Bicycle Insurance

[GiarC]

I pay R111 for R40,000 bike with 5% excess

[Bub Marley]

I have made it very clear they need to make a plan because I will not accept the risk of the repair failing while riding.

Do you have any independent reports from bike shops or repairers to support your view? It's all well and good being pissed off with discovery but your insurance contract states that they have the right to choose whether to repair, replace or reimburse. I'm 100% certain that clause will be in the contract of every single insurance company.

 

So technically speaking it is there choice however, in this case you obviously have to use some common sense. However you won't get anywhere unless you get support from reputable bike shops or repairers. The more the merrier.

 

 

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[Hephaestus]

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

Cyclesure!

[Pure Savage]

Do you have any independent reports from bike shops or repairers to support your view? It's all well and good being pissed off with discovery but your insurance contract states that they have the right to choose whether to repair, replace or reimburse. I'm 100% certain that clause will be in the contract of every single insurance company.

 

So technically speaking it is there choice however, in this case you obviously have to use some common sense. However you won't get anywhere unless you get support from reputable bike shops or repairers. The more the merrier.

 

 

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I have a report from Spez themselves saying it should not be repaired.

 

It looks like the key will be the 5 year warranty I had on the frame till 2019, the repair will only warranty till 2017, therefore putting me in a worse position than before.

 

I have been very patient and civil with Disco, I just know that people I have spoken to at other insurers have not been given this run around.

 

5 years ago I claimed from disco and it was super chilled... Hence my bleakness

 

 

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[Pure Savage]

Great news, as the repair would remove my warranty and place me in a worse position, Disco is paying out 100% for bike, helmet and shoes. 

 

The have also agreed for me to pick up my handlebar, bottle cages and Garmin mount off my old bike

 

Just waiting for the SMS for the payment

 

Trying not to count chickens.

[Bosbrommer]

I pay R111 for R40,000 bike with 5% excess

Who are you insured with?

 

 

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[WR 1.0]

Great news, as the repair would remove my warranty and place me in a worse position, Disco is paying out 100% for bike, helmet and shoes. 

 

The have also agreed for me to pick up my handlebar, bottle cages and Garmin mount off my old bike

 

Just waiting for the SMS for the payment

 

Trying not to count chickens.

 

So my suggested argument wasn't such a longshot......

[Swift01]

Do your self a favor and get a quote from Compenduim

Edit: I have had 2 payout this year and even an upgrade due to non comparability.

Also found they have the best package and it help that all the big wigs also ride bikes

Our cover includes a wide range of extended benefits:

• All risk cover

• Whilst in use and during racing & events

• Worldwide cover

• Accessories

• Medical evacuation

• Personal accident

• Personal liability

• Legal costs

I have just used them for a claim. Previously they were I-Cycle which were great. I made a small mistake with the new wording when they changed over to compendium. Previously on I-Cycle it was a minimum amount like R750 for excess or 10% of the value of the claim. Now my new claim 2 years later it is now 10% of the claim or of my bike is worth over R30k then min R2000. So my R4090 claim I got R2090. If I have my bike stolen it will be 10% of the value of the Claim and they also state for theft/highjack it will be 10% of claim cumulative to the basic excess.

 

This is a huge change over what I-Cycle used to offer. Currently looking around for a new insurance.

[Pure Savage]

So my suggested argument wasn't such a longshot......

 

Thanks, helped a ton!

 

Money in bank, bike ordered, Cannondale Hi-Mod Ultegra 2016 54cm. 

 

Now to get a helmet and shoes

[Pure Savage]

I have just used them for a claim. Previously they were I-Cycle which were great. I made a small mistake with the new wording when they changed over to compendium. Previously on I-Cycle it was a minimum amount like R750 for excess or 10% of the value of the claim. Now my new claim 2 years later it is now 10% of the claim or of my bike is worth over R30k then min R2000. So my R4090 claim I got R2090. If I have my bike stolen it will be 10% of the value of the Claim and they also state for theft/highjack it will be 10% of claim cumulative to the basic excess.

 

This is a huge change over what I-Cycle used to offer. Currently looking around for a new insurance.

 

My excess was a flat rate of R5k... 

[HBO]

With more and more people upgrading from steel frames to carbon frames, bicycle insure will get ridiculously expensive. The only way to sort of off-set this is by increasing the excesses and making the underwriting criteria stricter. 

 

Think of it, if you have a fall with your steel frame there will be some scratches which will at most require a new paint job- I'll guess about R 5k?

