Insurance claim options

[Glenn Hurlow]

I have Discovery Insure and Riders at Work processing this claim: Stolen: Trek Top Fuel 5 Large 2022 | Bike Hub

I am hopeful that I will be on a bike soon again, but have a couple of question for those of you with experience in these matters (sorry for your loss).

Firstly, I had upgraded the pedals from the plastic OEMs to e*thirteen Basics, and the rear derailleur from Deore M6100 to XT M8100. Should I expect to be compensated for these upgrades (I did not amend the policy when adding them to the bike.) 

Secondly, the new Trek Fuel EX 7 is on special right now... What are the chances of them paying me the cash and me adding the difference to get the Fuel EX?

[Dappere]

If you didn't specify the items on the policy, or at least increased the insured amount of the bike to compensate for the upgrades done, then no.

From my understanding, they will likely try to replace your stolen bike with a similar one (like-for-like), or one of similar value. There should also be an option to get the cash payout, in most cases taking the replacement is a more valuable choice.

Again this has been my experience and might differ from the one you have. Apologies for the loss, hoping you can get a new bike soon.

[Glenn Hurlow]

Thanks @Dappere

[The Ouzo]

On my few non bike related claims where I have wanted to get a better spec item than the one they were replacing I requested this from the insurer. On one occasion they gave me the cash, on another occasion I paid in the difference.

Just chat to them.

 

[AkwA]

I've had to claim from insurance twice this year, both times they simply paid out cash, this wasnt with Discovery, not sure if they'll so the same

[Bub Marley]

1 hour ago, Glenn Hurlow said:

I have Discovery Insure and Riders at Work processing this claim: Stolen: Trek Top Fuel 5 Large 2022 | Bike Hub

I am hopeful that I will be on a bike soon again, but have a couple of question for those of you with experience in these matters (sorry for your loss).

Firstly, I had upgraded the pedals from the plastic OEMs to e*thirteen Basics, and the rear derailleur from Deore M6100 to XT M8100. Should I expect to be compensated for these upgrades (I did not amend the policy when adding them to the bike.) 

Secondly, the new Trek Fuel EX 7 is on special right now... What are the chances of them paying me the cash and me adding the difference to get the Fuel EX?

You’ll be covered up to your insured amount. So if you adjusted your value to compensate for the upgrades and you proof of purchase for these parts then it should be fine. Otherwise they’ll pay you what you’re insured for. 

 

 

[Furbz]

In theory you are under insured?

don’t be surprised if you see a % calc reduction

[Glenn Hurlow]

Riders at Work mailed to say they have finished their assessment and Discovery will be in touch directly. So we wait and see...

[cadenceblur]

Keep us posted 

[RobertWhitehead]

So something I've picked up recently, very sneaky from the guys in blue and gold to say the least:

I have been with them for quite a few years and recently whenever I will claim the number R10 000.00 gets mentioned a few times. Earlier this year in May I claimed for my Wahoo Kickr 5 (around R25k to replace) and again they only paid out R10 000.00 - the co-payment. Turns out, don't know exactly when this happened but my policy covers up to the value of R10k and if I want higher cover it is an additional cost to upgrade my plan. This means that everything that has been specified on my policy (for which I am paying individually) will only be paid out to the value of R10k (if I understand the consultant correctly). 

Just a side note, this was not always the case. I claimed for an inverter back in 2021 and they paid out the full amount (roughly R20k) 

 

My point: just confirm that the above mentioned does not apply to your policy as well and that this has been a blanket change to all policy holders

Edited September 2, 2023 by RobertWhitehead
Additional information

[Glenn Hurlow]

Not cool. The whole point of insurance is to cover the big losses. How much would it cost to upgrade your policy?

[RobertWhitehead]

1 hour ago, Glenn Hurlow said:

Not cool. The whole point of insurance is to cover the big losses. How much would it cost to upgrade your policy?

No clue, I had quite a bit going on since I originally found out and actually forgot about it . 

[Eugene]

On 9/1/2023 at 2:16 PM, Glenn Hurlow said:

I have Discovery Insure and Riders at Work processing this claim: Stolen: Trek Top Fuel 5 Large 2022 | Bike Hub

I am hopeful that I will be on a bike soon again, but have a couple of question for those of you with experience in these matters (sorry for your loss).

Firstly, I had upgraded the pedals from the plastic OEMs to e*thirteen Basics, and the rear derailleur from Deore M6100 to XT M8100. Should I expect to be compensated for these upgrades (I did not amend the policy when adding them to the bike.) 

Secondly, the new Trek Fuel EX 7 is on special right now... What are the chances of them paying me the cash and me adding the difference to get the Fuel EX?

I suppose it would depend on the insurer, but every single claim I have ever had, the cash was paid to me (except for a geyser replacement) 

I am sure that if this is not the case, you can negotiate with the bike shop. 

[ChrisF]

12 hours ago, Glenn Hurlow said:

Not cool. The whole point of insurance is to cover the big losses. How much would it cost to upgrade your policy?

 

Speak to your broker ....

 

 

Sub limits are ways of reducing policy premiums ....  same as agreeing to higher co.payments ...

 

 

When comparing insurance "premiums" ... be sure to compare sub.limits of cover and co.payments .....

 

 

The "premium" is a small part of a bigger picture ....

[Alouette3]

On my last claim, when Discovery called to tell me the outcome, I just asked them to pay me out cash, the agent put through the payment to my account straight away, no questions asked.

[Riccardo]

On 9/1/2023 at 2:16 PM, Glenn Hurlow said:

I have Discovery Insure and Riders at Work processing this claim: Stolen: Trek Top Fuel 5 Large 2022 | Bike Hub

I am hopeful that I will be on a bike soon again, but have a couple of question for those of you with experience in these matters (sorry for your loss).

Firstly, I had upgraded the pedals from the plastic OEMs to e*thirteen Basics, and the rear derailleur from Deore M6100 to XT M8100. Should I expect to be compensated for these upgrades (I did not amend the policy when adding them to the bike.) 

Secondly, the new Trek Fuel EX 7 is on special right now... What are the chances of them paying me the cash and me adding the difference to get the Fuel EX?

If the sum insured is adequate then they must pay for the upgrade grades.The rest of the advice given on this thread is inaccurate in many instances.I have been involved in the short term industry for 39 years.