Best Insurance on Bikes? Stay away from Indequity!!!!

[Apemanscolony]

Howdy Hubbers,

 

What insurance is the best to have for your bikes?? 

 

I had Indequity, and when i had a problem now, it was a 3 x months battle just to get nothing!!!!!

 

 

[JohanC]

The big insurance houses...Santam, M&F etc. 

 

Howdy Hubbers,

 

What insurance is the best to have for your bikes?? 

 

I had Indequity, and when i had a problem now, it was a 3 x months battle just to get nothing!!!!!

[RocknRolla]

Specify tour bike under your household insurance. I'm with Santam, and the claim process is simple (through my broker)  and quick.

[ChrisF]

The big insurance houses...Santam, M&F etc. 

 

And even then, email your broker, make SURE what is required for a succesfull claim.

 

My bike is insured with one of these big ones, and I KNOW that a theft will ONLY be paid out if "forcible theft" can be shown, ie the Thule clamps must have been broken to steal the bike ....

 

 

Insurance is not a "blank cheque" .... cover is subject various conditions and limitations ...

[bullet77]

Below is taken from my policy doc. See 3.

 

ALL RISKS

1.

Property insured under General or Caravan Contents

: R250 (except where First Amount Payable(2) is applied) 2.

Theft from unattended vehicle or caravan where forcible and violent entry cannot be proven (not applicable to sound & communication equipment fitted in the

vehicle)

: 20% of loss

3.

Pedal cycles with a value of R10 000 and more:

- If it is stolen from outside a building, unattended and not chained to an immovable object,

: 10% of the loss, minimum R1000

or when stolen from an unattended motor vehicle and the carrier or lock is not broken at the same time

- All other pedal cycle claims

: 5% of the loss, minimum R500

4.

Voluntary Additional First Amount Payable

: as stated in the policy schedule

5.

Compulsory Additional First Amount Payable

: as stated in the policy schedule

 

My bikes are specified.

[Patchelicious]

Have a look at the new M&F Elite product. They have a section called Global Insurance. Which will cover your bike under the assets based policy. Doesn’t impact premiums at all.

[Vetplant]

Howdy Hubbers,

 

What insurance is the best to have for your bikes?? 

 

I had Indequity, and when i had a problem now, it was a 3 x months battle just to get nothing!!!!!

Please elaborate. I have been with them for about 9 years now and have never had an issue, BUT I have not yet had to claim for anything cycling related. 

 

I praise them every chance I get and refer people via my broker, so would like to know if there is something unscrupulous going on there that I need to tell my people about.

[Golfboy]

Been with Cyclesure for about 7 years now and have had reason to claim 3 times and on all 3 there has been minimal issues.The POLICY is with Hollard i think. 

[Stoffel76]

Every policy is different and will have slightly differing t&c's, so make sure you read them.

 

Cyclesure is great, but they have lots of very specific t&c's, so you need to make sure you are aware of them in order to comply.

 

The bigger insurers, like Santam and Old Mutual, are also good...  My bike is specified on my Santam policy with the cars and the house. 

 

The other thing to remember are the circumstances - if something happens at home, or on a ride or while attached to your car, there are different conditions that will apply in each situation.  But if you leave your bike unlocked on your bike rack you will have a problem with almost every insurer.

 

And then whatever policy you go with, go through a good broker who will advise you properly and highlight the conditions you need to look out for and fight for you if the insurer isn't applying the wording correctly.

[Dirkitech]

Been with Cyclesure for about 7 years now and have had reason to claim 3 times and on all 3 there has been minimal issues.The POLICY is with Hollard i think. 

Cyclesure wanted to underinsure my bikes at higher rates.

 

My bikes are currently insured under Santam, specified all risk. Lowest premiums and covered for everything except racing.

[Dexter-morgan]

Has anyone had any experience with outsurance?

[Jase619]

Has anyone had any experience with outsurance?

 

I would also like to know this

[Stoffel76]

Cyclesure wanted to underinsure my bikes at higher rates.

 

My bikes are currently insured under Santam, specified all risk. Lowest premiums and covered for everything except racing.

Are you riding professionally?  I know they'll exclude professional use on All Risk items at underwriting stage, but if you're on a standard Santam policy your bike should be covered while doing a race?  (Different story if it was your car that you're racing though...  )

[Dirkitech]

Are you riding professionally?  I know they'll exclude professional use on All Risk items at underwriting stage, but if you're on a standard Santam policy your bike should be covered while doing a race?  (Different story if it was your car that you're racing though...  )

In my head yes, on the route, I wish!  

 

I did query with the broker whether the Santam All Risk will include race accidents and was told no. I'll be brutally honest though, I'm not sure they are entirely certain themselves. Previous broker said I was indeed covered for races on the same policy, but the new one says no, so I'm taking it as a no  

Perhaps that's the difference then, racing being covered but professional racing is not (only difference is whether you tell them up front you're a podium candidate or not?)

[Longbarn Killer]

Has anyone had any experience with outsurance?

There has been a few negative threads on them on the Hub. If I remember, one related to Outsurance insisting on repairing a broken frame rather than replacing. 

 

But I am pretty sure, you will find negative threads on almost every insurer.

[Longbarn Killer]

In my head yes, on the route, I wish!  

 

I did query with the broker whether the Santam All Risk will include race accidents and was told no. I'll be brutally honest though, I'm not sure they are entirely certain themselves. Previous broker said I was indeed covered for races on the same policy, but the new one says no, so I'm taking it as a no  

Perhaps that's the difference then, racing being covered but professional racing is not (only difference is whether you tell them up front you're a podium candidate or not?)

If your exclusions don't mention racing, then they'll have a tough time refuting a claim. When I was with Santam, I was told it covers everything, even racing.