Insurance for bicycles

[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.

[B20]

I have 3 of my 5 bikes insured through a broker at a service provider specialising in cycle insurance.

This is a separate insurance from my home/car insurance.

On the Friday afternoon I received my new S-Works World Cup. I mailed my broker to insure it. Sunday morning I fell and ended up with a dislocated collarbone and broken ribs.  Bike suffered damages to the brake lever and broke the (upgraded) S-Works Power saddle. 

My insurance paid out all my losses including clothing, helmet and damages to my bike, with no hassle.

Moral of the story is a good broker/insurance and I will not venture more than I am willing to loose.

Not sure if it true, but under normal unspecified home insurance, damages while racing your bike is not covered.  Most of them will only cover damages/losses under normal (leisure) riding.

[PeterF]

Cost of insurance on say, a 50k bike?

About R350.00 with Cyclesure for full cover.

[Kalahari Vegmot]

About R350.00 with Cyclesure for full cover.

Thanks

[Eugene]

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

R900 for a R50k bike! I'm paying R63 for a R25 000 bike. At worst, a R50k bike will be double that or R126.

[Help.Me.]

Just keep in mind previous claims(claims history) do play a role in your premiums that you are paying.

[Simon123]

Momentum as part of my house hold policy.   Has everything from trauma counselling if jacked through to all risks.  R75k for R200.  R680 excess.  Never had any problems, but then also hope to never claim.

[Cippo]

I have 3 of my 5 bikes insured through a broker at a service provider specialising in cycle insurance.

This is a separate insurance from my home/car insurance.

On the Friday afternoon I received my new S-Works World Cup. I mailed my broker to insure it. Sunday morning I fell and ended up with a dislocated collarbone and broken ribs. Bike suffered damages to the brake lever and broke the (upgraded) S-Works Power saddle.

My insurance paid out all my losses including clothing, helmet and damages to my bike, with no hassle.

Moral of the story is a good broker/insurance and I will not venture more than I am willing to loose.

Not sure if it true, but under normal unspecified home insurance, damages while racing your bike is not covered. Most of them will only cover damages/losses under normal (leisure) riding.

Name of insurer please?

[BeegMig]

Santam. Been insuring with them for 19 years. Had bikes and wheelsets replaced.

Never had any issues.

The good service I've had with my bicycles is the reason I now insure everything with them.

 

Worked in a few bikeshops, having seen the hassles some of the companies cause for their clients.

[B20]

Name of insurer please?

Cippo, not sure. Pm me, then i will refer you to my broker.

[Azi]

I'm insured with Hollard directly. Frame cracked and they paid with no issue. Was paying under R300 for a bike insured for R50,000 but they wanted over R350 for a temp bike insured for R25,000. Go figure.

 

Did clarify the insured in races issue. Explained that I have no hope of winning a race ever and that I do races for recreation. After a brief discussion with her supervisor the consultant said the bike was insured during races.

[Thomo]

Insurance companies generally distinguish between race/funride participation and racing.

No issues with the former.

Reputable companies likely to give the least issues and comes down to premium and service.

[Martin Zietsman]

I use a broker (Riccardo Stermin at Phoneix Risk), who insures my bikes through Cyclesure. I have all my bikes, kit, shoes, helmet, GPS etc. insured.

I have never had an issue with a claim, and they're normally paid out in the same week. This counts for claims on parts breakages (i.e. broken deraileur, smashed wheel etc.) as well as other claims (i.e. lost GPS, broken helmet).

 

Changes and amendments are made on the same day when I email him.

 

They also cover everything during transport, cover me during racing and even when I go overseas.

[Reghardt van Rensburg]

About R350.00 with Cyclesure for full cover.

Thanks for mentioning the insurer PeterF, I've just starting looking to insure my 2x bikes.

[KingTJ]

Hollard...R400 for R70k bike, have never claimed

[Patchelicious]

Remember CycleSure is Hollard.

 

Most bicycle specific "insurers" are UMAs of a main stream insurer.

 

UMAs are established because they focus and have specific knowledge of an industry, they however still need to sell through a broker because they share in underwriting profits.

 

Short answer is, get a broker who knows their products and will advise you properly.

 

Most importantly, cheap premium rarely means good cover.