Another bicycle insurance thread

[Craig Armstrong]

I believe this topic has been addressed a few times in the past, but I'm hoping for a more up-to-date discussion regarding who you insure with. 

 

A few of the threads I've seen are outdated and mention insurance companies who seem to not exist anymore (i-Cycle insurance being one of them).

 

I've also seen a few threads where guys are saying they're with Cyclesure and love them, but then some other threads about how Cyclesure doesn't cover theft unless it was violent, or something along those lines.

 

Is that still the case with Cyclesure? Or have things changed since then.

 

Other companies that I'm looking at are OUTsurance (Out and about policy), Discovery and MiWay.

 

I'm particularly wanting insurance that will cover for damage/repairs, not just theft. Not sure if that changes the discussion at all.

 

To start off, I've got a quote from Cyclesure for R200 for a R35k mountain bike. That seems pretty good to me.

 

What are your guys' thoughts? 

Edited April 10, 2019 by Craig Armstrong

[RocknRolla]

My thoughts as always is, get a broker, and insure through them.

Normally they will insure your household goods with bicycles specified. Then you can add theft only, or if the bike will be insured for transport to, from and during events.

 

As with all things, read the fine print, and especially the wording of the policy document. What you save on a monthly premium will be added on somewhere else, either as excess or an exclusion of some sorts.

 

I have done a lengthy exercise with outsurance, and they could not beat my car premium cover for cover, that is done through a broker who is underwritten by santam.

[Craig Armstrong]

I'm still waiting to hear back from our broker to see what they can do, but my thinking is that Cyclesure might be better than the insurance the broker can arrange, since they're a bike-specific insurance. 

[Hamstring]

As above go with a broker, im with Galileo Risk owned and run by a cyclist.

Edited April 10, 2019 by Hamstring

[Broker]

As above. Go through a Broker. I am using AON and can only say good things about them. All my risk under one policy including bicycles

[Craig Armstrong]

I've just requested contact from an AON broker. 

 

At the moment, I'm still riding off of my dads policy with PSG. He's not having much luck with them, so he's said its time for me to get my own broker.

 

I have no idea how any of this works though. Anyone got any suggestions aside from AON for an insurance broker? 

[Trance Dance]

I'm with Bikesure, brokers who specialize in motorcycles but do bicycles and other extreme risk insurance.

[Wayne pudding Mol]

I believe this topic has been addressed a few times in the past, but I'm hoping for a more up-to-date discussion regarding who you insure with.

 

A few of the threads I've seen are outdated and mention insurance companies who seem to not exist anymore (i-Cycle insurance being one of them).

 

I've also seen a few threads where guys are saying they're with Cyclesure and love them, but then some other threads about how Cyclesure doesn't cover theft unless it was violent, or something along those lines.

 

Is that still the case with Cyclesure? Or have things changed since then.

 

Other companies that I'm looking at are OUTsurance (Out and about policy), Discovery and MiWay.

 

I'm particularly wanting insurance that will cover for damage/repairs, not just theft. Not sure if that changes the discussion at all.

 

To start off, I've got a quote from Cyclesure for R200 for a R35k mountain bike. That seems pretty good to me.

 

What are your guys' thoughts?

 

You could maybe ask this guy, he knows a lot about bikes and he's a broker I think

Edited April 11, 2019 by Waynemol

[MarcBurger]

My current broker works through Momentum, and the bike cover I was offered just seemed super vague and unconvincing.

I do appreciate the Cyclesure method of insuring and claiming, even though it seems like it comes at a bit of a premium.

 

The thing that does really get to me is the reports of only violent acquisitions of your bike being covered, as well as requiring a bike chain thick enough to hoist a truck into the air. If someone bikejacks me with a knife or gun, I'm not putting up a fight. I'd rather give him an on the spot bike fit and wave him on than do that.

 

Other than that, for the one time I've claimed for smashing my wheel to pieces, it went pretty smoothly.

[wolf182]

Recently redone by MTB insurance, started with Cyclesure, Outsurance, Miway, I was shocked by some of the numbers I saw.

Ended up with old trusted Mutual insure that wrote me up at R119 for R30 000 for All risk, meaning theft, damage, in race, not in race, etc .. fully covered.

Added on my Gopro that is somewhat permanently on the bike now for R25 for R8000.

Edited April 11, 2019 by wolf182

[johanpre44]

All my short-term insurance is with Discovery Insure who gave me a very good deal on my cars years ago. Not too happy with the bikes, damaged both wheels on a 50k mtb (two rim replacements on different occasions), excess (5k) both times more than the repairs. Apparently the excess cannot be changed (linked to the value of the bike) which is kind of a deal breaker for me. Will be trying others some time soon.

[Trance Dance]

All my short-term insurance is with Discovery Insure who gave me a very good deal on my cars years ago. Not too happy with the bikes, damaged both wheels on a 50k mtb (two rim replacements on different occasions), excess (5k) both times more than the repairs. Apparently the excess cannot be changed (linked to the value of the bike) which is kind of a deal breaker for me. Will be trying others some time soon.

Interesting, my bikes are also with discovery, but excess is R3000. With an excess of R3k and premiums at 5% I'm pretty happy. Haven't had a claim with them so can't comment on that. Trust my broker would ensure it works out in the event of a claim though.

[Spoke101]

I-Cycle got absorbed by Compendium/Bidvest.

 

I have been with them from the start and am a happy customer, I have had 5/6 claims in resent years and have never had an issue. They are the only company along with Cyclesure to my knowledge that cover racing at Pro/Elite/Age Cat. level something to do with winning prize money. They are also the only ones who will insure you for new replacement value on bikes older than 3 years. I'm currently paying R2026.00 for R310,000.00 (2 bikes, racing wheels, 2x shoes, 2x helmets, garmin).

[slickjay007]

All my short-term insurance is with Discovery Insure who gave me a very good deal on my cars years ago. Not too happy with the bikes, damaged both wheels on a 50k mtb (two rim replacements on different occasions), excess (5k) both times more than the repairs. Apparently the excess cannot be changed (linked to the value of the bike) which is kind of a deal breaker for me. Will be trying others some time soon.

 

My bikes are also insured with Discovery and basic excess is R3000.

[Patchelicious]

As above go with a broker, im with Galileo Risk owned and run by a cyclist.

I will second this.

 

Owner is a passionate cyclist, and their new MD is just as passionate about cycling.

 

Both are top guys. Galileo is a pretty big brokerage, so don’t expect these guys to answer the phone, but their culture does trickle all through the company.

 

Objectivity clause: I don’t do business with them, but they are friends.

[Lance Stephenson]

ok, I've been with Cyclesure and super happy still.  My Broker is a very good  cyclist and has done some crazy races and won a few .  He is super knowledgable and helpful with claims and understanding whats going on.

Call him for help.  Riccardo Stermin 0836752057.

I have had my MTB insured now 3 years and the money is well spent as bikes are expensive and they have sorted my claims out quickly and with very little admin.