Pedal Care

[Riccardo]

Let me explain' date='I have been in the short term insurance industry for 25 years of which 20 years I was involved as an insurance assessor(for my sins).A race is a race,whether it is a fun ride or if you are riding as a registered cyclist.Most companies do not provide cover for bikes(ie sports equipment)whilst in use.So if u r using the bike and is is damaged there is no cover-period.Companies, other than specialist bike insurers,might give you cover whilst in use,if requested and if granted by the Insurer.

 

Alexander Forbes was mentioned earlier,but they do NOT insure bikes on their own.They want supporting business,like your house contents and car,that is why they might be cheaper.However are they cheaper when viewing the overall package.The other aspect that u must take into account is that they are NOT specialist bicycle insurers and problems could be experienced with insuring with a company not specialising in the field of pedal cycles.

 

Food for thought,"goed koop kan duur koop wees"

[/quote']

 

Riccardo,

 

When I was still in civilsation (if you can call it that!!!!!) I contacted my insurer and explained to then that I am a funrider and do not compete in races only funrides. Their legal department replied and said that if I receive prizemoney out of a race i.e. being licensed I will not be insured, whilst being a mundane fun cyslist I am fully insured for damaged. The insurer was SA Eagle and my broker was Multinet. The bicycles was specified and I paid a premium for each of them. I even enquired about a lucky draw at the prizegiving and they replied in writing that it would not be regarded as winning a prize.

 

 

Hi there.on their current personal policy you would have a problem if riding in a race and the bike was damaged,hence they have created a company called Cyclesure.

[Delgado]

Hi Delgado.They are in fact now both an insurer and broker.They have obtained an insurance license.

So they are writing on their own paper! Very interesting1 Are they doing it through some ART or cell captive type environment?

[fandacious]

 

Hi Fandacious.A race is an organised event.You ridning against an aquantance does not fall into this category.You must however be careful as certain Insurers give no cover whilst in use' date='whether racing or training.

[/quote']

 

Thats open to interpretation. A group of people who arrange to ride in the mornings is also an organized event....

 

i suppose at the end of the day you could challenge anything in court if you want. but generally the insurers have more money than you

[Riccardo]

Let's say Pantani' date=' breaks the bike in a race and the insurance wont pay, He brings it home and goes on holiday. Some previously disadvantaged cycler slucks the broken bike for it's groupset and zipps... now what? do they pay? [/quote']

 

A very good and challenging question.Should the said parts not have been damaged as a result of the accident,then full replacement value would apply.In the event damaged one would have to determine the market value in its state of repair following the accidentThis is how I would have settled the loss had I been assessor.Do not ask me how would I know what the condition was of the stolen equipment following the accident.

[Wonder Woman]

 

Hi Fandacious.A race is an organised event.You ridning against an aquantance does not fall into this category.You must however be careful as certain Insurers give no cover whilst in use' date='whether racing or training.

[/quote']

 

Thats open to interpretation. A group of people who arrange to ride in the mornings is also an organized event....

 

i suppose at the end of the day you could challenge anything in court if you want. but generally the insurers have more money than you

 

Are you playing devils advocate or really trying to just fight the system.

 

The truth is that normal insurers just won't pay out if you are in a race full stop.

 

Get decent insurance, it's more expensive but considering your bike worth it is normally worth it!!

[bob_the_builder]

 

Let's say Pantani' date=' breaks the bike in a race and the insurance wont pay, He brings it home and goes on holiday. Some previously disadvantaged cycler slucks the broken bike for it's groupset and zipps... now what? do they pay? [/quote']

 

A very good and challenging question.Should the said parts not have been damaged as a result of the accident,then full replacement value would apply.In the event damaged one would have to determine the market value in its state of repair following the accidentThis is how I would have settled the loss had I been assessor.Do not ask me how would I know what the condition was of the stolen equipment following the accident.

 

Easy... Pantani wouldn't lie..

 

[fandacious]

 

Are you playing devils advocate or really trying to just fight the system.

 

The truth is that normal insurers just won't pay out if you are in a race full stop.

 

Get decent insurance' date=' it's more expensive but considering your bike worth it is normally worth it!!

[/quote']

 

oh btw - i'm just playing devils advocate. Riccardo has been doing my insurance for over a year now. Thats just because i dont have the time or inclination to fight with my household insurance. But someone should take the arrogant f**kers down

[Delgado]

 

Hi Fandacious.A race is an organised event.You ridning against an aquantance does not fall into this category.You must however be careful as certain Insurers give no cover whilst in use' date='whether racing or training.

[/quote']

 

Thats open to interpretation. A group of people who arrange to ride in the mornings is also an organized event....

 

i suppose at the end of the day you could challenge anything in court if you want. but generally the insurers have more money than you

 

Are you playing devils advocate or really trying to just fight the system.

 

The truth is that normal insurers just won't pay out if you are in a race full stop.

 

Get decent insurance, it's more expensive but considering your bike worth it is normally worth it!!

Absolutely!! You can get a steak at The Grillhouse or at the Spur!! Caveat Emptor!!

