Insurance value

[Andreas_187]

I've never insured my bikes before (they were all 2nd hand and under R20k) but I'm travelling to Switzerland with my 'expensive' bike that I bought in December. I bought a 2016 model TCR advanced pro 0 with Ultegra di2. New price was R62k but I got it on a black Friday deal for R42k. What value do I insure it for since there is no real replacement model any more. The equivalent disc UI2 is R82k.

 

Also, I have car and house insured with outsurance so I asked them for a quote first. Replacement value of R50k and they want R900 p/month. Seems expensive to me. Any advice please

[ChrisF]

Andreas best to confirm with your insurer.

 

I bought a 2018 bike after the 2019 models were released.

 

The special purchase price is significantly lower than the standard replacement price.  My insurer confirmed that I must get a written quote for the "replacement value".  If I need to claim tomorrow I have it in writing, and cant be accused of inflating the insured value as I did what they instructed me to do.

[Eugéne Alberts]

  On 7/1/2019 at 12:17 PM, Andreas_187 said:

I've never insured my bikes before (they were all 2nd hand and under R20k) but I'm travelling to Switzerland with my 'expensive' bike that I bought in December. I bought a 2016 model TCR advanced pro 0 with Ultegra di2. New price was R62k but I got it on a black Friday deal for R42k. What value do I insure it for since there is no real replacement model any more. The equivalent disc UI2 is R82k.

 

Also, I have car and house insured with outsurance so I asked them for a quote first. Replacement value of R50k and they want R900 p/month. Seems expensive to me. Any advice please

Find out what it's replacement model costs and insure it for that value.

 

Sorry, screen cut off the last part of your question.

 

Shop around a bit. My Camber is insured with my vehicles and contents for R48k @ just over R200 per month

[Jono Waddell]

Bike is an all risk item and so should be insured for replacement cost, however you can insure for any amount less than that if the premium is too high. 

 

Claim will be settled on the lower of current replacement cost or sum insured.

 

R900 a month for the bike alone is heavy going. If you want to get a comparative quote contact me direct. 

[ChrisF]

  On 7/1/2019 at 12:17 PM, Andreas_187 said:

....

 

Also, I have car and house insured with outsurance so I asked them for a quote first. Replacement value of R50k and they want R900 p/month. Seems expensive to me. Any advice please

 

I am paying R156 per month on R54k replacement value, at Santam (via a broker)

 

 

R900 is "too much" ...

[Rudii]

Have my two bikes insured at MiWay to the value of R100k and pay R486 for both.

R900 is way to much, shop around a bit.

[Andreas_187]

  On 7/1/2019 at 12:55 PM, ChrisF said:

I am paying R156 per month on R54k replacement value, at Santam (via a broker)

 

 

R900 is "too much" ...

Thanks for the replies. Do you have house and cars insured with them to get a price like that?

[ChrisF]

  On 7/1/2019 at 1:22 PM, Andreas_187 said:

Thanks for the replies. Do you have house and cars insured with them to get a price like that?

 

Jip.  So the bikes represent a small portion of my policy, and I have a good record with them as well.

 

 

I can forward you the broker's details if you want.

[Koos Likkewaan]

Would they settle based on the lower sum insured, or a % of the lower sum vs replacement value.

 

Example: Insured value = R 40,000 ; New replacement = R 80,000

 

Would insurance pay R 40,000 or 50% of that ( R20,000 ) because it is insured for 50% of replacement value ?

 

  On 7/1/2019 at 12:46 PM, Jono Waddell said:

Bike is an all risk item and so should be insured for replacement cost, however you can insure for any amount less than that if the premium is too high. 

 

Claim will be settled on the lower of current replacement cost or sum insured.

 

R900 a month for the bike alone is heavy going. If you want to get a comparative quote contact me direct. 

[Veebee]

R900 is way too much.

I am with discovery and paying R180 for R50k value

[DieselnDust]

 Insure your bike for what the risk is.

 

Some people insure the bike for replacement value and pay more

Others insure for what they paid. They pay less.

 

The insurer will want a valuation. If you under insured then they often penalise you.

Best to speak to a broker about the different options.

I found SANTAM to offer the best overall package

[DieselnDust]

  On 7/1/2019 at 1:28 PM, Veebee said:

R900 is way too much.

I am with discovery and paying R180 for R50k value

 

 

 

God help you when you need to claim... Discovery is one of the worst when it comes to settling claims

[Veebee]

  On 7/1/2019 at 1:30 PM, DieselnDust said:

God help you when you need to claim... Discovery is one of the worst when it comes to settling claims

 

claimed twice before with no problems...

[Frosty]

Also claimed (twice) with Discovery with no questions asked. I even asked them what I must do with the old shifters and helmet that were replaced - they said they didn’t need to see them. The valuation from the bike shop was sufficient.

[Andreas_187]

I just got a very competitive quote from Santam but only when I switch my house and 2 cars over to them. It worked out R50 cheaper than outsurance even with an additional R60k for a replacement TCR.

Tough decision because Outsurance have been more than excellent.

[ChrisF]

  On 7/1/2019 at 2:44 PM, Andreas_187 said:

I just got a very competitive quote from Santam but only when I switch my house and 2 cars over to them. It worked out R50 cheaper than outsurance even with an additional R60k for a replacement TCR.

Tough decision because Outsurance have been more than excellent.

 

Having claimed from Outsurance, and also from Santam ....

 

SANTAM all the way