Bicycle insurance

[DR ◣◢]

I have my bikes covered by Naked Insurance. Also an online company. Similar to JaSure, but without the options to turn insurance on and off.

 

Very happy with the premiums, I had a claim about 2 months back, bike lost off of bike rack while driving. No questions asked, from lodging the claim till collecting new bike was less than a week.

 

I am very happy with them. Also very easy to ad or remove insured items on the go.

 

For those commenting on JaSures options to turn insurance on and off as needed, keep in mind, that if you store your bikes indoors when at home, then theft from the home is covered by your household insurance, no need to specific them under all risk cover for this purpose.

 

So in this regard, the option from JaSure makes perfect sense.

Fell off or stolen off?

[WR 1.0]

I have my bikes covered by Naked Insurance. Also an online company. Similar to JaSure, but without the options to turn insurance on and off.

 

Very happy with the premiums, I had a claim about 2 months back, bike lost off of bike rack while driving. No questions asked, from lodging the claim till collecting new bike was less than a week.

 

I am very happy with them. Also very easy to ad or remove insured items on the go.

 

For those commenting on JaSures options to turn insurance on and off as needed, keep in mind, that if you store your bikes indoors when at home, then theft from the home is covered by your household insurance, no need to specific them under all risk cover for this purpose.

 

So in this regard, the option from JaSure makes perfect sense.

Not entirely true. Most policies have clauses stating items more specifically insured elsewhere is not covered under the current policy. In your example, you won't be able to claim for your bikes under your HH if they are insured through Jasure. (the assumption is that you don't have your bikes and HH insured on the same policy)

[Reme Le Hane]

The problem I see with JaSure is the price, what I am paying now per month is less than what they charge for a single day., so the ability to turn it off is mute.

 

On top of that their excess is 10% and on my bike that’s 8k whereas now I pay a fixed 1k.

 

No sense paying a higher premium AND a higher excess, especially not 8x higher.

 

That is pretty much the problem with specialist and adhoc insurers, there is a risk cross subsidy when you have larger policies or more items insured, that’s why you will often find vehicle and content will individually be cheaper when both covered with the same insurer vs having them as individuals at that insurer.

 

And almost all the time, high value portable items will be much cheaper when bundles as part of home vs individual.

 

My insurer maxes at 50k for an individual item cover, a 50k bike is R168, put that same bike as part of content and it’s R86. Same cover, same excess vastly different price as you loose out on the cross subsidy discount.

 

JaSures only value proposition is the ability to pause, but why would I pay R134 and 8k excess for 1 day when I can pay R126 and 1k excess for an entire month.

[Trance Dance]

The problem I see with JaSure is the price, what I am paying now per month is less than what they charge for a single day., so the ability to turn it off is mute.

 

On top of that their excess is 10% and on my bike that’s 8k whereas now I pay a fixed 1k.

 

No sense paying a higher premium AND a higher excess, especially not 8x higher.

 

That is pretty much the problem with specialist and adhoc insurers, there is a risk cross subsidy when you have larger policies or more items insured, that’s why you will often find vehicle and content will individually be cheaper when both covered with the same insurer vs having them as individuals at that insurer.

 

And almost all the time, high value portable items will be much cheaper when bundles as part of home vs individual.

 

My insurer maxes at 50k for an individual item cover, a 50k bike is R168, put that same bike as part of content and it’s R86. Same cover, same excess vastly different price as you loose out on the cross subsidy discount.

 

JaSures only value proposition is the ability to pause, but why would I pay R134 and 8k excess for 1 day when I can pay R126 and 1k excess for an entire month.

R126 on an R80k bike! That's the lowest premium I think I've ever seen. Is that comprehensive cover? Who is the insurer?

[DR ◣◢]

That is good. I’m paying around the R220 mark for comprehensive cover on a R110k

[Reme Le Hane]

R126 on an R80k bike! That's the lowest premium I think I've ever seen. Is that comprehensive cover? Who is the insurer?

Full comprehensive, I’ve got everything covered with Naked. I pay 176 in total for 2 bikes totaling 120k. Vehicles on the pricey side but I’ve only had a 4 wheeler license for just over a year, and yet they still cheaper than the likes of Discovery, Santam, outsurance and a few others.

[Help.Me.]

Full comprehensive, I’ve got everything covered with Naked. I pay 176 in total for 2 bikes totaling 120k. Vehicles on the pricey side but I’ve only had a 4 wheeler license for just over a year, and yet they still cheaper than the likes of Discovery, Santam, outsurance and a few others.

