Bike Insurance Premiums going through the Roof

[BigDL]

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”.

Never - but then I was raised not to cheat and steal

[Yo-Yo]

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”.

 

As a teen I hammed up a neck injury from a car crash where drunk guy T-boned us. I'll admit it, got a insurance payout and went traveling. No way I'd risk anything like that now and as for getting my bike stolen I just couldn't fake it I'm sure. Look I guess you could go chain it up in certain parts of the city, have a coffee and it's be gone pretty quick. Probably not 100% fraud but dodgy as and I'm sure my claim would get rejected and I'd be slapped by karma with no bike and no payout. 

 

Best one I heard was my uncle. Lost a watch, got a payout then 3 years later found watch when moving so he cut a cheque and sent it to the insurance company to repay the pay out. They honestly didn't know what to do with it as it'd never happened before. In the end they just sent it back to him. 

[ChrisF]

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

 

Sadly insurance companies do this regularly, ie evaluate their risk and then either impose limitations or walk away ...

 

 

Known insurance company insured a block of flats, we owned there at the time .... building past the 20 year age and started costing a bit on upkeep ..... a number of geysers popped.  Some was only the cost of the geyser, some flooded units and the repair costs were more. Cant remember the exact figure, but think it was something like 8 geysers in 2 years .... Insurance company sent a letter indicating they wont be covering geysers or consequencial damage any more ..... gave us a reasonable time to find a new insurer, and I dont think we replaced 3 geysers in the next ten years .... thought there were 3 or 4 pipe leaks in walls that were pretty costly to trace and repair ...

[DKS]

Currently with Discovery. My first bike was insured for R 90/month, with a R 500 excess, just upgraded, the new bike R160/month but they bumped the excess up to R5000, they advised bikes over R30k attract a minimum excess of R5K, seems a bit steep.

[Simon123]

Happy with a bigger excess for lower monthly.    I only really worry about theft and hijacking.

[Dirt Tracker]

Happy with a bigger excess for lower monthly.    I only really worry about theft and hijacking.

 

I was also focused on those until a mate stacked properly hucking and pretty much ripped out his BB. Not the Pressfit but the whole carbon box and dice BB tube. Was brutal and now he's shopping for a new ride. Good cover covers good. 

[floatfox]

Be carefull of Insurace that sepcialize in bike insurance. We did a claim for a client that fell with his bike and had a cracked Bianchi frame. The frame was sent to Engineers and they eventually after 4 weeks declined the claim saying that the crack was due to Carbon Fatique. The same insurance company will now, when you purchase a second hand bike only insure it for the value that you actually paid for the bike. So if you bought an absolute bargain from someone (a Bike that maybe retails for R140 000 new and you paid R50 000...They will only pay out R50 000), and you have a claim you will not be able to replace the bike. They only cover the full replacement if the bike is new and with the original owner.

 

Some Bicycle shops have made a killing in the insurance industry. We have done a claim for a customer and the broker then insist that the claim goes to a specific bike shop as the bike shop owner and owner of the Broker firm are good friends. 

 

Also these shops wil put in a claim for a damaged bike, the Insurance companies very often never collected, and still dont collect the salvage of bikes. The shop then repair these frames or bikes and sell them on to YOU the public. So check what you buy. 

 

A really nice profit, as this bike was supposed to be salvage. Simple carbon repair and paint and they make a massive profit. Plus the insurance paid for a new bike.

 

Now you the end user are paying the price, because of some of the bike shop owners that has made lots of money...WHEN YOU CLAIM, MAKE SURE THAT YOU COLLECT THE FRAME AND ALL THE COMPONENTS THAT WERE DAMAGED..

[Grease_Monkey]

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”.

Never lied, but I did get a quote from my insurer for a second bike on the policy while claiming for a cracked frame (in my mind anything at the time to show them I will continue to pay and give them more business). Probably did not make a difference to the outcome, but in my mind it would at the time haha

 

Ended up adding the bike to the policy when they paid out for the first one so it wasn't really a lie...

[Mental Mamba]

Currently with Discovery. My first bike was insured for R 90/month, with a R 500 excess, just upgraded, the new bike R160/month but they bumped the excess up to R5000, they advised bikes over R30k attract a minimum excess of R5K, seems a bit steep.