 

If you have the same fall with a carbon bike with carbon wheels, the same claim can easily go up to about R 100 k.

 

Not all insurers are willing to insure bicycles on full all risk basis, hence the need for these niche insurers like Compendium and Cycle Sure.

 

Bring into the equation the increase in crime related claims and currency depreciation and there might be a couple of shocks in the near future regarding insurance premiums and excesses.

[Spoke101]

I have just used them for a claim. Previously they were I-Cycle which were great. I made a small mistake with the new wording when they changed over to compendium. Previously on I-Cycle it was a minimum amount like R750 for excess or 10% of the value of the claim. Now my new claim 2 years later it is now 10% of the claim or of my bike is worth over R30k then min R2000. So my R4090 claim I got R2090. If I have my bike stolen it will be 10% of the value of the Claim and they also state for theft/highjack it will be 10% of claim cumulative to the basic excess.

 

This is a huge change over what I-Cycle used to offer. Currently looking around for a new insurance.

Yes it did change, I was also with iCycle from the begining. It's not great but its inline with the standard going rates.

For your claim it had a large impact due to the value of the claim, but crunch the numbers and work out whether you still benefited or not from the claim vs self insurance. 

 

For me it's a no brainier when value is 110k, thus the percentage has less of an effect. Also try get your LBS to give to some discount to soften the excess a bit.

 

My 2 crashes this year were less than a month apart and in total I got payed out about 35k no questions asked pretty much.  

[Pure Savage]

With more and more people upgrading from steel frames to carbon frames, bicycle insure will get ridiculously expensive. The only way to sort of off-set this is by increasing the excesses and making the underwriting criteria stricter. 

 

Think of it, if you have a fall with your steel frame there will be some scratches which will at most require a new paint job- I'll guess about R 5k?

 

If you have the same fall with a carbon bike with carbon wheels, the same claim can easily go up to about R 100 k.

 

Not all insurers are willing to insure bicycles on full all risk basis, hence the need for these niche insurers like Compendium and Cycle Sure.

 

Bring into the equation the increase in crime related claims and currency depreciation and there might be a couple of shocks in the near future regarding insurance premiums and excesses.

 

I think they rely on the majority of bicycle owners being couch potatoes and paying a premium on a bike in the garage for 15 years without riding it. 

 

They probably also prey on people that do not read policies and that do not stand their ground when it comes to claims. 

 

We just hear of a lot of claims as everyone on the hub is a cyclist and rides a fair amount, I know people at work with a R40K bike who pay their insurance every month and only do the Argus. 

[Patchelicious]

I think they rely on the majority of bicycle owners being couch potatoes and paying a premium on a bike in the garage for 15 years without riding it. 

 

They probably also prey on people that do not read policies and that do not stand their ground when it comes to claims. 

 

We just hear of a lot of claims as everyone on the hub is a cyclist and rides a fair amount, I know people at work with a R40K bike who pay their insurance every month and only do the Argus. 

Hold on.... "Prey on people" Come on.

 

Peope who do not read their policies have nobody to blame but themselves.

 

And if you are finding that you are having defend yourself in a claim, then you obviously do not have a broker, and all you will get from me is a "I told you so".

 

Get a broker

[Pure Savage]

Hold on.... "Prey on people" Come on.

 

Peope who do not read their policies have nobody to blame but themselves.

 

And if you are finding that you are having defend yourself in a claim, then you obviously do not have a broker, and all you will get from me is a "I told you so".

 

Get a broker

 

I have a broker thanks, was the main reason my claim got settled so fast.

 

It does not stop them trying their luck. Without the hub I would not have known to bring up the warranty issue and neither would my broker know that my frame had a lifetime warranty. 

 

Maybe prey is a little harsh.

 

Maybe I am just in a bad mood because my road bike has been MIA for 3 weeks. I am being made to ride a giant...

[Patchelicious]

I have a broker thanks, was the main reason my claim got settled so fast.

 

It does not stop them trying their luck. Without the hub I would not have known to bring up the warranty issue and neither would my broker know that my frame had a lifetime warranty.

 

Maybe prey is a little harsh.

 

Maybe I am just in a bad mood because my road bike has been MIA for 3 weeks. I am being made to ride a giant...

A Giant?? Eewww, why didn't you just say so!! If I knew, I would have understood the situation and been way more sensitive.

 

My apologies again, please know that you and your family are in my thoughts in these terrible times. Hang in there pal!