With comprehensive cover do you mean Specified under All Risk section of the policy?

[Patchelicious]

As always just double check what you are actually covered for, what the excesses are, what the exclusions are and conditions of claims payments.

 

What you also need to take into account is that some of these companies being spoken of are on client acquisition journeys and are on capital burning models. This shouldn’t affect your cover but know that if you are paying a much less than market averages, there is a reason for it. Insurance companies all know exactly how much they need to charge to make a profit. If you walk into Spar and a loaf of bread was all of a sudden only R1, you would ask some questions.

 

The answers might all be very valid. It’s a new brand on promotion, it’s on sale to get you into the shops to buy more chocolate etc

 

The people at both JaSure and Naked good people and are both are backed by strong teams and insurance companies. Just make sure you know what you are buying, or speak to a broker for some advice.

Edited October 11, 2020 by Patchelicious

[MajG]

The problem I see with JaSure is the price, what I am paying now per month is less than what they charge for a single day., so the ability to turn it off is mute.

On top of that their excess is 10% and on my bike that’s 8k whereas now I pay a fixed 1k.

No sense paying a higher premium AND a higher excess, especially not 8x higher.

That is pretty much the problem with specialist and adhoc insurers, there is a risk cross subsidy when you have larger policies or more items insured, that’s why you will often find vehicle and content will individually be cheaper when both covered with the same insurer vs having them as individuals at that insurer.

And almost all the time, high value portable items will be much cheaper when bundles as part of home vs individual.

My insurer maxes at 50k for an individual item cover, a 50k bike is R168, put that same bike as part of content and it’s R86. Same cover, same excess vastly different price as you loose out on the cross subsidy discount.

JaSures only value proposition is the ability to pause, but why would I pay R134 and 8k excess for 1 day when I can pay R126 and 1k excess for an entire month.

This is an excellent price, holy crap.

Just plz check the clauses in the contract.

 

Seems abit way too good to be true basis all the quotes i received.

[Reme Le Hane]

This is an excellent price, holy crap.

Just plz check the clauses in the contract.

 

Seems abit way too good to be true basis all the quotes i received.

I worked in insurance, I used to write the software to do the risk analysis, I know exactly what to look for.

 

You must also remember these new companies save a **** ton of money by not having legacy systems, automating most of the processes, using credit cards over debit orders. Immensely cuts down on costs, staff to maintain legacy systems is foooooooking expensive.

 

They get to benefit from newer tech and effectively cheaper, yet equally if not more capable developers than those maintain software written 20 years ago.

Edited October 11, 2020 by Reme Le Hane

[Eastieman]

Anyone used Discovery ? Got a Quote for R 141 per month with R51k cover. 

[Wimmas]

So I am adding a bike and got the following quote:

 

Current bike on is a Scott Scale 960 2018 model insured for R20k. Cost of insurance is R80.60 with R1,250 excess. Comprehensively insured

 

New bike I want to add for R45k. R220 per month with R1,500 excess, also comprehensively insured.

 

They cover everything (accidents, theft etc)

 

Does it sound about right?

[Pure Savage]

Anyone used Discovery ? Got a Quote for R 141 per month with R51k cover. 

Thats bout right, I have R65k for R199 

[Edereese]

I am with Cyclesure, R500 for R100 000 cover. My total premium is around R740 which includes helmet, shoes, watch, garmin, glasses. I have had 3 claims since last year October with my latest claim being the highest. I don't mind the premium as I know it's a risk every time I leave my house. What I do like about them is that all my claims/ experiences has been pleasant experiences. Also, sometimes we need to give a little something back, so I will definitely stick to Cyclesure even if I can score a couple of bucks elsewhere. 

Edited November 16, 2020 by Edereese

[Pure Savage]

I am with Cyclesure, R500 for R100 000 cover. My total premium is around R740 which includes helmet, shoes, watch, garmin, glasses. I have had 3 claims since last year October with my latest claim being the highest. I don't mind the premium as I know it's a risk every time I leave my house. What I do like about them is that all my claims/ experiences has been a pleasant experience. Also, sometimes we need to give a little something back, so I will definitely stick to Cyclesure.

What is the excess? 

[Edereese]

What is the excess? 

5%, which is not bad. I think Discovery back then was like a flat R10 000.