Another bicycle insurance thread

[THill44]

I've been with CycleSure for around 4-years now and thought I was 100% covered and didn't need to worry since they charge a serious premium for their policies.

 

I have been paying well-over R400/month to insure 2 bicycles (1 MTB, 1 road), a bike rack, and my Garmin Fenix 3 watch and assumed at this price, I am 100% covered for All Risks (falling while training/racing, highjacking, car accident, theft).

 

6-weeks ago, my security complex (webcams, 24/7 guards, electric fence..the works) was broken into so I followed the policy by the book. Contacted CycleSure, police report, replacement value from cycle dealer, worked with the assessor, gathered security footage from private security company, etc.etc).

 

After 6-weeks of waiting and being told my claim will be processed "soon", I received my rejection letter from Hollard today on the grounds of:

- no sign of forceful entry and/or

- no proof that the bike was locked with an approved lock

 

In my case, I have security footage of both the thief gaining entry by manipulating the exit gate sensors and stealing my bicycle which was locked away in our complex.

 

It sounds like CycleSure only pays out if the thief creates absolute destruction while breaking into your property. If they are able to gain access discreetly, or by using their brains, it is not covered.

 

AKA, if I were to leave my R50k bike locked up to a gate in Retreat overnight and the bike was stolen, I'd be fully covered. But because the bike was locked in a security complex and the thief didn't break anything in the process, I'm not covered.

 

Be warned fellow Hubbers, if you're insured by CycleSure, make sure your bike is never out of your sight when at home. If you store your bike in your garage, make sure it's chained down to something and make doubly sure that a thief would have to destroy property to get to your bike.

 

I've followed up with Hollard so we'll see what comes next.

Edited May 14, 2019 by THill44