Patchelicious Posted August 19, 2017 Posted August 19, 2017 Just got my new policy schedule from my broker, this is whats possible if you have a really good independent broker and little understanding of how short term works. Item Sum Insured Premium2015 Swork Epic R150 000 R280Unspecified All Risk R20 000 R106Shimano 105 Stages R10 000 R24Shimano XTR Stages R12 000 R29Campagnolo Super Record Stages R13 000 R312016 BMC GF02 R32 000 R76Colnago C60 Frame R65 000 R154Campagnolo Super Record Groupset R45 000 R106Campagnolo Bora One 50 Wheels R40 000 R114Roval Control Carbon R20 000 R48Specialised Crux R25 000 R60Garmin 520 R7 000 R17 Total Sum Insured R439 000 total premium R1045 SPEAK to a BROKER!!!!
bmw1za Posted August 19, 2017 Posted August 19, 2017 Just got my new policy schedule from my broker, this is whats possible if you have a really good independent broker. Item Sum Insured Premium 2015 Swork Epic R150 000 R280 Unspecified All Risk R20 000 R106 Shimano 105 Stages R10 000 R24 Shimano XTR Stages R12 000 R29 Campagnolo Super Record Stages R13 000 R31 2016 BMC GF02 R32 000 R76 Colnago C60 Frame R65 000 R154 Campagnolo Super Record Groupset R45 000 R106 Campagnolo Bora One 50 Wheels R40 000 R114 Roval Control Carbon R20 000 R48 Specialised Crux R25 000 R60 Garmin 520 R7 000 R17 R1 045,00Brilliant man! Sent from my SM-N920C using Tapatalk
Malpiet Posted August 19, 2017 Posted August 19, 2017 Just got my new policy schedule from my broker, this is whats possible if you have a really good independent broker and little understanding of how short term works. Item Sum Insured Premium2015 Swork Epic R150 000 R280Unspecified All Risk R20 000 R106Shimano 105 Stages R10 000 R24Shimano XTR Stages R12 000 R29Campagnolo Super Record Stages R13 000 R312016 BMC GF02 R32 000 R76Colnago C60 Frame R65 000 R154Campagnolo Super Record Groupset R45 000 R106Campagnolo Bora One 50 Wheels R40 000 R114Roval Control Carbon R20 000 R48Specialised Crux R25 000 R60Garmin 520 R7 000 R17 Total Sum Insured R439 000 total premium R1045 SPEAK to a BROKER!!!! Patch you legend???? some bikeshops dont even have that amount of stock????
CAAD4 Posted August 19, 2017 Posted August 19, 2017 Just got my new policy schedule from my broker, this is whats possible if you have a really good independent broker and little understanding of how short term works. Item Sum Insured Premium2015 Swork Epic R150 000 R280Unspecified All Risk R20 000 R106Shimano 105 Stages R10 000 R24Shimano XTR Stages R12 000 R29Campagnolo Super Record Stages R13 000 R312016 BMC GF02 R32 000 R76Colnago C60 Frame R65 000 R154Campagnolo Super Record Groupset R45 000 R106Campagnolo Bora One 50 Wheels R40 000 R114Roval Control Carbon R20 000 R48Specialised Crux R25 000 R60Garmin 520 R7 000 R17 Total Sum Insured R439 000 total premium R1045 SPEAK to a BROKER!!!!Looks reasonable on paper, but how are they on selling claims?
Patchelicious Posted August 19, 2017 Posted August 19, 2017 Looks reasonable on paper, but how are they on selling claims?Like I said in my post, I do know the ins and outs of short term a bit, so I bundle my personal stuff into bigger portfolios to offset the risk to the insurer, you most likely won't get these rate s stand alone. BUT like i said, if you understand the way they rate you, you can get good deals. A good broker will help you with this. Make sure they are FIA approved. Claiming on this policy has been good. 3 x Car claims, all small, all paid no problem, only issue I had was when a guy crashed into my Audi A3 about 4 years ago, while I was parked, their DIRECT insurer tried to blame me, but my broker made sure he told them to eFF off. Crashed twice on my bicycles, first was on my old Epic, on spruit, they paid a small claim for helmet and brake levers (under all risks). Second was on my first Colnago C60, I claimed for a repair, they ended up paying for a new frame (I was under insured at R55k, but it was my fault as I never updated my policy, my Rapha shoes for R5000 (they cost R7000 but I have a R5k unspecified limit), helmet, gloves, kit, pedals etc) but it paid out no questions with a 5% excess. Like I said, you won't get these rates stand alone on bicycles, but share the risks and they will spread the premiums.... I can't offer official advice as I am not a KI, but if you want tips, lets go for a coffee ride and I will help you ask the right questions. If you are paying between 4% to 6% you are good. BUT get a broker, make sure they aren't tied agents. Santam, Hollard, MF are all good. VeloSure (new), CycleSure, but especially http://www.galileorisk.co.za are really good. The owner of Galileo LOVES cycling and is a good guy. PM me for a coffee ride and tips, not official advice. Guys like WR1 and Myles could offer more official advice.
