Bicycle insurance

[ChrisF]

41 minutes ago, BaGearA said:

So my bike is now 'Insured " via Naked insurance and it really makes me feel uneasy the way they do it. I don't speak to A person , I speak to A robot that spits out a quote based on value ( well what I say the value is ) 

 

They have NO idea what it is ( no serial was taken ) other than A bicycle that's worth X amount , but i was quickly billed for the remainder of the month and Now I'm insured 

 

Hoping to see A few sucess stories or I'll be switching to something else mighty quick 

 

day cover or FULL cover ?

 

 

Read a few posts in the "stolen section" .... by far the majority of thefts are from home .... which by default is NOT covered by this lot .... 

 

 

 

Having had two "bad claims" ..... I KNOW the value of a real broker.  Thanks to hard school fees I am very biased on this topic.

[BaGearA]

10 hours ago, ChrisF said:

 

day cover or FULL cover ?

 

 

Read a few posts in the "stolen section" .... by far the majority of thefts are from home .... which by default is NOT covered by this lot .... 

 

 

 

Having had two "bad claims" ..... I KNOW the value of a real broker.  Thanks to hard school fees I am very biased on this topic.

Please send me the details of your broker , I'm  not lus to sukkel when my bike has been stolen 

 

 

full cover fwif 

[ChrisF]

7 minutes ago, BaGearA said:

Please send me the details of your broker , I'm  not lus to sukkel when my bike has been stolen 

 

 

full cover fwif 

 

"STRANGER" on the 4x4Community forum is on your side.

 

Cape town, Northern suburbs I have a good contact 👍  Helps that she is a tri.athlete, did Mosselbay this weekend. 

[Luca Stermin]

30 minutes ago, BaGearA said:

Please send me the details of your broker , I'm  not lus to sukkel when my bike has been stolen 

 

 

full cover fwif 

Hi. If you need any assistance. You can contact Riccardo Stermin 0836752057. Been in the insurance industry for 30 years and been a broker for over 12 years. Also a top cyclist 👍

[Steven Knoetze (sk27)]

13 hours ago, BaGearA said:

Please send me the details of your broker , I'm  not lus to sukkel when my bike has been stolen 

 

 

full cover fwif 

Love how in South Africa nobody bats an eyelid when you use "has been stolen" as opposed to  "might be stolen". Also "when" and not "if"..............

[WR 1.0]

On 11/9/2022 at 4:53 PM, BaGearA said:

So my bike is now 'Insured " via Naked insurance and it really makes me feel uneasy the way they do it. I don't speak to A person , I speak to A robot that spits out a quote based on value ( well what I say the value is ) 

 

They have NO idea what it is ( no serial was taken ) other than A bicycle that's worth X amount , but i was quickly billed for the remainder of the month and Now I'm insured 

 

Hoping to see A few sucess stories or I'll be switching to something else mighty quick 

Naked is backed by Hollard so you shouldn't have issues. I have my car through them, recently submitted a windscreen claim on a Sunday. 15 min later, notice received that claim was approved. Got a call on the Monday morning at 8:05 to schedule replacement. I also paused my accident cover the following week while we were away on holiday, got a small credit refunded into my account 2 days after I changed to full comprehensive again. (so no bicycle claim success story but great first claim experience). Strange that you weren't asked to submit photographs and /or video of the bike. (they usually request those from what I remember) 

[WR 1.0]

On 11/9/2022 at 5:37 PM, ChrisF said:

 

day cover or FULL cover ?

 

 

Read a few posts in the "stolen section" .... by far the majority of thefts are from home .... which by default is NOT covered by this lot .... 

 

 

 

Having had two "bad claims" ..... I KNOW the value of a real broker.  Thanks to hard school fees I am very biased on this topic.

Thefts away from home is usually not covered unless the item is specifically specified on your policy. ( bicycles almost always have to be specified according to the T&C of policies, or cover is limited to a small amount (R3k-R5k) 

[ChrisF]

1 minute ago, WR 1.0 said:

Thefts away from home is usually not covered unless the item is specifically specified on your policy. ( bicycles almost always have to be specified according to the T&C of policies, or cover is limited to a small amount (R3k-R5k) 

 

Also consider the extras such as the computer and tools ....

 

Wearables is another topic for consideration ....

 

 

Some insurers even get sticky on damage during competitions ....

 

 

 

SO much more to this topic than just a premium comparison.

