Bike insurance

[ChrisF]

57 minutes ago, U1Nanimous said:

Just an interesting side note to this topic, 

When I bought my previous MTB, 2021, King Price insurance was included for three months, and I changed it over to my Santam Household as I don't like ransomware tactics. (you have to have xyz covered for minimum xyz etc). Sure, they have a business model (KP), and I was happy to stay with them and even pay the full premium, but the marketer said it was not possible unless I moved my home/car etc over to them, so it(bike) moved to my Santam (home) policy.  

Fast forward a few years, and due to my work, I now have access/insight to very good insurance brokers. 

Before the holidays I looked into changing to one of the brokers, just seeing the service and effort they do in other fields and am impressed, so off to change we go. 

I sent my current policy to them for input and quotes etc... 

So, they turn around and tell me about the specific Santam product, certain min spec criteria to meet, but, in a nutshell.... 

Home value is on par, house content increased. 

30% of home content covers "out and roaming " so in other words, I have blanket cover for all items outside the home for X amount.  

So I got blanket cover for this amount, a new bike, accessories all items up to that amount which I do not need to specify should I suffer a loss in one incident. 

Of course, any items worth more than this ammount need to be specified, but, I can't foresee an issue there. 

(two bikes on the rack in an accident have sufficient cover)

Now for the fun part, I dropped all the previously specified items, phones, laptops, GPS, bikes etc, and now, I have full cover. And the best news is I pay slightly less because my broker worked their magic. 

Before any naysayers slaughter this, I have some other friends who turned out to have the same product and had made an involuntary contribution one evening during the holidays, with no issues with their claim. 

So go ask/shop around, ask questions, say what you want/need and look into options. Sometimes we do come out on the other side slightly better, it does not always have to be endless increases and headaches. 

 

A good broker makes a big difference.

 

Especially when it comes to claiming.

[mecheng89]

I was not expecting this.

[mecheng89]

https://insurance.globalcyclingnetwork.com/homeuk 

For some further reading. 

[Bl4d3]

On the insurance topic, as many have said, a good broker is a game changer.
My bike, cycling computer, etc, is all through my house insurance under all risk with Renasa. I have never had a single issue claiming from them from my carrier that got damaged when a taxi rear ended me, to my Elemnt Roam that failed outside warranty, they covered in full each time (less the excess, which was very little).

I've dealt numerous times with bike specific brokers, insurers and assessors, and it scares me how these people lie to their customers and get away with it.

More recently, a well known assessor and repairer told a customer that they are an authorized repairer for the brand (they were not) and that the repair (a complete cracked through chain and seat stay) will have no impact on their life time warranty of the frame. This failure is typically an entire write off of the frame.

Further to the above, the chaps rear wheel took a hard knock in the accident, which caused some noticeable delamination of the carbon layers. You could pop the carbon in and out. The repairer said this is perfectly safe to continue riding on, and redid the decals.

A couple weeks later, the chaps Di2 shifters started to fail because said repairer quoted to replace, but never did, instead did some MacGyvering to repair the chaps shifters.

[mecheng89]

14 hours ago, Bl4d3 said:

On the insurance topic, as many have said, a good broker is a game changer.
My bike, cycling computer, etc, is all through my house insurance under all risk with Renasa. I have never had a single issue claiming from them from my carrier that got damaged when a taxi rear ended me, to my Elemnt Roam that failed outside warranty, they covered in full each time (less the excess, which was very little).

I've dealt numerous times with bike specific brokers, insurers and assessors, and it scares me how these people lie to their customers and get away with it.

More recently, a well known assessor and repairer told a customer that they are an authorized repairer for the brand (they were not) and that the repair (a complete cracked through chain and seat stay) will have no impact on their life time warranty of the frame. This failure is typically an entire write off of the frame.

Further to the above, the chaps rear wheel took a hard knock in the accident, which caused some noticeable delamination of the carbon layers. You could pop the carbon in and out. The repairer said this is perfectly safe to continue riding on, and redid the decals.

A couple weeks later, the chaps Di2 shifters started to fail because said repairer quoted to replace, but never did, instead did some MacGyvering to repair the chaps shifters.

Name and shame this "repairer"!