Bitumenous Posted February 6, 2018 Posted February 6, 2018 What’s the replacement value?R140k Jackson123 1
Patchelicious Posted February 6, 2018 Posted February 6, 2018 R140kIn my opinion, and what I have seen from other pricing, you should be paying in the region of R400 - R700 pm. But that is purely pricing based. There could be very good reason why you were quoted more. In my opinion, R866 feels a bit high, but not to the point where I would call BS, I would just ask a few questions.
Bitumenous Posted February 6, 2018 Posted February 6, 2018 In my opinion, and what I have seen from other pricing, you should be paying in the region of R400 - R700 pm. But that is purely pricing based. There could be very good reason why you were quoted more. In my opinion, R866 feels a bit high, but not to the point where I would call BS, I would just ask a few questions.Thank you kind sir. I appreciate your assistance. Have asked Santam as well this morning, lets see what they cook-up Patchelicious 1
Letum911 Posted February 6, 2018 Posted February 6, 2018 Thank you kind sir. I appreciate your assistance. Have asked Santam as well this morning, lets see what they cook-up I'm with Santam. Just had a claim settled with no hassles. Get in touch with a broker. When I insured initially my broker sent me 3 quotes, with the pro's and cons of each Patchelicious 1
Sidmouth Posted February 6, 2018 Posted February 6, 2018 I have done this exercise from top to bottom, let me save you the effort.Insure through cycle-sure, even better get a PPA membership, even if you dont use the PPA, the discount from being a member is greater than the membership. It is the cheapest by far, but these guys know there stuff, they will want to know your groupset, your handle bar and seat brand, make name and cost of wheels, name brand of front fork, no stone unturned, But i think this is what brings the premiums down,it cuts out all the possible abuse. I have had one crash, they told me to take it to my LBS, my LBS sent in a quote, covered no questions asked, I had to pay the R250 excess, and I took home all the parts, dropped bike off Monday, was riding again Thursday, R11000 damagevalue of my bikes is around R130k I pay around R650 per month. https://www.cyclesure.co.za/ Geronimo 1
GrahamS2 Posted February 6, 2018 Posted February 6, 2018 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.Not the forum to debate this, but in my experience most of the big insurers are content outsourcing key functions. I have direct experience to back up this statement There is definitely a focus on costs though. Just because it's more expensive doesn't mean it buys you better cover. A more expensive policy might have a lower percentage of premium going towards risk, with higher fees and comm. Like you said earlier, shop around and understand what you're buying.
jesse@123 Posted February 6, 2018 Author Posted February 6, 2018 TERRIBLE SERVICE FROM INSURANCE COMPANYThings not going MY WAY1. 4 August 2016 Requested policy update telephonically and sent email of MOUNTAIN BIKE to be added 2. Went through the same process again 24 October 2016 to make sure my bike was covered3. Try and Claim 22 Jan to be informed that my bike was never added, after much phoning and emailing on my part due to the fact I had a race coming up in two wks (luckily I still had original emails ) insurance company admitted it was their error4. On day four I realised their mistake was taking some time to sort out so I informed them via email them that I would have to make temporary repairs to the bike so I could continue training on my indoor trainer I have to date received no email to advise me otherwise5. Finally informed told my claim would be settled but I was totally responsible for the back dated payments from August 2016 to present 17 months totalling R5253.64 Not sure how they got to that amount by my calculations: Updated policy amount subtract the original amount and multiply by the amount of back dated months (R319.94-R158.62)x17=R2742.44 If I agreed to this settlement the case would be closed “30 January 2018 Correspondence Ref. ######## Mr #########No.###################### We have the pleasure of informing you that your claim relating to the incident, which occurredOn 20 January 2018 has been authorised for settlement.In order for us to proceed with the payment of the claim we require of you to sign this letterAnd by signing this letter you confirm that you have read the content of this letter and that youUnderstand and agree with it.By signing this letter you the insured:Accept the Settlement Amount as full and final settlement of the above claimAnd that no further claims for MiMovables will be entertained with regard to the above-mentioned incident;” And payment would be made within three working days 6. Queried this amount(still have no idea how this amount was calculated) and was asked if I did not feel responsible for making sure my policy was updated I agreed and explained that is why I did follow up telephonically and via email in October and was at that time re assured my policy would be updatedSuddenly their whole attitude to an already bad situation seemed to get worse it appeared that getting me back on a replacement bike was not their concern at all but more how they could drag this claim out after I had dared to queried the back dated amount and who should be responsible this was their second attempt to settle please note the new conditions Good day Mr. Haines, Firstly I would like to apologize for any inconvenience caused with regards to your claim and I assure you that treating our clients fairly is our main focus at all times.We do acknowledge that an error was made by not adding your bicycle to your policy in 2016. The backdated premium totals to the amount of R 5 253.64 but we have decided to waive R 2000 of the backdated premium. Settlement: Replacement of bicycle frame and fork: R 29 994.00Excess applicable: R 680.00Backdated premium: R 3 253.64Settlement amount: R 26 060.36. Please note that we will make arrangements to collect the damaged parts as salvage and settlement will be processed once salvage has been received.Hope you find the above in order and let me know should you need any assistance. 