclesure

[2 X 2]

2 X 2, on 11 May 2016 - 3:38 PM, said:

I think you pay way to much!  I pay R279 for R68 000 cover

where?   I pay 284 for R 45K from cyclesure

 

Through my broker.  I insured my house contents, cars and bicycles through the broker.

[Grebel]

I specify my bikes as part of my house, car etc insurance. I insure with Frontline (underwritten by Hollard) through a broker. It's some sort of policy for "professionals" For me the relationship with the broker is paramount. Dealing with a nameless call centre agent is a terrifying thought for me.

 

They are insured for 100k in total. The premium is CRAZY! Something like R650 just for the bikes. Having said that I couldn't afford to replace them both if they got stolen.

 

Ditto. Busy updating my policy schedule right now. I got the family's bikes and my two (total 4 bikes), Garmin and Thule platform rack all insured at replacement value which totals R89k at a premium of approximately R480 a month. That also includes cover if I am "racing". All through my Householders policy with Discovery.

 

The most important part of your quote is highlighted. One call to him (or any one of his ladies in the office) and they take care of it.

[Rocket-Boy]

where?   I pay 284 for R 45K from cyclesure

Mistakes have been made.

I would insure my bikes through pretty much anyone other than cyclesure.

[2 X 2]

Mistakes have been made.

I would insure my bikes through pretty much anyone other than cyclesure.

 

Nothing wrong with my insurer, they cover during races 

[Dazshell]

I'm with Santam.  Just upped the All Risks cover on my bike to current replacement value including my Cosmic SL's.  With all the bits and bobs (lights, pedals, computer, saddle bag, bottle cages) came to R60 000.  Premium R273pm.  Excess R1000.

 

Although your premiums will increase, it ios very important to update the replacement value of your bike.  My Merida Scultura Evo DA cost me R21000 three years ago, now R39 000 for slightly lower spec bike!

 

Bikes don't work like cars.  They pay you out for what you insure it for.

[Patchelicious]

I'm with Santam. Just upped the All Risks cover on my bike to current replacement value including my Cosmic SL's. With all the bits and bobs (lights, pedals, computer, saddle bag, bottle cages) came to R60 000. Premium R273pm. Excess R1000.

 

Although your premiums will increase, it ios very important to update the replacement value of your bike. My Merida Scultura Evo DA cost me R21000 three years ago, now R39 000 for slightly lower spec bike!

 

Bikes don't work like cars. They pay you out for what you insure it for.

They do pay you out for what you insure your car for, luckily for us, the pricing update is done automatically with something like Meadnet or Lightstone vehicle value imports. So those adjustments don't become your problem.

[Barker]

I am with Santam through a broker.

 

My most expensive road bike is a Merida reacto it is insured for R29 999 with a premium of R212.09. Actual replacement cost is R32 100. The reason for ensurance difference is the excess. At R 29 999 my excess is R250 for R32 100 my excess is R2 500.

 

My HED wheels are insured for R30 700, premium R215.60 but strange enough the excess on these are only R250.

Edited May 13, 2016 by WheelSeeker