Insurance for bicycles

[Cyc-liast]

Good day fellow cyclist,

 

Do you make use of insurance for your bicycle?

 

If yes, what is the best insurance for bicycle in terms of cover and price?

 

If no, why don't you have insurance for your bicycle?

 

I am conducting a research paper and would appreciate your feedback.

 

 

[IH8MUD]

Yes.

I phone my insurance  guy ( he is also a cyclist) and tell him that I built a new bike and this is the cost it would take to replace it.

 

He just says    and the next day mail me my amended insurance papers.  

 

Sometimes I send him  photos of the bike and frame number as proof because I double up en overdo everything.  But he does not ask for it. 

[porqui]

(Nope - too expensive. Mid range bike)

[Dicky DQ]

Yes - Santam - Insurance good and proper, through a broker. Not the cheapest but I am happy. Never had any issue with a claim to date.

[Kalahari Vegmot]

Cost of insurance on say, a 50k bike?

[Dicky DQ]

Cost of insurance on say, a 50k bike?

Not sure, probably about R 900.00 give or take, bit ask Myles.

[Grey Hubs]

Use a broker!

[Special-K]

I use Santam for my road bike, paid out twice without any questions in less than a week. Icylce on my mtb, paying R260 for R50k, took a bit longer to pay out, about 3 weeks and want the old parts/bike back, but cant complain.

[Kalahari Vegmot]

R260 isn't that bad, R900 is more than car insurance...

[Zorro5614]

Yes - Santam - Insurance good and proper, through a broker. Not the cheapest but I am happy. Never had any issue with a claim to date.

  

Heard from my Santam broker that they only insure bicycles to a max of R30 000.  Is this the case with you as well?

[nonky]

Would love this cover but N+1 means that it's simply too expensive

[jock_the_GIANT]

Heard from my Santam broker that they only insure bicycles to a max of R30 000.  Is this the case with you as well?

 

You can insure with Santam for more than R30k but the excess increases for any amount above R29 999. if i remember correctly the excess is R2500. Normally between R250 and R500

[Patchelicious]

Not sure, probably about R 900.00 give or take, bit ask Myles.

Jeeeeeezuz that's way too high!

 

Thats like 22%

 

You should be in the R200 to R300 pm range for a R50k bike depending on cover type.

[Tatt]

All bikes covered on my household policy with Santam. Fully compatible, and have to update replacement purchase price every 3 months or so given that the Rand fluctuates so much... pay around R450 for R90k replacement cover and around R220 for R40k bike. 

 

Would include any bike I purchase on my policy just for peace of mind. Have never had to claim before.

 

Tom

[JA-Q001]

Bike is with Santam as well. R 130 000 with a R300 monthly premium. Excess is R 2 500. Have never had problems with them.

 

Must add that it is insure through my parents policy thats about 30 years old.

[HowardSteele]

Yep can't afford to not have insurance...The chances of your bicycle being stolen or jacked is a reality.

Take the trouble to have your bike valued at it's full replacement value( the upgraded components,dropper post ,new rims, tyres saddles,custom spray and decals... ,go to whoever they authorise  for a current valuation and then   get your premium adjusted accordingly.(include photos if need be)

With many bike shops becoming specialized stores..check that your insurance is dealing with Recognized bicycle dealers and not Bobo's corner bike bazaar.

 

Seen this gripe many times ...Rider buys bike for X amount upgrades with y components ,Keeps paying for value on original bike X and has a hissy fit when the insurance company only  pays value on x bike and not for the Xy upgraded model.