Bike Insurance

[Bitumenous]

Just got my quote for my new bike. R883 per month. Will need a second job now ????????

[Patchelicious]

Just got my quote for my new bike. R883 per month. Will need a second job now ????????

Ducati Desmo?

[Bitumenous]

????????????????☝️

[jesse@123]

insurance company totally on board.All back dated premiums have being removed.

even a new seat and set of xt brake levers have been added to the quote 

 

What  a huge turn around

[mahleu]

If ever you get properly stuck when you're in the right, go to the ombud. http://www.osti.co.za/

 

Cheapest way to insure a bike is almost always on your household cover. 

[Lizzard30]

Broker.

I 2nd that... never had a problem. Phone my broker and she sorts out everything for me..

[Eugene]

 

Just got my quote for my new bike. R883 per month. Will need a second job now ????????[/quote

 

For the Bianchi? It sounds pretty expensive. Why not shop around.

[Bitumenous]

Definately will. Was just wondering how the rest do it. But I recon adding to existing house cover might work. Just need to read the fine print I suppose. For now, I will be on the trainer untill I have this subject “covered”

[daniele]

Disgusting!!!!

[Letum911]

Definately will. Was just wondering how the rest do it. But I recon adding to existing house cover might work. Just need to read the fine print I suppose. For now, I will be on the trainer untill I have this subject “covered”

 

My bike is added as a specified item under my normal household insurance. Had a proper crash last Sunday, lodged claim with damage reports and photo's on Thursday, they needed some more info which I supplied on Friday. Received an SMS from ABSA during my spinning class last night that the SANTAM funds have cleared. Massive    to my Broker and SANTAM!!!

[Patchelicious]

Definately will. Was just wondering how the rest do it. But I recon adding to existing house cover might work. Just need to read the fine print I suppose. For now, I will be on the trainer untill I have this subject “covered”

What’s the replacement value?

[GrahamS2]

also the cheaper insurers are cheaper for a reason - they will look for any excuse not to pay - just had an incident with other sports gear with King Price - will be moving away from them.

Best go for the better brands with higher premiums and investigate the reviews online for settling claims 

Ill rather pay more and know I am covered fully and get a good service specially with insurance 

Last thing you want is a dog fight once you have to claim 

Higher premiums or specific brands don't determine how claims will be paid. Read and understand the policy wording. That's what claims are assessed against.

[Patchelicious]

Higher premiums or specific brands don't determine how claims will be paid. Read and understand the policy wording. That's what claims are assessed against.

Granted, but premiums (often) and brands (always) do determine the wording on the policy schedule.

[GrahamS2]

Granted, but premiums (often) and brands (always) do determine the wording on the policy schedule.

I see a lot of policy wording from a lot of insurers, some big, some start ups. Some of the biggest brands have absolute shockers with ambiguities, contradictory exclusions, etc. And these are the biggest insurers in the country...

 

And at claim stage it's seldom the insurer interpreting the wording. Normally an outsourced administrator doing that.

[Patchelicious]

I see a lot of policy wording from a lot of insurers, some big, some start ups. Some of the biggest brands have absolute shockers with ambiguities, contradictory exclusions, etc. And these are the biggest insurers in the country...

 

And at claim stage it's seldom the insurer interpreting the wording. Normally an outsourced administrator doing that.

 

The outsourced model is being put under pressure. The big insurers feel that they can do this administration more effectively than outsourced partners. The big insurers are all looking at moving their claims in-house, if they haven't already, as this helps give them control of the data and loss ratios.

 

This doesn't matter in this case though, wording is wording and if your outsourced partners are repudiating claims based on your wording, well then thats the issue. But you can bet your bottom dollar that there is a connection between premium price and claims repudiation. An insurer cannot pay the same claims, while charging less and still be in the band of industry accepted loss ratios.

 

The only time this would be deemed "normal" at first glance, is if there was sufficient reserves or to cover the risks. Basically, if somebody has raised capital to specifically allow their sales departments to go with a penetrative sales strategy and gain some market share, while still paying out fair claims. This however has a finite timeline as investors will not keep paying claims out of their pocket indefinitely. If the sales strategy does not work, and they do not get scale within the agreed timelines... well then what.

Edited February 6, 2018 by Patchelicious

[Duane_Bosch]

Just got my quote for my new bike. R883 per month. Will need a second job now

That's 21k over 2 years. That's A LOT!!!!

 

I've recently cancelled the insurance on my DH bike coz the premium is over R500 and I can get a good 2nd hand bike for 15k so I'm "self insuring"