Just had excess of 10k deducted for loss.

 

Note that I had all my insured bikes on the discovery Vault with valuations and proof of purchase..

 

Online Vault allows you to store important documentation securely, speeding up the claims process. You'll pay no excess for specified portable possessions with the correct documentation stored in the Online Vault.

The ................... Insure excess waiver

By saving your documents that show proof of ownership, including valuation certificates that show proof of ownership and proof of value, in your Online Vault you'll have your household contents and portable possessions claims settled quicker. We'll also waive your specified portable possessions' basic claim excess if these items' documents are stored on your online vault. 

Remember to keep your original documents safe.

 

 

Broker Claimed that bicycles under portable possessions were excluded under this section. I reviewed and perused my policy document and found no exclusion anywhere. I argued this with the broker, indicated to him his error in interpretation of the clause, can confirm that I will now have the excess refunded.

 

I think this clause might change, the way i see it, insurance companies adapt their policy terms and conditions based on claims histories and experiences learnt from claims.

 

I am happy with my current underwriter and will probably remain with them for some time to come, the brokers however seems to be another challenge.

[MTB-More]

Kategorie: Trapfietse of Rolstoel

Insured Value R58000.00

Premium: R290.08

Item Beskrywing: Rocky Mountain Fietsraam en Bybehore (Ser / IMEI: xxx Vervangende Kwotasie Ontvang)

Eisvrye Groep: 3 - 5 jaar

Dekking Vanaf: 06/03/2018

BYBETALING VAN TOEPASSING OP: ROCKY MOUNTAIN FIETSRAAM EN BYBEHORE

Bybetalings van toepassing op hierdie afdeling vir enige persoon buiten polishouer en gade.

Die Bybetaling betaalbaar sal afsonderlik bereken word en sal die kumulatiewe bedrag wees ten opsigte van al die bybetalings soos

 

uiteengesit onder elke afdeling.

Alle Risiko Skade Eis Bybetaling:

* Basiese Bybetaling 10.00% van die eisbedrag minimum: R500.00

* Addisioneel:

+ enige ander bybetaling aangetoon in die skedule onder endossemente.

 

Ok sorry for Afr but my policy is like that. I have also got a excess waiver on my policy in whole for R160 a month that waiver all excess. Highlighted in Bold is the important part. Just like a vehicle you have 2 insured values. Trade or Replacement value. In effect when you insure your bike with anyone its insured for "Trade" value. So when you have a accident they will buy you the same one you had at whatever price it is now less depreciation.

 

Then you have the second option where you do a "Replacement quote at current value" and SPECIFY the insured amount. Your premium is then made on the specified amount and when you claim that amount is then paid out in a loss or used in a replacement nothing more and nothing less. 

 

You need to be very specific when you do your bike insurance. Remember specified items is good when you give them the invoice but a replacement value quote is better. Cause the true value should be insured not the depreciated one over 3 years.

 

I go though a broker that I can recommend underwritten by Legacy

[Hamstring]

4 bikes valued at   R240000.00 paying R1800.00  so R450 seems to be the norm. 

[Chingy182]

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.

How long ago have you taken out your insurance on your bikes with Momentum?

 

I have been with Momentum for about 2 years now and premiums on bikes were very reasonable.

It is only now on the very recent quote request on adding a third bike that things got a bit expensive.

[Geronimo]

Never - but then I was raised not to cheat and steal

 

Same. It's called integrity 

[Eugéne Alberts]

2017 Spez Camber insured for R40k @ R150 PM with zero excess.

 

All risks insured. Only exceptions are theft without forcible and/violent access is excluded

Accidental damage during an event for which you are sponsored or receiving remuneration is excluded.

[Titleist]

With new bicycle values jumping 19% between 2018 and 2019 (Trek Fuel Ex 9.8) it's also difficult to keep up with the insured values.

 

Everyone except the dealers and the insurers are losing. Maybe it's time we stop paying too much for bikes in the first place.

[coppi]

2018 Norco optic @ R52 000 - R 173pm from OM insure............