Dirkitech Posted January 12, 2019 Posted January 12, 2019 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.Hi Eugene Nice of you to offer advice/estimates regarding insurance! Regarding the above quote, is that a personal item/bike specific insurance premium?I have my mtb under household insurance, also R50 000, premium rounded is R154, cover includes theft, fire and accidents, but I'm still unclear about race accidents, guessing not. Is the premium difference only because mine is under household and because it stays stored inside the house when not in use? I understand my question is out of the blue without much context, but just curious! 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. The road bike I posted about recently is insured for R20 000 under custom. All I needed to do for my own insurer was provide a list of all fitted components (not accessories, including bike computer).I recently had a fall on my mtb, after having to move due to kids in the road, ended up sliding out on a corner. My carbon frame took a hit with a deep scratch and shifter broke off- I just emailed my broker that I was in an accident, proactively explained what happened, wasked asked for a map showing location and stuff, ended up being asked to collect 3 quotes for repairs and that wouldve hopefully been the end of it. One bike shop said the damage is ugly but superficial, so I cancelled the claim altogether. Hope this provides some insight into your situation.
Eugéne Alberts Posted January 13, 2019 Author Posted January 13, 2019 Hi Eugene Nice of you to offer advice/estimates regarding insurance! Regarding the above quote, is that a personal item/bike specific insurance premium?I have my mtb under household insurance, also R50 000, premium rounded is R154, cover includes theft, fire and accidents, but I'm still unclear about race accidents, guessing not. Is the premium difference only because mine is under household and because it stays stored inside the house when not in use? I understand my question is out of the blue without much context, but just curious! The road bike I posted about recently is insured for R20 000 under custom. All I needed to do for my own insurer was provide a list of all fitted components (not accessories, including bike computer).I recently had a fall on my mtb, after having to move due to kids in the road, ended up sliding out on a corner. My carbon frame took a hit with a deep scratch and shifter broke off- I just emailed my broker that I was in an accident, proactively explained what happened, wasked asked for a map showing location and stuff, ended up being asked to collect 3 quotes for repairs and that wouldve hopefully been the end of it. One bike shop said the damage is ugly but superficial, so I cancelled the claim altogether. Hope this provides some insight into your situation.Pleasure. Most insurers have similar restrictions on their cover. For race related damages they usually only exclude damages during race for which you are sponsored and/or remunerated. If you go balls to the wall in every race and have to replace 10% of your bike every month, your insurer might catch on to this and may revoke the cover or impose additional excesses. The premium I referred to above is just an average of what I've seen being charged for specified bikes. Again personal conditions etc might have caused your insurer to calculate your premium differently.
Paulst12 Posted January 13, 2019 Posted January 13, 2019 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.So if your bike gets stolen off your bike rack, does that constitute "forced access"I guess remunerated does NOT include prize money?
Dirkitech Posted January 13, 2019 Posted January 13, 2019 Pleasure. Most insurers have similar restrictions on their cover. For race related damages they usually only exclude damages during race for which you are sponsored and/or remunerated. If you go balls to the wall in every race and have to replace 10% of your bike every month, your insurer might catch on to this and may revoke the cover or impose additional excesses. The premium I referred to above is just an average of what I've seen being charged for specified bikes. Again personal conditions etc might have caused your insurer to calculate your premium differently.Thanks Eugene So if your bike gets stolen off your bike rack, does that constitute "forced access"I guess remunerated does NOT include prize money?I understood it as the exact opposite. If you compete to win/professionally and not for fun, in a sense, but that makes it a grey area =/
No Hare Posted January 13, 2019 Posted January 13, 2019 "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." The disparity of languageCan violence be committed to a inanimate object?
Patchelicious Posted January 13, 2019 Posted January 13, 2019 Eugéne, quick question. Which underwriters products do you mostly sell?
Eugéne Alberts Posted January 13, 2019 Author Posted January 13, 2019 Thanks Eugene I understood it as the exact opposite. If you compete to win/professionally and not for fun, in a sense, but that makes it a grey area =/[/quote True, but you can be threatened with violence to give up your bike. In that case it wasn't locked away safely so nothing could be have been forced open.
