Bike Insurance Premiums going through the Roof

[Grebel]

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

 

 

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

 

Rather get details from your broker but as it was explained to me was that you do not get insurance cover on any races (including timed events like 94.7, Macsteel, Amashova etc.including MTB fun rides etc)

[Grebel]

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

 

100% You can surely get cover for racing but then have a look at Spoke101's numbers for his 2 bikes... 

 

It all boils down to risk management and how much risk you are prepared to carry.

 

As an aside regarding ask your broker. My Mongoose has a replacement value of R32k. My policy states that my bicycle excess for R30k an up is R5k. For anything under R30k I pay R750 excess. My new insured value was changed to R29 995 after chatting to my broker  

[MudLark]

Just remember, this isn't a "one size fits all". The insurance policy is in the ultimate analysis nothing more and nothing less than a contract of indemnity between the insurer and the insured and not all insurers have the same contractual arrangements on offer. Like any other marketplace, product differentiation is pursued with a view to gaining a competitive edge or attracting a certain type of client. Find what works best for you.

[Gr3mlin131]

Rather get details from your broker but as it was explained to me was that you do not get insurance cover on any races (including timed events like 94.7, Macsteel, Amashova etc.including MTB fun rides etc)

 

You guys had me worried, so I checked and the following is in my policy document:

  

 

Bicycle insurance

You’re covered for the loss of, or damage to, any part of your specified bicycle, as a result of:

• Accidental damage (even if sustained in a race, provided that you don’t compete as a professional).

• Theft of the bicycle that happens anywhere in the world.

• Theft of the bicycle off a rack or carrier, provided that the bicycle was locked to the rack or carrier and the rack or carrier was secured to the car.

 

Which basically covers me as I am nowhere near professional.... Yet

 

Edit: King Price R1 deal by the way.

[Kranswurm]

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.

My son raced elite road and mtb and his bikes were covered under specified all risks with Hollard and covered all eventualities including racing.Crashed on hospital bend on the Argus and paid out in a week.

[Eugene]

Yass, I was quoted R650/month for a R50k bike. I told them to get lost and moved my car insurance to King Price + R1 for the bike. The crazy thing is that my premiums for both car + bike together are now cheaper than the car alone was at the previous company.

 

Anyone is welcome to DM me their number if they're interested and I'll get the most helpful rep. to give you a call. If you decide to sign up I get a lekker kickback.[/quote

[MudLark]

Must say that the King Price thing sounds interesting. What are they like on claims?

[Simon123]

I have R200k of bikes insured for abour R450 a month on my Momentum policy. 

 

I've never claimed, but not sure if this affects the bike premium.

[Steven Knoetze (sk27)]

I have R200k of bikes insured for abour R450 a month on my Momentum policy. 

 

I've never claimed, but not sure if this affects the bike premium.

 

Just don't get killed in a botched hi-jacking........

[Patchelicious]

Just don't get killed in a botched hi-jacking........

Just don't lie on your application

[ChrisF]

Just don't get killed in a botched hi-jacking with a slightly elevated blood sugar level........

 

Fixed it ...

[Steven Knoetze (sk27)]

 

Just don't lie on your application[/quot]

 

Just moved life insurers, I disclosed EVERYTHING. No matter how small!!

[Dirt Tracker]

Anyone have a good broker recommendation. I pay about R650pm on a value of R130k through cyclesure. 

[Jaco-fiets]

I had 2 bikes stolen in a matter of 1 year and my insurance company treated me like a criminal. They told me that they will continue to have my bikes insured but they will not pay out for theft anymore. I found it ridiculous and gave them the middle finger

[Dirt Tracker]

I had 2 bikes stolen in a matter of 1 year and my insurance company treated me like a criminal. They told me that they will continue to have my bikes insured but they will not pay out for theft anymore. I found it ridiculous and gave them the middle finger

 

Had a chat to my brother in law who works computerised systems for insurance fraud for one the big companies and he is astounded at the number of cases of bikes 'stolen' just are flat out upgrading or people needing to access cash. Biggest segment across the board for fake claims. By all accounts the landscape is vastly different to what we're telling ourselves by a massive margin and laughs when ever he sees the whole 'bike thefts at an all time high' reports and the whole thing of them getting shipped out of the country. That is what is driving up premiums. 

[Patchelicious]

How many here have lied or maybe just bent the truth a bit to get a more favourable pay out from an insurer? Come be honest? Even if it was only “a friend”.