[MORNE]

Ive checked out how these work vs how Santam quoted recently. (Btw…Jasure is Santam)

yes…you'll always pay less if you do the whole lot through a broker. R250k worth of bikes and stuff was quoted just under R300 on comprehensive cover. The problem with santam is (and others) in my case, literally no one can or has come close to the rates I get through momentum for everything else on the policy. Not close. They try every year. ( i have stuff at discovery too - they all always try to get me to consolidate) But theres my dilemma…momentum are numpties when it comes to bicycles, but great for car/house/etc in my case.

so these Jasure,naked et al all work fine as far as i gather since they insure ‘an amount’, not ‘an item’ imo. Yes you say its a bicycle but you don't have to go get proof of value etc etc, which is already a drag if you dont own a mass produced bike you can just go ask spez or whoever to give you a quote for a new model.  A picture and description suffices. If you decide your bike is going to cost you R120k to replace…that's fine, but you’ll pay for it, and here’s the catch vs conventional allrisk as far as i could gather - the excess amounts. So for a 120k bicycle you’ll pay around R350 ish a month on one of these but the excess will be 10%, so in this case…R12000. I guess when you get relieved of a 120k bike..paying 12k for a new one is not going to melt your brain..but still. On a normal all risk policy the excess is like R500 maybe, depending on your profile. And yes, all risk has you covered in more scenarios…like breaking a frame or a component or a wheel, falling, hospital bills…etc

 

9 hours ago, ChrisF said:

 

Also consider the extras such as the computer and tools ....

 

Wearables is another topic for consideration ....

 

 

Some insurers even get sticky on damage during competitions ....

 

 

 

SO much more to this topic than just a premium comparison.

 

Edited November 11, 2022 by MORNE

[Steven Knoetze (sk27)]

1 hour ago, MORNE said:

Ive checked out how these work vs how Santam quoted recently. (Btw…Jasure is Santam)

yes…you'll always pay less if you do the whole lot through a broker. R250k worth of bikes and stuff was quoted just under R300 on comprehensive cover. The problem with santam is (and others) in my case, literally no one can or has come close to the rates I get through momentum for everything else on the policy. Not close. They try every year. ( i have stuff at discovery too - they all always try to get me to consolidate) But theres my dilemma…momentum are numpties when it comes to bicycles, but great for car/house/etc in my case.

so these Jasure,naked et al all work fine as far as i gather since they insure ‘an amount’, not ‘an item’ imo. Yes you say its a bicycle but you don't have to go get proof of value etc etc, which is already a drag if you dont own a mass produced bike you can just go ask spez or whoever to give you a quote for a new model.  A picture and description suffices. If you decide your bike is going to cost you R120k to replace…that's fine, but you’ll pay for it, and here’s the catch vs conventional allrisk as far as i could gather - the excess amounts. So for a 120k bicycle you’ll pay around R350 ish a month on one of these but the excess will be 10%, so in this case…R12000. I guess when you get relieved of a 120k bike..paying 12k for a new one is not going to melt your brain..but still. On a normal all risk policy the excess is like R500 maybe, depending on your profile. And yes, all risk has you covered in more scenarios…like breaking a frame or a component or a wheel, falling, hospital bills…etc

 

 

The problem is most people don't know their policy, that is where a broker is often invaluable. Like you described, low premium but high excess or like Chris said there are suddenly clauses on what was disclosed and under what specific circumstances they will actually pay out.
The other thing is paying for full price cover, in your case R120k, then at claim time they value the bike at less and you have been paying "inflated" premiums for nothing.

I am in the same boat, everything at Discovery except my insurance. They just cannot get close to my premiums, plus I don't need to conform to their (Discovery) unrealistic driving expectations.

[WR 1.0]

2 hours ago, Steven Knoetze (sk27) said:

The problem is most people don't know their policy, that is where a broker is often invaluable. Like you described, low premium but high excess or like Chris said there are suddenly clauses on what was disclosed and under what specific circumstances they will actually pay out.
The other thing is paying for full price cover, in your case R120k, then at claim time they value the bike at less and you have been paying "inflated" premiums for nothing.

I am in the same boat, everything at Discovery except my insurance. They just cannot get close to my premiums, plus I don't need to conform to their (Discovery) unrealistic driving expectations.

I deal with these queries daily. Broker will ask me to match a premium from another Insurer.

on the broker policy they have selected all excess waivers, ect ( which increases the premium), but then on the policy they are comparing against, the client has a large % excess ( which decreases the premiums) - you have to do apples for apples

[Aurora]

I insure my bike and rest of my personal policy with Everything.Insure

I saw they sponsored the Berg en Dale and Satellite Classic events this year and went to check out their website - its very good. All self service and no broker needed. You also get to choose the excess on each item you insure which was nice. 

