Bike insurance

[Jensie]

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.

This is where I have a problem with insurers. Also insured like this but when I claimed they told me I was under insure and paid out 70% of claim. That time the bike cost i think R14000 when claimed they told me replacement price was R18000.....

[travisza]

 

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.

 

 

Just got a quote from Santam.

2 bikes valued at R35k each....R208.50pm each

1 bike valued at R25k...R148.50pm

 

Thats with minimum household contents (my household contents are the bikes)

[Barker]

Also Discovery does not cover races

 

I have an email from Santam stating "The bicycles have cover due to the fact that he is not a professional racer and is only racing for a hobby."

 

I got the mail after requesting confirmation of cover before the knysna cycle tour.

[sakkiebomskok]

Santam is the best insurer by far, BUT they now have this stupid thing where they don't pay out cash. Instead they give you a credit card with the money loaded. Its not replaceable and if you loose it its like loosing cash. Its very unsafe and as alot of us do, you cant buy anything second hand unless the person has a card machine. Its very annoying. 

 

PS. I have an amazing broker who did get them to pay me the cash for a claim. Contact Them if you guys want really really good service by a small company. It doesnt cost you anything and you save alot of effort. I dont get anything from this. I just like to promote good service which is rare thing these days. http://beyerskotze.co.za/ 

[sakkiebomskok]

I have an email from Santam stating "The bicycles have cover due to the fact that he is not a professional racer and is only racing for a hobby."

 

I got the mail after requesting confirmation of cover before the knysna cycle tour.

so maybe the bike broke after the race on the way home. 

[WR 1.0]

Santam is the best insurer by far, BUT they now have this stupid thing where they don't pay out cash. Instead they give you a credit card with the money loaded. Its not replaceable and if you loose it its like loosing cash. Its very unsafe and as alot of us do, you cant buy anything second hand unless the person has a card machine. Its very annoying. 

 

PS. I have an amazing broker who did get them to pay me the cash for a claim. Contact Them if you guys want really really good service by a small company. It doesnt cost you anything and you save alot of effort. I dont get anything from this. I just like to promote good service which is rare thing these days. http://beyerskotze.co.za/ 

 

Most insurers are moving towards the Cash Card settlement option. It's similar to a credit card and it can be ring fenced to only allow certain vendors (if needed). If you lose it, you can actually contact the Insurer/ Card Issue company and have it cancelled. Unfortunately, Insurers have had to move to these type of methods due to fraud. But, yes, it is a pain when you want to buy stuff second hand or on sale (some vendors wont allow you sale item purchases if you use the card)