Insurance question: How do you prove ownership?

[Zeffer]

Hi

 

I cannot get a clear answer from the insurance. I bought all my bike 2nd hand or on the Hub. How will i be able to prove ownership either for a damage claim or a stolen bike? Because that is not what they ask when you take out the policy but you need to have this for a claim.

 

Will appreciate your experience on this

[Boerklong]

Maybe a photo with you and your bike?

[Cyklon]

Take photos of all relevant bits of bike and then get a LBS to value the bike for you, then you have confirmation of what you have and a thirdparty looked and valued it. Include self next to bike in a photo.

[igg]

Who's your insurer?

 

You have 2 options really. Valuation/Replacement certificate or original invoices/receipts.

[dirtypot]

I've had to claim from insurance on a second hand bike - after arguing with them for a while they said that they would be happy with an affidavit from the old seller saying that they sold the bike to me for X and at what date it was sold.  Simple.

[Captain Fastbastard Mayhem]

generally speaking, it'd be in the form of an insurance replacement quote from an LBS that sells that particular brand of bike. That and a record of the frame number and as many pics of you and the bike as possible. 

 

With Santam (just changed to them) all they require is proof via pictures of me on the bike, with the bike and frame number. 

[Zeffer]

Thanks guys

 

Dont fancy the idea of paying for insurance then running into this poef once you claim... insurance very unclear on this.

[Thomo]

Surely proof of ownership should be requested when insuring an item rather than when claiming against it.?

[Captain Fastbastard Mayhem]

Surely proof of ownership should be requested when insuring an item rather than when claiming against it.?

Not always possible, which is why pictures, the frame number and an insurance replacement quote are always good things to have. Also to revisit this every 6 months to a year...

 

Same with your household goods value...

[Sarge]

Hi guys,

Why is there a problem?

In my case I have a Cannondale EVO and ...... the other bikes that are insured with what ever company.

If you loose/damage the Cannondale that is listed in your policy then they must just pay, surely? Or am I confused?

Sarge

[andydude]

Hi guys,

Why is there a problem?

In my case I have a Cannondale EVO and ...... the other bikes that are insured with what ever company.

If you loose/damage the Cannondale that is listed in your policy then they must just pay, surely? Or am I confused?

Sarge

 

What if you "lose" your listed bicycle which you never had? Fraud?

[Pure Savage]

A friend bought a second hand bike and then needed to slam it on insurance. 

 

Wrote a storey about where he bought it and got a commissioner of oath to stamp it, insurance accepted, and paid out 4 months later when he had an accident.

[WR 1.0]

Remember that pictures does not prove ownership outright. You can easily borrow your buddy's R100k bike and then insure it as your own. Insurers can ask for proof of the transaction (bank statement, etc). I kept a copy of the conversation via whatsapp with the seller, bankstatement showing transfer of funds, had the bike valued by a shop, stating current components (with replacement models if no longer available) and I have numerous photos showing me on the bike. That proves above any doubt it is mine.

[Duane_Bosch]

The onus is on you to prove ownership. It's best to do this up front rather than wading through your facebook for pics of you and the bike during an already stressful time. Bikes aren't like cars and motorbikes so proving ownership of such a high value item is an issue. See it from their perspective. What's stopping me insuring a Pinarello Dogma today and claiming 200k tomorrow? 

 

I've sent pics of my bikes together with invoices and photo's of the relevant serial numbers to my broker.

 

If you've bought 2nd hand get pics of yourself with the bike and get a replacement quote from a reputable bike shop. Also get the person you have bought from to give you an invoice. Also proof of payment via eft. That should form the basis for your insurance. Plus of course the all important serial numbers.

 

It's MUCH more difficult to do these things after the fact.