7. I again queried the fairness of this settlement and ended up having to take the bike at my own cost( over 80km away)to their preferred service provider for further assessment of ALLEGED DAMAGE only to have him concur on initial outcome of claim8. Was then contacted telephonically by insurance company to say they would once again go ahead with settlement minus 50% of back dated premiums and I could buy back the damaged parts (I had requested to to make an indoor trainer) at a price of R5000 though salvage price was only R500 not sure how they got to that amount9. I requested this to be emailed to me and two days later still nothing 10. I have now been 14 days without a mountain bike 4 Jan 2018 TERRIBLE SERVICE FROM INSURANCE COMPANYThings not going MY WAY1. 4 August 2016 Requested policy update telephonically and sent email of MOUNTAIN BIKE to be added 2. Went through the same process again 24 October 2016 to make sure my bike was covered3. Try and Claim 22 Jan to be informed that my bike was never added, after much phoning and emailing on my part due to the fact I had a race coming up in two wks (luckily I still had original emails ) insurance company admitted it was their error4. On day four I realised their mistake was taking some time to sort out so I informed them via email them that I would have to make temporary repairs to the bike so I could continue training on my indoor trainer I have to date received no email to advise me otherwise5. Finally informed told my claim would be settled but I was totally responsible for the back dated payments from August 2016 to present 17 months totalling R5253.64 Not sure how they got to that amount by my calculations: Updated policy amount subtract the original amount and multiply by the amount of back dated months (R319.94-R158.62)x17=R2742.44 If I agreed to this settlement the case would be closed “30 January 2018 Correspondence Ref. ######## Mr #########No.###################### We have the pleasure of informing you that your claim relating to the incident, which occurredOn 20 January 2018 has been authorised for settlement.In order for us to proceed with the payment of the claim we require of you to sign this letterAnd by signing this letter you confirm that you have read the content of this letter and that youUnderstand and agree with it.By signing this letter you the insured:Accept the Settlement Amount as full and final settlement of the above claimAnd that no further claims for MiMovables will be entertained with regard to the above-mentioned incident;” And payment would be made within three working days 6. Queried this amount(still have no idea how this amount was calculated) and was asked if I did not feel responsible for making sure my policy was updated I agreed and explained that is why I did follow up telephonically and via email in October and was at that time re assured my policy would be updatedSuddenly their whole attitude to an already bad situation seemed to get worse it appeared that getting me back on a replacement bike was not their concern at all but more how they could drag this claim out after I had dared to queried the back dated amount and who should be responsible this was their second attempt to settle please note the new conditions Good day Mr. Haines, Firstly I would like to apologize for any inconvenience caused with regards to your claim and I assure you that treating our clients fairly is our main focus at all times.We do acknowledge that an error was made by not adding your bicycle to your policy in 2016. The backdated premium totals to the amount of R 5 253.64 but we have decided to waive R 2000 of the backdated premium. Settlement: Replacement of bicycle frame and fork: R 29 994.00Excess applicable: R 680.00Backdated premium: R 3 253.64Settlement amount: R 26 060.36. Please note that we will make arrangements to collect the damaged parts as salvage and settlement will be processed once salvage has been received.Hope you find the above in order and let me know should you need any assistance. 7. I again queried the fairness of this settlement and ended up having to take the bike at my own cost( over 80km away)to their preferred service provider for further assessment of ALLEGED DAMAGE only to have him concur on initial outcome of claim8. Was then contacted telephonically by insurance company to say they would once again go ahead with settlement minus 50% of back dated premiums and I could buy back the damaged parts (I had requested to to make an indoor trainer) at a price of R5000 though salvage price was only R500 not sure how they got to that amount9. I requested this to be emailed to me and two days later still nothing 10. I have now been 14 days without a mountain bike 4 Jan 2018 Insurance company have really stepped upeven though it was off to very rocky startThey have wavered any back paymentsAre prepared to reimburse me for lost entry fee Replacing parts that were picked up the service providerNew fork on orderBusy finalizing frame pay out
Patchelicious Posted February 6, 2018 Posted February 6, 2018 Not the forum to debate this, but in my experience most of the big insurers are content outsourcing key functions. I have direct experience to back up this statement There is definitely a focus on costs though. Just because it's more expensive doesn't mean it buys you better cover. A more expensive policy might have a lower percentage of premium going towards risk, with higher fees and comm. Like you said earlier, shop around and understand what you're buying.Would be cool to hookup for a ride, and get your take in the current trends.