They have a specific cycling product that gives you some nice benefits as a cyclist. I chose the Hollard backed product. I recently had a claim and they paid out with no issues. 

I believe you also get bulk discounts if you have a vehicle + contents with them on the same policy. I saved around R500pm when moving here from my old broker with the same and better cover with Hollard. 

I did find it a little confusing with insuring the bike as they have a Cycling Equipment and Cycling Equipment in use - I did ask the question and apparently Hollard only need Sports equipment but Santam require in use cover. 

Edited November 11, 2022 by Aurora

[Ridetorelax]

Be very careful when insuring a bicycle in South Africa. 
 

The short term insurance ombudsman which was supposed to be a partial independent judge -is not overrun by the insurance companies how pay their salary and tell the leaders how to judge and what to do. If they don’t agree that quickly replaced!!!!  GuardRisk on the most notorious for the any policy under written by this company run for your life. 
 

most of the other insurance companies are just as bad as the each others. Jainsure can cost you more than anything if you fail to advise them on when you’re using your bike. Must think they’ll advise them after the fact but most cases you can’t do this and it’s illegal.  Naked is wast of time. 
 

The key is to try and find a broker that is intelligent and will tell you exactly what’s in the policy documents as being a layman it’s not easy to always see this.  They are few capable intelligent reliable and honest brokers left/ let me know if you find one. 
 

Lastly by ensuring your bike for many thousands more than it’s actually worth it’s truly a waste of time and all you doing is kidding yourself thinking they’re going to give you a brand new 2023 bike for a 2018 bike ! Stop dreaming and face reality and reduce the value and save thousands of Rands a year. 

[WR 1.0]

16 hours ago, Ridetorelax said:

Be very careful when insuring a bicycle in South Africa. 
 

The short term insurance ombudsman which was supposed to be a partial independent judge -is not overrun by the insurance companies how pay their salary and tell the leaders how to judge and what to do. If they don’t agree that quickly replaced!!!!  GuardRisk on the most notorious for the any policy under written by this company run for your life. 
 

most of the other insurance companies are just as bad as the each others. Jainsure can cost you more than anything if you fail to advise them on when you’re using your bike. Must think they’ll advise them after the fact but most cases you can’t do this and it’s illegal.  Naked is wast of time. 
 

The key is to try and find a broker that is intelligent and will tell you exactly what’s in the policy documents as being a layman it’s not easy to always see this.  They are few capable intelligent reliable and honest brokers left/ let me know if you find one. 
 

Lastly by ensuring your bike for many thousands more than it’s actually worth it’s truly a waste of time and all you doing is kidding yourself thinking they’re going to give you a brand new 2023 bike for a 2018 bike ! Stop dreaming and face reality and reduce the value and save thousands of Rands a year. 

You've obviously had some bad experiences. Perhaps giving more details about what went wrong, will help others on this tread? 

[Ridetorelax]

1 hour ago, WR 1.0 said:

You've obviously had some bad experiences. Perhaps giving more details about what went wrong, will help others on this tread? 

Voice to speech - excuse types -Most insured South Africans on during the difficulties of dealing with the insurance companies with no recourse. As we all aware there is a breakdown of law and order and large corporations such as insurance companies as well as banks take it vantage of the situation. It’s a well-known fact that insurance companies are out not to pay any claims they have got terms and conditions and trained and skilled assessors that will look for any excuse not to pay a claim.  It’s a well-known fact is it become more of a business by insurance to repudiate then to accept claims. The lemon in the street has a little recourse other than going to court and trying to fight a large corporation which will never happen unless they have insurmountable amount of money and hard-core evidence. This is not something unique and you should not be surprised about it as I’m quite sure there are more people that have issues with insurance than ever before! 

Edited November 13, 2022 by Ridetorelax

[ChrisF]

9 minutes ago, Ridetorelax said:

Voice to speech - excuse types -Most insured South Africans on during the difficulties of dealing with the insurance companies with no recourse. As we all aware there is a breakdown of law and order and large corporations such as insurance companies as well as banks take it vantage of the situation. It’s a well-known fact that insurance companies are out not to pay any claims they have got terms and conditions and trained and skilled assessors that will look for any excuse not to pay a claim.  It’s a well-known fact is it become more of a business by insurance to repudiate then to accept claims. The lemon in the street has a little recourse other than going to court and trying to fight a large corporation which will never happen unless they have insurmountable amount of money and hard-core evidence. This is not something unique and you should not be surprised about it as I’m quite sure there are more people that have issues with insurance than ever before! 

 

 

Thus .... work with a GOOD BROKER 👍👍