Bicycle Insurance

[AdriaanT]

Hi everyone,

 

I see there are a lot of topics for bicycle insurance, but most of them starts with: "What do you guys think of this insurance company...." or  "Have you had any problems with that company...' and so on. Some topics has heaps of replies and half of the replies are for joking around (with which I have no problem, its just more difficult to find an answer)

 

My question is, which insurance company offers the best bicycle insurance and from who should you stay away from. I have a new bike I would like to insure and would like to do it by not paying an over priced premium and still have proper cover.

 

Thanks

Adriaan

[Patchelicious]

The best advice you will get is, speak to your independent broker.

 

Regarding pricing vs cover, it's the normal, you pay what you get.

 

Bicycles are usually insured for between 4% to 4.5%

So if you pricing is a lot different to that, then just ask a few questions.

 

But as guidance, speak to Galileo, Cyclesure themselves. They have good reputations.

Edited August 22, 2016 by Patchelicious

[awesme]

... so time to stir the pot a bit.

 

Whats the average going rate for

 

R50 000

R100 000

 

for a 40yr old in Jhb for bike cover. 

 

and please don't respond with depends, just comment, if you in that age, and have a bike approx that value... please post a R xxx /10000 that you paying.

 

G

[awesme]

Patches, please send us Galileo number.

 

I'm thinking paying 7-8% is maybe just a tad outside that "acceptable" amount.

 

G

 

The best advice you will get is, speak to your independent broker.

Regarding pricing vs cover, it's the normal, you pay what you get.

Bicycles are usually insured for between 4% to 4.5%
So if you pricing is a lot different to that, then just ask a few questions.

But as guidance, speak to Galileo, Cyclesure themselves. They have good reputations.

[Patchelicious]

... so time to stir the pot a bit.

 

Whats the average going rate for

 

R50 000

R100 000

 

for a 40yr old in Jhb for bike cover. 

 

and please don't respond with depends, just comment, if you in that age, and have a bike approx that value... please post a R xxx /10000 that you paying.

 

G

Average price SHOULD be around:

 

R50k = R140 to R170 pm

R100k = R300 to R400 pm

 

This will vary from insurer to insurer, some wont even take your age into account for bicycles.

 

Edit: This is just a guide, not what it will be. There could be many other factors that need to be considered. If the pricing is outside that range, dont freak out, just ask them why.

Edited September 12, 2016 by Patchelicious

[Patchelicious]

Patches, please send us Galileo number.

 

I'm thinking paying 7-8% is maybe just a tad outside that "acceptable" amount.

 

G

Here you go:

 

http://www.galileorisk.co.za/contact-us/

[awesme]

Thanks Patch.

 

I"m just about double those rates at the moment, might because of my flat Excess... Know others increase with x y z notes/clauses.

 

G

Edited September 12, 2016 by awesme

[igg]

Real numbers:

 

Age: 32

R120k mtb: R382pm normal excess R10k

R45k road: R155pm normal excess R3k

 

However, both my excesses are R0 because I've had the bikes valued and the documentation logged with the insurer (Discovery). This is genuine all-risks cover.

[awesme]

R3,1 per R1000 Not bad.

 

Via who is this ? / Contact details 

 

G

 

Real numbers:

 

Age: 32

R120k mtb: R382pm normal excess R10k

R45k road: R155pm normal excess R3k

 

However, both my excesses are R0 because I've had the bikes valued and the documentation logged with the insurer (Discovery). This is genuine all-risks cover.

[igg]

Discovery. You can insure direct through the call centre, or go through any Discovery short term broker. I don't think they do all-risks on their own, and it needs to be attached to a household/vehicle policy.

 

In my case, there might be an element of discount, because I've got a fairly large policy with them. In my experience with competitive quotes, Discovery's all-risks prices are really good, however their vehicle and household are generally worse.

 

R3,1 per R1000 Not bad.

 

Via who is this ? / Contact details 

 

G

[Patchelicious]

Real numbers:

 

Age: 32

R120k mtb: R382pm normal excess R10k

R45k road: R155pm normal excess R3k

 

However, both my excesses are R0 because I've had the bikes valued and the documentation logged with the insurer (Discovery). This is genuine all-risks cover.

3.8% and 4.1%

 

Sounds about right.

 

You probably also have your other assests insured by them?

[nonky]

Average price SHOULD be around:

 

R50k = R140 to R170 pm

R100k = R300 to R400 pm

 

This will vary from insurer to insurer, some wont even take your age into account for bicycles.

 

Edit: This is just a guide, not what it will be. There could be many other factors that need to be considered. If the pricing is outside that range, dont freak out, just ask them why.

 

That's HALF of what my broker quoted me.  Thanks.

[igg]

3.8% and 4.1%

 

Sounds about right.

 

You probably also have your other assests insured by them?

Quite a bit yea. Household contents, 2x vehicles, and a bunch of other all-risks.

[HBO]

Real numbers:

 

Age: 32

R120k mtb: R382pm normal excess R10k

R45k road: R155pm normal excess R3k

 

However, both my excesses are R0 because I've had the bikes valued and the documentation logged with the insurer (Discovery). This is genuine all-risks cover.

Just be aware that the zero excess is only applicable in case of total loss, in other words theft.

 

In case of partial loss- accident- the full R 10 k excess is applicable.

[awesme]

Thats a cheap one by the insurance company, lets see, have your wheels stolen of the bike, damage say R18k, sorry but you have to cough up the first R10k yourself.

 

I look at the premium we pay, have to pay, have to swallow and then get sick at all the small print they add to reduce what they have to pay out.

 

G

 

Just be aware that the zero excess is only applicable in case of total loss, in other words theft.

In case of partial loss- accident- the full R 10 k excess is applicable.

[HBO]

Thats a cheap one by the insurance company, lets see, have your wheels stolen of the bike, damage say R18k, sorry but you have to cough up the first R10k yourself.

 

I look at the premium we pay, have to pay, have to swallow and then get sick at all the small print they add to reduce what they have to pay out.

 

G

Insurance and excess goes together like dancing and music.