Bike insurance

[NordicElf]

Insurance related question, i did read through 2 other threads, picked this one because it's the most recent. What stuff is covered by insurance. I don't have my bikes insured but am wondering if I should have... would this have been covered:

derailleur hanger broke while riding (no crash), it actually broke a second time not sure when the damage happened but I had to replace the derailleur and repair a crack in my carbon frame. 

Would I have been able to have claimed from insurance? do policies ever cover this kind of damage? 

[Barker]

If you do not specify them they fall under general household items section and will only be covered if stolen or damaged while being in the house.

 

If you specify them they are covered under all risk - meaning if anything goes wrong under any condition excluding wear and tear.

[NordicElf]

If you do not specify them they fall under general household items section and will only be covered if stolen or damaged while being in the house.

 

If you specify them they are covered under all risk - meaning if anything goes wrong under any condition excluding wear and tear.

 

 

Thanks, are carbon frame cracks ever from wear and tear? 

[Barker]

In my opinion its not a moving part and not prone to wear and tear but a mountain bike frame might be... so i would say no for road bikes but i am sure insurance companies will find many professors willing to state otherwise.

 

 

Thanks, are carbon frame cracks ever from wear and tear? 

[Rudi Pollard]

You are never covered for wear and tear on an insurance policy. So if a bicycle frame cracks it will fall under either wear and tear or manufacturers defect which is covered under the warranty and not under insurance.

 

In order to submit a claim to your insurance you need an insurable event. I.e. something happened, and my frame cracked.

[NordicElf]

You are never covered for wear and tear on an insurance policy. So if a bicycle frame cracks it will fall under either wear and tear or manufacturers defect which is covered under the warranty and not under insurance.

 

In order to submit a claim to your insurance you need an insurable event. I.e. something happened, and my frame cracked.

 

Thanks, so it seems like insurance wouldn't have helped me in this case. One less thing to kick myself for!

[Neverfit]

I recently got a few options for insurance on my trusty steed - Discovery seems to be the most favorable at this stage

has anyone had any dealing with them and how did it go?

 

I don't want to pay some insurance company and when it comes to claiming, having to argue and fight for something

[igg]

I recently got a few options for insurance on my trusty steed - Discovery seems to be the most favorable at this stage

has anyone had any dealing with them and how did it go?

 

I don't want to pay some insurance company and when it comes to claiming, having to argue and fight for something

 

Just a heads up regarding Discovery, they changed their all-risks policy on bicycles last month and they now have similar excess structures to cars:

• Bicycles valued up to R30 000: R750 (all Plans);
• Bicycles valued between R30 000 to R60 000: R5 000 (all Plans);
• Bicycles valued at R60 000 or more: R10 000 (all Plans).

This is why their premiums are good; previously it was a flat rate of R750 per claim I believe. So there's likely no point in making smallish claims anymore on more expensive bikes: broke a wheel? Probably cheaper to replace at your own cost.

 

I have a R40k bike insured for R130pm and I received a quote last week to insure a R120k one for around R330pm. Additionally all-risks claims are averaged like household contents and you also need to provide them with invoices, pictures and valuation certificates.

 

I can only assume this is a reaction to some unscrupulous claims in the past.

All this said, I haven't had any all-risks, but I did make a claim against a motorcycle last year. Took it in for assessment, 2 days later money was in my account no questions asked.

[Spoke101]

Thanks, so it seems like insurance wouldn't have helped me in this case. One less thing to kick myself for!

 

I wouldn't be so quick to write insurance off.

 

I reckon most would pay out, You might have to have a supporting letter from a reputable bike shop.

 

Hangers don't just snap. It was damaged at some point and has now failed.

 

I have a good friend that has just had this happen to his road bike, a few months after a previous claim for a new frame. He got payed out for a new frame and derailleur ±60k.

 

Another friend found a crack around his suspension on his MTB. The manufacture said that it wasn't a warranty issue although the bike shops reckon it was. He phoned his insurance and told them he had found a crack and that it wasn't a warranty, they said ok when was the last time you rode the bike? and they used that date and he stated how the damage could have happened and they payed out 50k for a new frame.

 

Both of these are with Cyclesure by the way.

[Neverfit]

Just a heads up regarding Discovery, they changed their all-risks policy on bicycles last month and they now have similar excess structures to cars:

• Bicycles valued up to R30 000: R750 (all Plans);
• Bicycles valued between R30 000 to R60 000: R5 000 (all Plans);
• Bicycles valued at R60 000 or more: R10 000 (all Plans).