[Wonder Woman]

 

Are you playing devils advocate or really trying to just fight the system.

 

The truth is that normal insurers just won't pay out if you are in a race full stop.

 

Get decent insurance' date=' it's more expensive but considering your bike worth it is normally worth it!!

[/quote']

 

oh btw - i'm just playing devils advocate. Riccardo has been doing my insurance for over a year now. Thats just because i dont have the time or inclination to fight with my household insurance. But someone should take the arrogant f**kers down

 

I agree!!!

[Riccardo]

Hi Delgado.They are in fact now both an insurer and broker.They have obtained an insurance license.

So they are writing on their own paper! Very interesting1 Are they doing it through some ART or cell captive type environment?

 

Sorry I do not know the answer to that question.

[Pocketbikes]

 

Let's say Pantani' date=' breaks the bike in a race and the insurance wont pay, He brings it home and goes on holiday. Some previously disadvantaged cycler slucks the broken bike for it's groupset and zipps... now what? do they pay? [/quote']

 

A very good and challenging question.Should the said parts not have been damaged as a result of the accident,then full replacement value would apply.In the event damaged one would have to determine the market value in its state of repair following the accidentThis is how I would have settled the loss had I been assessor.Do not ask me how would I know what the condition was of the stolen equipment following the accident.

 

The reason I asked, is that I was rear ended (in a car) years ago, and was paid out with a cheque, by the other party. Before I had the chance to have the car repaired, I was rear ended again, and was paid out a second time. I did tell my broker (who was liaising with the other party, that the car was damaged before and he said it didn't matter. The train of thought, the way I got it, was: Whether the car was damaged or not, it would have been damaged once the second guy hit me anyway. I did not worry as I walked away with a R7000 payment for myself in 1997.

 

I thought the same would happen in the "Pantani" situation. Even if the bike was broken or not, it shouldn't make a difference. Reason 1: If they stole a broken bike, they would definitely have stolen it if it was in perfect condition. Reason 2: The frame could have been repaired.

 

[linnega]

Even simpler reasoning is you pay a premium to receive a certain payout - if R10,000 insurance costs R50 then when you have a valid claim you should be paid out R10,000.  Insurance companies make their lives unecessarily complicated with all this crap about replacement values and equivalent market values.  Short term insurance should be simple.

 

[Riccardo]

Let's say Pantani' date=' breaks the bike in a race and the insurance wont pay, He brings it home and goes on holiday. Some previously disadvantaged cycler slucks the broken bike for it's groupset and zipps... now what? do they pay? [/quote']

 

A very good and challenging question.Should the said parts not have been damaged as a result of the accident,then full replacement value would apply.In the event damaged one would have to determine the market value in its state of repair following the accidentThis is how I would have settled the loss had I been assessor.Do not ask me how would I know what the condition was of the stolen equipment following the accident.

The reason I asked, is that I was rear ended (in a car) years ago, and was paid out with a cheque, by the other party. Before I had the chance to have the car repaired, I was rear ended again, and was paid out a second time. I did tell my broker (who was liaising with the other party, that the car was damaged before and he said it didn't matter. The train of thought, the way I got it, was: Whether the car was damaged or not, it would have been damaged once the second guy hit me anyway. I did not worry as I walked away with a R7000 payment for myself in 1997.

I thought the same would happen in the "Pantani" situation. Even if the bike was broken or not, it shouldn't make a difference. Reason 1: If they stole a broken bike, they would definitely have stolen it if it was in perfect condition. Reason 2: The frame could have been repaired.

 

Very technical and ineteresting Pocketbikes,but I am afraid to say that whilst u wrere trying to be honest,yr broker erred.In insurance it is all about suffering a direct financial loss.Following the second accident u did not suffer a financial loss and ,sorry to say,u were not entitled to that 2nd payment.U were already compensated following the 1st accident.I hope u understand what I am trying 2 say.

[Riccardo]

Even simpler reasoning is you pay a premium to receive a certain payout - if R10' date='000 insurance costs R50 then when you have a valid claim you should be paid out R10,000.  Insurance companies make their lives unecessarily complicated with all this crap about replacement values and equivalent market values.  Short term insurance should be simple.
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Although I have been in the industry for 25 years,I still do not know everything.It takes time however to understand the concept of short term insurance.The perfect policy has never been designed and if it was we would not be able to afford it.

[Pocketbikes]

Riccardo, that's they way I looked at it. To be honest, he was my broker from my insurance but I wasn't claiming from my insurance (that might have been different). I think is was just easier or whatever to just let THEM pay as they were at fault

[Riccardo]

Riccardo' date=' that's they way I looked at it. To be honest, he was my broker from my insurance but I wasn't claiming from my insurance (that might have been different). I think is was just easier or whatever to just let THEM pay as they were at fault [/quote']

 

Hi Pocketbikes,I understand,but without harping on the matter,one could have determined what the additional damages equated to and then utilised that figure as part of the 2nd claim.I am certain that every day accidents take place where old damage(not repaired) is damaged again and nothing is done about it.But I do not think that at this late stage you should worry about what transpired.