Eugéne Alberts Posted January 13, 2019 Author Posted January 13, 2019 So if your bike gets stolen off your bike rack, does that constitute "forced access"I guess remunerated does NOT include prize money?It does not include prize money. Unless a security measure(chain or lock) was forced open to retrieve the bike from the bike rack your insurer will be most unlikely to cover theft from a bike rack
keithbe Posted January 13, 2019 Posted January 13, 2019 Also applies to vehicle "jamming". No sign of forced entry equals no claim. The number of riders that leave their bikes on car racks and then go eat / have coffee is mind boggling. Lock bikes in cars. That way forced entry is the only way in...unless - Same for those that walk away from their cars without checking that it is actaully locked. And yes a "I heard the vehicle close sound" defence doesn't work when claiming. It does not include prize money.Unless a security measure(chain or lock) was forced open to retrieve the bike from the bike rack your insurer will be most unlikely to cover theft from a bike rack
Eugéne Alberts Posted January 13, 2019 Author Posted January 13, 2019 Also applies to vehicle "jamming". No sign of forced entry equals no claim. The number of riders that leave their bikes on car racks and then go eat / have coffee is mind boggling. Lock bikes in cars. That way forced entry is the only way in...unless - Same for those that walk away from their cars without checking that it is actaully locked. And yes a "I heard the vehicle close sound" defence doesn't work when claiming. Exactly
Grease_Monkey Posted January 13, 2019 Posted January 13, 2019 Also applies to vehicle "jamming". No sign of forced entry equals no claim. The number of riders that leave their bikes on car racks and then go eat / have coffee is mind boggling. Lock bikes in cars. That way forced entry is the only way in...unless - Same for those that walk away from their cars without checking that it is actaully locked. And yes a "I heard the vehicle close sound" defence doesn't work when claiming. My insurer (Cyclesure) actually specifies that it must be locked with an approved lock (12mm or thicker chain, and if a padlock is used it must be a hidden shackle padlock) if left on a bike rack/outside of the car. I went and got myself those items, and now I can pop into shops quickly after a ride if I have to with peace of mind. I try not to make a habit of it though.
MarcBurger Posted January 14, 2019 Posted January 14, 2019 I was actually discussing the 12mm chain specification yesterday. What bike chain on this earth has 12mm thick chain links? is that the diameter of the chain links or cable? or cross sectional area?Seems like a clause which the sole purpose is for them to refuse a legitimate forced theft claim.
Dirkitech Posted January 29, 2019 Posted January 29, 2019 Can anyone advise on a broker accepting new (short term) clients? Preferably one that deals with Santam?I'm currently sieving through https://www.santam.co.za/find-a-broker but have no background reference for each broker on there
2 X 2 Posted January 29, 2019 Posted January 29, 2019 Can anyone advise on a broker accepting new (short term) clients? Preferably one that deals with Santam?I'm currently sieving through https://www.santam.co.za/find-a-broker but have no background reference for each broker on there Christa du PlooyChrista du Plooy Insurance BrokersTel 012 331 4194Cell 082 568 3375Fax 086 5177 485 christa.insurance@outlook.comFSP: 17321 - Authorized Financial Service Provider
Jase619 Posted January 29, 2019 Posted January 29, 2019 Quick question, if you looking at insuring 2 road bikes, but they are quite old, how would you determine their replacement value for insurance purposes? The one bike is more or less 20 years old, and the other about 10, would you thus compare a similar specced bike from the same manufacturer that is currently made and use that as a guideline?
Traveler Posted January 29, 2019 Posted January 29, 2019 Can anyone advise on a broker accepting new (short term) clients? Preferably one that deals with Santam?I'm currently sieving through https://www.santam.co.za/find-a-broker but have no background reference for each broker on thereWith these guys for years now. Got me good premiums with Santam. CARMEN FINANCIAL SERVICES CCAuthorised Financial Services Provider (FSP 2296)Address: 337 Minnesota Ave,Faerie Glen, PretoriaTel: 087 943 8087Fax: 086 557 3592E-mail: info@carmen.co.za
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