This is why their premiums are good; previously it was a flat rate of R750 per claim I believe. So there's likely no point in making smallish claims anymore on more expensive bikes: broke a wheel? Probably cheaper to replace at your own cost.

 

I have a R40k bike insured for R130pm and I received a quote last week to insure a R120k one for around R330pm. Additionally all-risks claims are averaged like household contents and you also need to provide them with invoices, pictures and valuation certificates.

 

I can only assume this is a reaction to some unscrupulous claims in the past.

All this said, I haven't had any all-risks, but I did make a claim against a motorcycle last year. Took it in for assessment, 2 days later money was in my account no questions asked.

Thank you very much... this help a lot

 

Looking at moving everything to them - household cars etc and as part of a package deal they are very lenient towards the sweat factory.. 

[HBO]

Just a heads up regarding Discovery, they changed their all-risks policy on bicycles last month and they now have similar excess structures to cars:

• Bicycles valued up to R30 000: R750 (all Plans);
• Bicycles valued between R30 000 to R60 000: R5 000 (all Plans);
• Bicycles valued at R60 000 or more: R10 000 (all Plans).

This is why their premiums are good; previously it was a flat rate of R750 per claim I believe. So there's likely no point in making smallish claims anymore on more expensive bikes: broke a wheel? Probably cheaper to replace at your own cost.

 

I have a R40k bike insured for R130pm and I received a quote last week to insure a R120k one for around R330pm. Additionally all-risks claims are averaged like household contents and you also need to provide them with invoices, pictures and valuation certificates.

 

I can only assume this is a reaction to some unscrupulous claims in the past.

All this said, I haven't had any all-risks, but I did make a claim against a motorcycle last year. Took it in for assessment, 2 days later money was in my account no questions asked.

 

The excesses are rather high, but just take note that it is only applicable in case of partial damage. In case of total loss AND you have send them proof of ownership and photo's (which can be uploaded via app) prior to the claim, there is no excess.

 

BTW, there is no average applicable to all risk items at Disco.

[shaper]

I recently got a few options for insurance on my trusty steed - Discovery seems to be the most favorable at this stage

has anyone had any dealing with them and how did it go?

 

I don't want to pay some insurance company and when it comes to claiming, having to argue and fight for something

Just had a claim sorted by Discovery for a crash I had at the Argus this year, cracked the frame and trashed the RD.

 

Advised accordingly, submitted paperwork they wanted (pics/invoices/replacement costs), then a few weeks later requested more paperwork.  All was emailed to them.

 

Fought for a month as they kept saying they never received the paperwork by email.  Eventually printed out all paperwork, all emails confirming that the info had previously been sent (three times) and then hand delivered the info (so there were no further excuses of not receiving), was paid out within 3 days.

 

Bike was covered as a specified item on my house insurance.

[Duane_Bosch]

Just had a claim sorted by Discovery for a crash I had at the Argus this year, cracked the frame and trashed the RD.

 

 

Wow interesting. I think my policy specifically excludes racing. Although I might be thinking of the travel insurance I use when going to France.

[Neverfit]

Just had a claim sorted by Discovery for a crash I had at the Argus this year, cracked the frame and trashed the RD.

 

Advised accordingly, submitted paperwork they wanted (pics/invoices/replacement costs), then a few weeks later requested more paperwork.  All was emailed to them.

 

Fought for a month as they kept saying they never received the paperwork by email.  Eventually printed out all paperwork, all emails confirming that the info had previously been sent (three times) and then hand delivered the info (so there were no further excuses of not receiving), was paid out within 3 days.

 

Bike was covered as a specified item on my house insurance.

I asked them about proof of ownership for bike as well as other specified items, they assured me that some pics with serial numbers etc showing uploaded to the "Vault" would be sufficient as the other specified items (camera,gadgets etc) does not have invoices glued to them.

 

Also that i will be covered for all and any accidents, albeit racing (yes slowly...I'm working on that...) or training.

 

This for a mere R50....not bad.

[shaper]

Wow interesting. I think my policy specifically excludes racing. Although I might be thinking of the travel insurance I use when going to France.

Advised them at the time when asked how the crash happened that was a crash at the CTCT race. No issue that it was

 

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[HBO]

Wow interesting. I think my policy specifically excludes racing. Although I might be thinking of the travel insurance I use when going to France.

If you are Insured with Disco the bike is definitely covered while racing. Only exclusion is if it is used for Professional purpose.

 

It might be an exclusion on Travel Insurance. But you can request it to be included on merit at an additional premium.