Bike Insurance - What works best?

[Mark James]

I have 2 bikes that I recently purchased, and want to insure. I contacted Outsurance yesterday, and for full comprehensive insurance they quoted the following, which I thought was fairly expensive..

 

MTB 1, value R70k - R950/month
MTB 2, value R50k - R750/month

 

I have seen on bikehub an advert for JaSure, which is underwritten by Santam, and seems a lot more reasonable. If I understood correctly, you only activate JaSure for the amount of days you use your bike in a month. Obviously not sure if one would be covered for theft or other loss on days the insurance isn't activated (or it would be covered under general household probably).

 

https://quotes.jasure.com/?type_id=ab4cf5ec-107d-44ac-9fc3-08a0f0cb66cc&replacement_value=70000

 

Curious as to what insurance other bike-hubbers use to insure their bikes, and what you guys could recommend as a more cost effective insurance that would cover me in the following scenarios:

> Damaging the bike during a ride
> Bike getting stolen while riding (bike-jacking)
> Damaged while being transported on the bike rack

 

Suggestions and thoughts appreciated

Edited May 8, 2021 by Mark James

[gerriemtb]

I have 2 bikes that I recently purchased, and want to insure. I contacted Outsurance yesterday, and for full comprehensive insurance they quoted the following, which I thought was fairly expensive..

 

MTB 1, value R70k - R950/month

MTB 2, value R50k - R750/month

 

I have seen on bikehub an advert for JaSure, which is underwritten by Santam, and seems a lot more reasonable. If I understood correctly, you only activate JaSure for the amount of days you use your bike in a month. Obviously not sure if one would be covered for theft or other loss on days the insurance isn't activated (or it would be covered under general household probably).

 

https://quotes.jasure.com/?type_id=ab4cf5ec-107d-44ac-9fc3-08a0f0cb66cc&replacement_value=70000

 

Curious as to what insurance other bike-hubbers use to insure their bikes, and what you guys could recommend as a more cost effective insurance that would cover me in the following scenarios:

> Damaging the bike during a ride

> Bike getting stolen while riding (bike-jacking)

> Damaged while being transported on the bike rack

 

Suggestions and thoughts appreciated

I think there is a couple of threads about insurance that you can search.

 

I insured my mtb with my house insurance and specified it. The cost was a lot cheaper than insuring the bike on its own. Just make sure about the fine print regarding coverage for the different examples you mentioned. A good broker should be able to help a lot.

 

 

[bullet77]

I have 2 bikes on my household policy, R80k and R40k together they about R400/month with Momentum, the bikes are covered for everything including my own stupidity. The only exception is if I was racing pro and earning a living out of it.

I've never claimed for either bike in the last 5 years of cover so I don't know how that goes. 

[Steady Spin]

Load then as specified under your household contents and your vehicle insurance.

 

R180k worth of bikes covered for everything including crashes and parts failing. R490 a month.

[JBK]

As all the other posters - load them as specified on your household policy and be sure that they're under an "all risks" equivalent as this covers you for almost everything.

 

I'm with Hollard and my R120k bike is about R460pm - I had a claim last year Jan because I literally broke the carbon frame (& a collar bone) in a fall - components weren't transferable onto new frames (non boost, 2x10, etc).

 

They paid me out in full less than 2 weeks from submitting my claim. Very impressed with them.

[ChrisF]

Read the bike theft threads ....

 

Way too many bikes stolen from home !!! VERY dangerous to only insure the bike for riding days ....

 

 

Comprehensive insurance on an 85k bike, with Santam, R208 per month. Specified on my car and house content policy.

[Pieter1]

I’m happy with cyclesure. Never had to claim but their service up until now they have been really good.

[Patchelicious]

As all the other posters - load them as specified on your household policy and be sure that they're under an "all risks" equivalent as this covers you for almost everything.

 

I'm with Hollard and my R120k bike is about R460pm - I had a claim last year Jan because I literally broke the carbon frame (& a collar bone) in a fall - components weren't transferable onto new frames (non boost, 2x10, etc).

 

They paid me out in full less than 2 weeks from submitting my claim. Very impressed with them.

The fact that people are happy with waiting two weeks for a claim shows how much work there is still to be done in insurance.

 

Glad you got paid, Hollard are tops.

[JBK]

The fact that people are happy with waiting two weeks for a claim shows how much work there is still to be done in insurance.

 

Glad you got paid, Hollard are tops.

To be honest, 2 weeks is not a big deal considering that it's only 10 working days and I think I got paid out in 9... The claim had to be processed, an assessor had to view the bike and write his report, the office had to process it and then payment had to be effected... I hence consider two weeks astounding service...

[Mark James]

I found the Outsurance premiums on bikes REALLY expensive, and considerably more than what I am paying for my car insurance... 

 

I’m happy with cyclesure. Never had to claim but their service up until now they have been really good.

 

Will definitely check out Cyclesure, as well as JaSure - seeing everytime I go onto bikehub I see their advertising

[RocknRolla]

Specified as part of my household insurance, last time I claimed was when I drove the wife’s bike into a height restriction bar at a shopping centre. Car was repaired, bike was replaced with zero issues. 
I do however have a broker that is meticulous, and takes each claim over from start to finish.  This is through santam.

[Patchelicious]

I found the Outsurance premiums on bikes REALLY expensive, and considerably more than what I am paying for my car insurance...

 

 

Will definitely check out Cyclesure, as well as JaSure - seeing everytime I go onto bikehub I see their advertising

Also give Galileo a call, they put a lot into SA cycling, that should buy them a seat at the table

[Eddy Gordo]

I’m happy with cyclesure. Never had to claim but their service up until now they have been really good.

Buddy of mine recently signed up with them. He is happy as he doesnt have household insurance or medical aid and now has bike insurance with medical aid.

[Super Sywurm]

I insured my bike at Miway. Had a crash and they paid out without problems.

 

Currently insured with Jasure without any claims. Seems fine. Had a couple of questions that they answered quickly. They are a bit cheaper than Miway.

 

The part where you can only activate your premium when riding is nice, but I don't use it. My bike is always insured, I don't want to forget to activate it when I go for a ride. And what if the bike gets stolen from the garage when not insured?

[Pieter1]

I insured my bike at Miway. Had a crash and they paid out without problems.

 

Currently insured with Jasure without any claims. Seems fine. Had a couple of questions that they answered quickly. They are a bit cheaper than Miway.

 

The part where you can only activate your premium when riding is nice, but I don't use it. My bike is always insured, I don't want to forget to activate it when I go for a ride. And what if the bike gets stolen from the garage when not insured?

This works lekker for me with Cyclesure because I hardly ever ride the bike that is currently insured. I would have liked it if they could have insured my bike while abroad but it needs to be back in the country once every 6 months and thats not possible at this stage.

[Reme Le Hane]

Holy shot that’s expensive, I have 1 bike worth more than those 2 combined at 125k fully insure for R166.

 

What on earth is OS smoking.