King Price - Insure your Bike for R1

[WR 1.0]

Didnt under insure. That TB 2 is 6 years old and through 4 cape epics. Think  50K is fair?

 

I think you got lucky.

Although your non motor (Contents and All Risks) does depreciate like your Vehicle would, you need to insure for replacement value.

 

Their policy wording also states:

Understanding under-insurance

You need to insure your contents for their total replacement value, meaning the

cost of replacing your lost or damaged items with new items. Should you insure

the contents for an amount less than its replacement value, we’ll then pay you

proportionately.

So, if the correct total insured value of the home contents at the time of a claim is

R400,000 and you insure it for R200,000 only, then you’ll only be compensated

for 50% of your loss.

 

And specifically under the All Risk section:

You need to insure your portable possessions for their total replacement value.

This means the cost of replacing your lost or damaged items with new items.

Should you insure any items for an amount less than their replacement value, we’ll

then pay you proportionately.

 

But its good to hear some positive feedback.

[JohanC]

So what is the excess on your cars and household items?

[Edereese]

so it is R1 a month but they settle claims with carbon repair jobs?

 

YIP!

[m-squared]

Just came from the KP site.  So if I'm understanding it correctly, you can insure an equal number of portable assets for R1 as the number of vehicles/motorbikes you insure through them?  So 1 vehicle is 1 bike cover for R1.  2 vehicles covers, 2 bikes and so on.

[cyclesharp]

YIP!

no, that was the reccomendation from the bike shop, was only a small crack on the rear triangle

[Dirkitech]

Does anyone know or understand the logic behind their advert on a bridge over the n3 that says "this bridge doesn't make sense, we do"?

[Mongoose!]

in such case i would like only a new rear triangle? (not a new frame)

[The Ouzo]

Does anyone know or understand the logic behind their advert on a bridge over the n3 that says "this bridge doesn't make sense, we do"?

no logic to that ad at all. If they knew how much traffic that bridge carried they would be aware of how much sense it makes.

Also I hate staring at that ad everytime I walk out my office.

 

Oh and good luck to anyone else trying to advertise there, KP have that spot locked down for many years to come.

[Ascension]

I moved away from KP. 1 Bike was insured for R50k for R1 per month, but they require car and household to be insured as well. After 1 year KP increased their price by 19,5%. I assume they did this for all clients. So after this increase it was more expensive than Discovery Insure so I moved there. So watch out for the KP annual price hike, that is how they score.

[Nevermore]

I moved away from KP. 1 Bike was insured for R50k for R1 per month, but they require car and household to be insured as well. After 1 year KP increased their price by 19,5%. I assume they did this for all clients. So after this increase it was more expensive than Discovery Insure so I moved there. So watch out for the KP annual price hike, that is how they score.

19% increase... Sorry but that doesn't sound right 

[Mongoose!]

for 19% increase i dont want a repaired bike...lol

[Thomo]

You lost me at carbon repair.

Was that your suggestion or their expectation?

Hearing of more and more insurance carbon repairs ...

[Mongoose!]

after all, you dont get a new car after an accident... they repair it. Carbon bikes nowadays cost the price of some cheap cars...

still not like the idea of a repaired carbon bike.????

[Grease_Monkey]

Hearing of more and more insurance carbon repairs ...

I was initially with MiWay (had an alu bike at the time), when I got a carbon bike one of my friends actually told me just to check that clause - turns out they repair. A quick google search turned up that they repair even when advised not to by bike shops. That's when I moved to Cyclesure - have had two claims and very happy with their service so far!

 

So yeah, moral of the story, check the whole carbon repair vs replacement thing with your insurer if you have a carbon bike!

[Eddy Gordo]

after all, you dont get a new car after an accident... they repair it. Carbon bikes nowadays cost the price of some cheap cars...

still not like the idea of a repaired carbon bike.

depends on how bad the damage. 

[Ascension]

19% increase... Sorry but that doesn't sound right 

 

Yep it does not sound right, but that is what happened. I contacted them about this and they just said that this is the annual increase. It was for 2017. This is why I moved away from KP. Beware their annual increases.