Bike Insurance Premiums going through the Roof

[Goodbadugly]

I am not insured.

Old bikes.

Could replace it in 2 ticks with the money I saved.

[Steven Knoetze (sk27)]

I have had to lower my insured amount, now underinsured, so that I can get an affordable premium.

Paying R600 for R65k cover and i am with a broker, policy covers bicycle, 2 cars and home content. 

[Steven Knoetze (sk27)]

I am not insured.

Old bikes.

Could replace it in 2 ticks with the money I saved.

 

Knew a guy in Stellenbosch with the same mentality, EXCEPT he never put his saved money away so when they stole him blind he had to close shop and go work for a boss.............

[MudLark]

Guys, i looked at the special bicycle insurance option and the amount struck me as ridiculous. Through my broker I added R150k of unspecified all risks cover on my normal short term policy. This effectively covers all our bikes (5+) all.my equipment (computer, glasses, the whole lot) and any number of other things that are in no way cycling related (eg my notebook gets stolen) - all for less than it would cost to cover a *single* R85k bike under special bicycle insurance. I've already claimed once with no issues.

[Steven Knoetze (sk27)]

Guys, i looked at the special bicycle insurance option and the amount struck me as ridiculous. Through my broker I added R150k of unspecified all risks cover on my normal short term policy. This effectively covers all our bikes (5+) all.my equipment (computer, glasses, the whole lot) and any number of other things that are in no way cycling related (eg my notebook gets stolen) - all for less than it would cost to cover a *single* R85k bike under special bicycle insurance. I've already claimed once with no issues.

 

These usually have a limit on per item claimed.

I have R10k out and about cover but can claim a maximum of R2,5k per claim only.........

[Chingy182]

Guys, i looked at the special bicycle insurance option and the amount struck me as ridiculous. Through my broker I added R150k of unspecified all risks cover on my normal short term policy. This effectively covers all our bikes (5+) all.my equipment (computer, glasses, the whole lot) and any number of other things that are in no way cycling related (eg my notebook gets stolen) - all for less than it would cost to cover a *single* R85k bike under special bicycle insurance. I've already claimed once with no issues.

But don't you have to specify any item over R5000 value?

They don't cover laptops and cameras under unspecified all risk.

 

Just make sure you are covered for your big losses such as your bike under this umbrella.

[Schnavel]

But don't you have to specify any item over R5000 value?

They don't cover laptops and cameras under unspecified all risk.

 

Just make sure you are covered for your big losses such as your bike under this umbrella.

 

Agreed - be very careful of this. I asked my broker the same question and he said it may cause an issue when claiming if the high value items aren't specified.

[ChrisF]

Guys, i looked at the special bicycle insurance option and the amount struck me as ridiculous. Through my broker I added R150k of unspecified all risks cover on my normal short term policy. This effectively covers all our bikes (5+) all.my equipment (computer, glasses, the whole lot) and any number of other things that are in no way cycling related (eg my notebook gets stolen) - all for less than it would cost to cover a *single* R85k bike under special bicycle insurance. I've already claimed once with no issues.

 

PLEASE check the terms and conditions ....

 

My "all risk" covers my cameras AT HOME ... break or theft ....  But if it is damaged or stolen away from home it is not covered.

 

 

I had to specify the bike to get cover away from home ....

[MudLark]

Nah, I've been careful with this (and I sometimes write legal opinions on insurance claims, so I do have a mild clue [emoji846]) and also obtained express written clarification that all my cycling gear is fully covered. The claim limit is R150k per incident. So if eg, I roll my car and write off two bikes I can claim R150k or the value of the bikes, whichever is less. If I write off one bike or drop or damage it, same rule applies. Costs me R496 per month. I also have R25 million general personal liability cover at no additional cost to my overall premiums - so when I screw up and you fall and get badly injured as a result, I have cover. That said, I've been with the same broker for 25 years and I don't claim unnecessarily - only when its really genuinely justified, so that also shows in the premiums. I've also never had a claim not fully paid.

[Grebel]

These usually have a limit on per item claimed.

I have R10k out and about cover but can claim a maximum of R2,5k per claim only.........

 

^^This^^

 

I had the same. Then I lost a pair of Oakleys in the middle of Midmar Dam. I got a quote and submitted. Replacement value was around R2400. I wasn't fussed.

 

Policy stated R10k cover with a max claim of 20% per item (Effectively you can claim for a maximum of 5 items with each claim not exceeding R2k per item)

 

After excess I got paid out R1250.

 

That amount was increased to R50k unspecified all risks for not much more but I was then able to remove other specified items like watches and biking gear (Helmet, boots etc.) 

[m-squared]

I heard that insurers can decline your claim if the damage took place during a race.  Does one need specific cover for races then?

[Grebel]

But don't you have to specify any item over R5000 value?

They don't cover laptops and cameras under unspecified all risk.

 

Just make sure you are covered for your big losses such as your bike under this umbrella.

 

All of our electronic items needed to be specified with serial and IMEI Numbers supplied. They are not covered under unspecified all risks. 

[Grebel]

I heard that insurers can decline your claim if the damage took place during a race.  Does one need specific cover for races then?

 

You need specific cover for racing as far as I know. My bikes are covered for recreational use only. No claim if damaged in a race.

[m-squared]

You need specific cover for racing as far as I know. My bikes are covered for recreational use only. No claim if damaged in a race.

So a 94.7 or MacSteel would be a race. Where is the line drawn between races and mass recreational events, say Freedom Ride, critical masses, etc

[ChrisF]

You need specific cover for racing as far as I know. My bikes are covered for recreational use only. No claim if damaged in a race.

 

Mmmmm .... must remember to check the details ... We do the odd fun-ride, technically it is a timed event though ....

[Patchelicious]

You need specific cover for racing as far as I know. My bikes are covered for recreational use only. No claim if damaged in a race.

That will be product dependent. Some products are fully comprehensive. Check your policy wording, or............. ask your broker