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Cycling Gear Insurance. I am a broker. Ask me anything


Eugéne Alberts

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Hi Eugene...

 

If your able to ....

 

Price please to comprehensibly insure a  specialized camber carbon 29 2018

purchase price R 54 000.00 

 

Normally transported on a Whispar towbar rack (lockable)

 

What exclusions are there ? 

 

Many thanks !!!!  

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Hi Eugene...

 

Price please to comprehensibly insure a specialized camber carbon 29 2018

purchase price R 54 000.00

 

Normally transported on a Whispar towbar rack (lockable)

 

What exclusions are there ?

 

Many thanks !!!!

A rough guide us 5.5% of your bikes value per year in premium.

 

Thus, R54 000 x 0.055 = R2970 p.a. or R247.50 per month

 

Excess should then be about R500 per claim.

 

Theft without evidence of violent and or forced access will be excluded as well as accidental damage during an event for which you are sponsored or remunerated.

 

These are rough estimates and factors such as claims history, etc can influence this.

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Hi Eugene.

Do you know of a short term insurance option...like a few weeks?  I have borrowed a bike that I'd like to insure until I return it to its owner.

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Hi Eugene.

Do you know of a short term insurance option...like a few weeks? I have borrowed a bike that I'd like to insure until I return it to its owner.

If you have eting insurance you can specify it under the all risks section thereof. Make sure to indicate that it is not yours but that you are responsible for any losses, thereby creating insurable interest.

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If you have eting insurance you can specify it under the all risks section thereof. Make sure to indicate that it is not yours but that you are responsible for any losses, thereby creating insurable interest.

Thanks...what is 'eting insurance'?

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Question on the following scenario

 

I have 3 bikes

 

I do not need them to be insured whilst unused at my house.  Thus, the risk I need to insure is theft, damage and hi-jacking while in use.

 

I can obviously only use 1 bike at a time.  Why can't I get any insurance company (especially cycling specific ones) to see this logic.  They want to ensure all 3 bikes my bikes individually and give me a token discount for insuring "so many" items with them.

 

Please note, from my research, this is quite a common scenario catered by many UK and Australian insurance companies.

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Question on the following scenario

 

I have 3 bikes

 

I do not need them to be insured whilst unused at my house. Thus, the risk I need to insure is theft, damage and hi-jacking while in use.

 

I can obviously only use 1 bike at a time. Why can't I get any insurance company (especially cycling specific ones) to see this logic. They want to ensure all 3 bikes my bikes individually and give me a token discount for insuring "so many" items with them.

 

Please note, from my research, this is quite a common scenario catered by many UK and Australian insurance companies.

Some underwriters/insurers offer what's called a general unspecified all risks protection. Not the same as Unspecified items or out and about.

 

It is about 20% more expensive than what the premium for your most expensive bike would be. Still cheaper than specifying all three. You then have to keep them updated with the list of bikes you own.

 

CIB's Vertex product(should you qualify for it) allows you an amount of cover for ANY unspecified item upto predefined limits. So no need to specify any phone, laptop bike etc.

 

These are however the exceptions. Unfortunately, the rule is that every item you wany cover for away from your risk address needs to be specified.

 

Hope this helps

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Some underwriters/insurers offer what's called a general unspecified all risks protection. Not the same as Unspecified items or out and about.

 

It is about 20% more expensive than what the premium for your most expensive bike would be. Still cheaper than specifying all three. You then have to keep them updated with the list of bikes you own.

 

CIB's Vertex product(should you qualify for it) allows you an amount of cover for ANY unspecified item upto predefined limits. So no need to specify any phone, laptop bike etc.

 

These are however the exceptions. Unfortunately, the rule is that every item you wany cover for away from your risk address needs to be specified.

 

Hope this helps

Look, I do not disagree with specifying all three bikes.  Also do not have a problem with them paying for the cheaper bike if the cheaper bike was stolen.  I just do not understand the a approach of insuring products, and not risks.

 

I also cannot see why a premium of 20% of the most expensive bike should be levied. The maximum exposure for the risks is that most expensive bike, not 120% of the most expensive bike.

 

A flat fee admin charge to maintain the register etc. I can understand, but a percentage of value based approach just does not make any sense.  But then, not a lot in insurance does make sense to me.

 

I guess I will stick to self insurance of bikes (it also keeps you from buying more bike than what you are able to ride in any case :whistling: )

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Howzit, can you provide a quote for me? I've got 1 MTB worth R130,000 and building another one up that should be about R55K. The second one is a custom build, what would you need for a valuation of worth and what damage would be covered? I've seen peoples head tubes snap while riding and chain stays crack as well during what are the limitation win that if not covered by competition use and finally how long does that kind of cover last for when manufacturers seem to think a 'life time' of a bike is only about 8 years. Actually the wasn't the final question, promise this one is, in the case fo a claim do you handle the process and go into bat for us? 

 

Thanks for the feedback and sorry for the questions. Had a bad experience recently with one insurer and got zip back for a bike claim after them spending a couple of months finding ways not to pay out. 

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