King Price R1 Bike Insurance

[Skylark]

Say your bike is worth more than R50k will they still cover it with the R1 deal?

 

And if so will they pro rata any pay out on that bike, ie just as an easy example bike worth R100k, R1 cover is for max R50k, under insured by 50%, hence with full loss only pay out R25k on the R100k bike?

[Butterbean]

Say your bike is worth more than R50k will they still cover it with the R1 deal?

 

And if so will they pro rata any pay out on that bike, ie just as an easy example bike worth R100k, R1 cover is for max R50k, under insured by 50%, hence with full loss only pay out R25k on the R100k bike?

No, you can insure 50k worth for R1, and the excess value will be insured at normal rates.

[ABrooks]

Quick thread hijack, what is typically considered a valid claim and what is not? I'm new to the whole bike insurance thing and I'm trying to get an idea of what people typically claim and what they can not claim.

[Patchelicious]

Look, when something is priced very differently to everybody else, you need to ask why.

 

That does not mean it is not legitimate. Insurance is massively regulated, so the need to pay in accordance with their policy wording. (just makes sure you understand it too)

 

But it does make one wonder where they recoup this, is it a pure loss lead, or is it priced in somewhere else, or is it a pure penetrative pacing strategy to get volumes and then prices get readjusted when their is a captive audience, obviously accounting for elasticity.

 

Regardless, its an interesting business. As always, when in doubt, chat to a broker!

[Patchelicious]

Quick thread hijack, what is typically considered a valid claim and what is not? I'm new to the whole bike insurance thing and I'm trying to get an idea of what people typically claim and what they can not claim.

This varies based on insurer and product.

 

You policy schedule will be clear on what is covered and what is not.

[Edge_Design]

one friend they screwed over with a claim on his car 

 

other friend had the R1 deal and they didn't pay outcause he had A different handlebar on than what he said when first insuring the bike ( handle bar was worth less than original bar and claim was not related to handlebar in any way )

 

I've heard other stories as well but have no  way to confirm if they were legit or not 

 

If there was ever a story with 3 sides, this has to be it! 

[Butterbean]

Look, when something is priced very differently to everybody else, you need to ask why.

 

That does not mean it is not legitimate. Insurance is massively regulated, so the need to pay in accordance with their policy wording. (just makes sure you understand it too)

 

But it does make one wonder where they recoup this, is it a pure loss lead, or is it priced in somewhere else, or is it a pure penetrative pacing strategy to get volumes and then prices get readjusted when their is a captive audience, obviously accounting for elasticity.

 

Regardless, its an interesting business. As always, when in doubt, chat to a broker!

I couldn't stand them for the following reasons:

 

One, the premiums on your car make the entire package only a few bucks less than anyone else, and if your bike or worth more than 50k, you're boned anyway...

 

Second, they promise premiums that decrease monthly. Which they do. By around 5 rand a month... But then they have the gall to have a yearly premium increase which negates that tiny ass discount anyway...

 

Thirdly, I had an employee under insure me by lying about the cover she gave, basically, to meet a quoted price they moved me from business use to only private, which was not correct.

 

Anyway, I've moved to a broker, with no stupid schemes or gimmicks, pay a fair amount less than ol' king price, and have had to claim without any hassle.

 

OH, and if anyone wants a laugh, call outsurance for a quote on your bike and listen while they say they'll beat your current premium... Then the crushing blow when it's literally 5 times more...

[Rigardt@Scott]

Wow... this thread has me slightly concerned to say the least. Not so much about the bike as it wasn't covered to begin with, but the fact that my car is now with them - they sound like a pain in the ass to deal with. I may need to do some shopping around.

[stefmeister]

Yeah, that's a no from me. 

I'll never insure my car with any company other than Santam, Old Mutual or Discovery.

When it's time to claim, you'll quickly forget about silly out bonuses and special R1 offers when you have to deal with their service.

[EmJayZA]

Regardless, its an interesting business. As always, when in doubt, chat to a broker!

 

And how does one tell if the broker is not pushing his/her own preferred insurance companies? 

 

It's like with financial advisors who push only the products in their portfolio, and make BS claims. 

[Shebeen]

I'm open to anyone who tries a bit of innovation in this competitive cash cow.

 

plus their adverts are pretty good, and they have a proper sense of humour

 

and they supported this movie

 

BUT if they don't do what they're actually supposed to do, then it ain't gonna work for me.

[Shebeen]

there's a thread on this on page 3, and no one has posted the official youtube clip yet?!

 

 

skandaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaal!

 

[Sven137]

mini hijack... Who's Rob Deerham? I'm looking for motorcycle insurance but not getting quotes from preferred partners because of requirements like needing household with them!

 A Motorcycle Insurer that is for Motorcycles and cheaper than anywhere else.

 

http://www.motorcycleinsuranceonline.co.za/

[Patchelicious]

And how does one tell if the broker is not pushing his/her own preferred insurance companies?

 

It's like with financial advisors who push only the products in their portfolio, and make BS claims.

Erm ask for comparative quotes, ask about claims experiences and and and. Look there is always the chance that somebody is taking a chance so it’s alway your responsibility to look after yourself, we are adults.

 

The difference is a broker is required by regulation to act on their clients best interests.

[Edge_Design]

Quick thread hijack, what is typically considered a valid claim and what is not? I'm new to the whole bike insurance thing and I'm trying to get an idea of what people typically claim and what they can not claim.

 

When you claim for the theft of your S-works Epic and Tarmac that were stolen from your bike rack (one of which was posted by the insurer in the stolen bike section of the hub) then don't advertise both bikes for sale on the hub after you're paid out! 

 

That is NOT a valid claim - and also a major reason bicycle premiums are so high.

 

The worst part is they agreed on a financial settlement - there weren't even criminal charges as far as I am aware (R200k+ insurance fraud).

 

But most insurers seem to be very good at paying out legitimate claims for both damage and theft so make sure you get comprehensive cover. If it's a legitimate claim then there are very few (no) insurers that won't pay you out. Just read (and then follow) the rules properly...

[Captain Fastbastard Mayhem]

When you claim for the theft of your S-works Epic and Tarmac that were stolen from your bike rack (one of which was posted by the insurer in the stolen bike section of the hub) then don't advertise both bikes for sale on the hub after you're paid out! 

 

That is NOT a valid claim - and also a major reason bicycle premiums are so high.

 

The worst part is they agreed on a financial settlement - there weren't even criminal charges as far as I am aware (R200k+ insurance fraud).

 

 

WTF?!