Geronimo Posted February 7, 2018 Posted February 7, 2018 I 2nd that... never had a problem. Phone my broker and she sorts out everything for me..EVERYTHING. Hmmmmmm Patchelicious 1
VeloRacer Posted February 10, 2018 Posted February 10, 2018 I am with Alexander Forbes. My bike is specified under household contents and my cars. Premium on my R70k bike is R200 per month. Never had any issues when I claimed. Andrew_Smith 1
RallyRob Posted February 11, 2018 Posted February 11, 2018 Any thoughts on Outsurance?? I am fortunate to have 2 top-class mountain bikes with a combined replacement value in excess of R200K. I presently have these bikes insured as a specified item on my household insurance, but am concerned as to the amount being charged and what is actually covered by the policy. My reason for insuring is primarily theft or some sort of total loss scenario, as I consider repair from a crash as my responsibility and not that of the insurer. I am particularly concerned about damage which might occur whilst one of the bikes is being transported on my Thule rack behind the car.....such as someone driving into the back of me or the bike somehow falling off whilst driving. Any thoughts or suggestions would be appreciated, as it’s obviosly pointless spending money insuring my bikes if it’s not actually going to put me in the same position when something goes wrong.
Eugene Posted February 12, 2018 Posted February 12, 2018 Any thoughts on Outsurance?? I am fortunate to have 2 top-class mountain bikes with a combined replacement value in excess of R200K. I presently have these bikes insured as a specified item on my household insurance, but am concerned as to the amount being charged and what is actually covered by the policy. My reason for insuring is primarily theft or some sort of total loss scenario, as I consider repair from a crash as my responsibility and not that of the insurer. I am particularly concerned about damage which might occur whilst one of the bikes is being transported on my Thule rack behind the car.....such as someone driving into the back of me or the bike somehow falling off whilst driving. Any thoughts or suggestions would be appreciated, as it’s obviosly pointless spending money insuring my bikes if it’s not actually going to put me in the same position when something goes wrong.If you have paid your premiums and are insured accordingly, there is no reason why you shouldn't claim for crash damage. Especially considering the price of parts. You are paying for that cover so use it. I've heard nothing bad from others at Outsurance, but I once had building coverage from them and they were rediculously expensive. Santam gave me better cover at a cheaper rate and Santam has a really good reputation. Based on the initial overcharge, Outsurance along with a few others are on my private list of companies I won't insure with. Also on my list are these direct marketers like Miway, Dial Direct and King Price that irritate the hell out of me with their regular calls
Zama7 Posted January 10, 2020 Posted January 10, 2020 Het guys, getting a new mtb and want to insure it for 25-30k.Tries outsurance R250 and Miway R300. Anyone used the king price R1 insurance?
Help.Me. Posted January 11, 2020 Posted January 11, 2020 Het guys, getting a new mtb and want to insure it for 25-30k.Tries outsurance R250 and Miway R300. Anyone used the king price R1 insurance?Look at page 1 of this thread # 6......thank me later
Gregc Posted January 11, 2020 Posted January 11, 2020 Insured with Santam12 Dec submit claim for new frame (old frame pivot lugs separated from main triangle)18 Dec claim approved23 Dec claim paid6 Jan new frameKudus to Santam Dicky DQ 1
Markellis Posted January 11, 2020 Posted January 11, 2020 (edited) I'm with cycle-sure, never claimed so can't comment on their service. Out of interest, has anybody got any experience with Discovery? Edited January 11, 2020 by Markellis
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