Butterbean Posted August 19, 2017 Posted August 19, 2017 Not bike related per se, but I have been with king price for 3 years and had a bike on the 1 rand extra deal. Never had a bike claim, thankfully, and my Ritchey hadn't suffered anything. Thank God. But they are just ridiculous when it comes to helping you. Had a person rear end me, third party claim paid out, but KP jacked my premium by R400 for the privilege. Then, I went along and got my wife a new car recently. Only too happy to quote me and their quote was decent on the premium, so I said okay great. Signed the car deal and called back to confirm cover, got told oh, sorry, my system refreshed itself and youll now have to pay an extra R80 per month. For no explainabke reason. Got through to retention who told me nothing they could do. So I phoned and changed to outstanding for the meantime, and saved 700 on the cars and other movable items. Outsurance quote for bikes is outrageous, but I now have R700 to play with and need to insure about R100k worth of bikes. So will see if patche's broker can help me out. You have a PM! Hopefully they can assist with vehicles and other too, so sick of dealing with the direct guys. Just so much nonsense and they seem to be able to do what they want with no recourse.
Dicky DQ Posted August 20, 2017 Posted August 20, 2017 For insurance go broker, broker, broker. Oh and did I say use a broker?
Bloukrans Posted August 28, 2017 Posted August 28, 2017 For insurance go broker, broker, broker. Oh and did I say use a broker?Are the monthly brokerage fees regulated and what is the standard / reasonable %. I'm sure it depends on the value of the insurance portfolio and some negotiations
Patchelicious Posted August 28, 2017 Posted August 28, 2017 Are the monthly brokerage fees regulated and what is the standard / reasonable %. I'm sure it depends on the value of the insurance portfolio and some negotiationsIt is becoming very regulated, with the likes of the proposed RDR. I pay on average about 15% on total combined. But it ranges from item to item, cars from bikes etc.
Bloukrans Posted August 28, 2017 Posted August 28, 2017 It is becoming very regulated, with the likes of the proposed RDR. I pay on average about 15% on total combined. But it ranges from item to item, cars from bikes etc.Thanks Patch! It seems they changing the definition of a "broker fee" or "broker advice fee" and the need to regulate as you said above.
Edereese Posted August 29, 2017 Posted August 29, 2017 Proof is in the pudding. Nobody is able to ride a piece of paper. Let me start by saying I am new to cycling (2 years). Also, I have been with brokers before and all went well till the day the pushed the premium by 25% due to economic crisis??What I don't understand is how people think that having insurance gives you the right to be negligent and when something goes wrong, the insurance gets the blame.One of the first events i attended, Stellenbosch cycle tour, I noticed how people leave 100k + bicycles unattended, wondering around, and when you get back and it's gone, the insurance is then trying to rip you off?? One guy even told me, "my insurance will give me a new 1" Personally, I feel its your own fault. And correct me if I am wrong, who here leaves your car's windows down with your keys in the ignition. Cover all your bases and make sure you obey to all the rules and when it comes to a claim, I believe it will be a breeze. Again I say, I am not here to offend anyone, just my opinion.
Edereese Posted October 2, 2017 Posted October 2, 2017 I know it an old thread, but i feel i need to share the past weekend's experience. I was at Chris Willemse and witnessed how people(mother and daughter) left and awesome Colnago (Ruby Red), dressed from top to bottom on the back of a car on a bike rack . I was so paranoid that I checked on it every few minutes and later decided to stand outside and waited on them to finish up in the store. I wanted to snap a pic, but that would make me look suspicious adding to the fact that I was the only person outside. Shocking, absolute madness!
Patchelicious Posted October 2, 2017 Posted October 2, 2017 I know it an old thread, but i feel i need to share the past weekend's experience. I was at Chris Willemse and witnessed how people(mother and daughter) left and awesome Colnago (Ruby Red), dressed from top to bottom on the back of a car on a bike rack . I was so paranoid that I checked on it every few minutes and later decided to stand outside and waited on them to finish up in the store. I wanted to snap a pic, but that would make me look suspicious adding to the fact that I was the only person outside. Shocking, absolute madness! Yes its absolutely shocking that this is the state we need to live in.
Help.Me. Posted October 2, 2017 Posted October 2, 2017 I know it an old thread, but i feel i need to share the past weekend's experience. I was at Chris Willemse and witnessed how people(mother and daughter) left and awesome Colnago (Ruby Red), dressed from top to bottom on the back of a car on a bike rack . I was so paranoid that I checked on it every few minutes and later decided to stand outside and waited on them to finish up in the store. I wanted to snap a pic, but that would make me look suspicious adding to the fact that I was the only person outside. Shocking, absolute madness!You don't want to be near them if their insurance does not pay if their bike was stolen....let me tell you that !! Then the broker was not good !!
Edereese Posted October 2, 2017 Posted October 2, 2017 You don't want to be near them if their insurance does not pay if their bike was stolen....let me tell you that !! Then the broker was not good !!And what makes it worse, they used a small piece of bubble wrap on the top tube for the clamp making it even easier to twist it out.
Patchelicious Posted October 2, 2017 Posted October 2, 2017 And what makes it worse, they used a small piece of bubble wrap on the top tube for the clamp making it even easier to twist it out. Well if they didn't use some rubber protection, the frame might have cracked under the clamp, and insurance might not pay out...
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