Horsey031 Posted August 28, 2019 Share Hi everyone, I have just acquired a new mountain bike and I would like to insure it. I bought the bike from Cyclelab and they are pushing King Prince Bicycle Insurance. I was quoted R117 for a R47 000 mountain bike with R500 excess. This seems like a very good deal... I have attached the only terms and conditions I can find on their site for bicycle insurance. This seems very basic and vague to me Is there anything I should be looking out for or missing? I have also looked at Cyclesure and was quoted R240 per month (on the advice from reading other forums). This is significantly more than King Price, is this one of those You Get what You Pay for scenarios? Does anyone have any experience with King Price, good or bad? Thanks in advance :-) Link to comment Share on other sites More sharing options...
Mojoman Posted August 28, 2019 Share You pay less on insurance for a bicycle worth more than my car.,...! Link to comment Share on other sites More sharing options...
WR 1.0 Posted August 28, 2019 Share As with all insurance companies, you'll get positive feedback and negative feedback, depending on the individual's experience with said company. Those who have had no issues with claims at KP will rave about them and visa versa. But yes, you always get what you pay for, and chat to a broker...... Link to comment Share on other sites More sharing options...
Horsey031 Posted August 28, 2019 Share You pay less on insurance for a bicycle worth more than my car.,...! It does sound crazy when you say it like that. Unfortunately I have to insure this bad boy because there is no way my credit card can handle more abuse. Link to comment Share on other sites More sharing options...
Horsey031 Posted August 28, 2019 Share As with all insurance companies, you'll get positive feedback and negative feedback, depending on the individual's experience with said company. Those who have had no issues with claims at KP will rave about them and visa versa. But yes, you always get what you pay for, and chat to a broker......Thanks for the advice. I read a lot that I should get a broker... i will look around for one. Link to comment Share on other sites More sharing options...
Christofison Posted August 29, 2019 Share I moved my car insurance over to King Price to get the R1 bike insurance on a R49999 bike. The whole process seemed very vague and unprofessional. I didn't even see any T&C's when I signed up, and actually don't think I physically signed anything. Just make damn sure that you send them every possible bit of info/document that may be necessary, because they're quite good at telling you years down the line that you didn't supply something, when they actually didn't ask for it. Link to comment Share on other sites More sharing options...
Edereese Posted August 29, 2019 Share Make sure you have all proof of purchases. Also, when frame gets damaged, the frame will be sent to CBR in Centurion for evaluation and repair as they will opt to to repair vs replace. Link to comment Share on other sites More sharing options...
Wannabe Posted August 29, 2019 Share I have had two claims with King Price earlier this year. The first one was when I got jacked of my bike, and a few weeks later for damage to my new bike when someone rode into the back of me, breaking the rear derailer of and bending the wheel.Both claims was settled within a week, after supplying all the evidence and paperwork they required. Claims was paid out promptly, minus the excess amount that they subtracted from the claim amount. I have not seen an increase in my premiums as yet, but will keep a close eye on it.I have my car, house content, out and about and two bicycles insured with them. (the R1 deal, ironically is on the more expensive bike, go figure) . Link to comment Share on other sites More sharing options...
Super Sywurm Posted August 29, 2019 Share All my items, from my house to my mtb, is insured with Miway. I had two big claims, a car and a mtb, and both paid out without any hassle. The smaller claims it seems are usually the problem. Had a big fight with them when I wanted someone to come and fix my drain pipes. So yes, you get good experiences and bad experiences from the same company. Also depends on who answers the phone when you call. Link to comment Share on other sites More sharing options...
JJDT Posted August 29, 2019 Share I'm also on KP and had three claims the last three years. The last one was for a helmet that was bought 2nd hand and we noticed a crack, submitted a claim with a report from a bike shop on the likely cause of the crack and the claim was settled no further questions. With the previous damage claims as well submitted a report from a bikeshop and claim was settled. So far no issues and the only increase in premiums was just the annual increase. Link to comment Share on other sites More sharing options...
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