Jules Posted March 3, 2009 Posted March 3, 2009 Insurance only benefits the careless, the fraudulent and the insurance company. If you don't fall into one of those three categories, then it's better to do your own.
linnega Posted March 3, 2009 Posted March 3, 2009 I insure at "real" replacement cost ie what it will cost me to replace the bikes through eBay, CRC etc. Usually means I insure for about 60% of value which costs less per month. Would only really be a problem if I lost both my bikes and my wife's bike at the same time, in which case I would stick to running for a few weeks while all the bits and pieces arrive.
Tankman Posted March 3, 2009 Posted March 3, 2009 Insurance only benefits the careless' date=' the fraudulent and the insurance company. If you don't fall into one of those three categories, then it's better to do your own. [/quote'] I dont agree with the "careless" maybe you shoud say riskless.It is not through carelessness that accidents happen, well not always in any case. Your bike might be locked up in a safe and still be stolen. It was "carless" trafic copps that made fandacious end up in this mess not his own! Tankman2009-03-03 02:52:55
fandacious Posted March 3, 2009 Author Posted March 3, 2009 my gripe isnt about the percentage calculation. my gripe is that a month later i still havent received my money.
linnega Posted March 3, 2009 Posted March 3, 2009 Insurance only benefits the careless' date=' the fraudulent and the insurance company. If you don't fall into one of those three categories, then it's better to do your own. [/quote'] I dont agree with the "careless" maybe you shoud say riskless.It is not through carelessness that accidents happen, well not always in any case. Your bike might be locked up in a safe and still be stolen. It was "carless" trafic copps that made fundatious end up in this mess not his own!Fandacious is not really benefitting though is he? He is better off than if he was uninsured (maybe - he would have to look at what he spent per month and for how long), but not better off than if he had not crashed.
Tankman Posted March 3, 2009 Posted March 3, 2009 oh right...my bike was insured for 25. replacement value was 35. repair quote was 2025/35*20 = 14k What would the formula be if the bike was unrepairable? 25/35=0.71 71% of the insured value (25k) being paid out?
Gumpole Posted March 3, 2009 Posted March 3, 2009 Windblown' date=' it is not the insurance companies fault if you are under insured. All of them work on the percentage system. How can you expect to be payed out the correct amount if you did not pay the correct amount for the premiums each month. [/quote'] I do kinda agree with the percentage system, but its not like i was claiming 35k worth of equipment and i was only insured for 25k. My claim was only 20k... hell, my wife lost her engagement ring and it was also under insured by about 10k. insurance paid out FULL replacement value, even though it was more than it was insured for... I don't have my Cyclesure policy with me at the moment so can't check the exact wording they use in the 'precentage system' explanation, so I'm wondering out loud here. My bike is insured for 45k. Current replacement cost is probably 70-80k. I can understand that if it's underinsured and I claim for a crash like Fand's that they apply the percentage system. I've kept it at 45k partly because I don't expect to make a profit from the insurance company(I am too nice) and because I'm already paying R350/month and don't want to pay R700/month! Let's say it get's stolen. Are they then going to pay out half of the replacement value ie +40k or half the insured value ie +20k...? Thats right. You are underinsured by x% so they will pay out 100-x%. Why should they pay more? What I realised is that (if) a bike gets stolen they dont pay out for all the little extras that I didn't insure - computer, polar mount and sensors, upgraded parts etc... but that is my fault and I was still happy to get what I paid for the bike back.
HammerHed Posted March 3, 2009 Posted March 3, 2009 "Insurance"is the oldest money making racket in the book. You always lose with insurance.
fandacious Posted March 3, 2009 Author Posted March 3, 2009 oh right...my bike was insured for 25. replacement value was 35. repair quote was 20 25/35*20 = 14k What would the formula be if the bike was unrepairable? 25/35=0.71 71% of the insured value (25k) being paid out? no - i think it would be 71% of the replacement value (35k) - which works out @ 25k
TCRCARBON Posted March 3, 2009 Posted March 3, 2009 This is how it worksYou need to Insure at full replacement value because you expect new parts for your second hand parts when you fall. This is reinstatement - new for old. If your insurers took a second hand shifter from some other "scrapped bike" you'd probably freak. So bottom line you insure the new cost. The calculation for under insrance is as follows: claim x sum insured / total value of bike If you insure an R80000.00 bike for R40000.00 - you must only expect half your claim to be paid. Remember you are only paying HALF the premium you should be. The excess is there so you don't claim for every little incident which occurs and although it sucks is part of the contract. TCRCARBON2009-03-03 03:08:34
fandacious Posted March 3, 2009 Author Posted March 3, 2009 like i said - i have no real gripe with the % payout. i'm peeved that a month later i still havent been paid
TCRCARBON Posted March 3, 2009 Posted March 3, 2009 Not arguing that! Payout should be sooner - just clarifying the nuts and bolts of it.
kevind Posted March 3, 2009 Posted March 3, 2009 My Cervelo SLC-SL is insured for R70k and I only pay R180 a month. I have reseached all the options and Alexander Forbes are the best by far. Here are their contact details. Just tell Tracy Kevin gave it to you and she will give u a price no one can beat. Tracy HarrisDirect Tel: + 27 (41) 392 8533 Mail To: harrist@aforbes.co.za
fandacious Posted March 3, 2009 Author Posted March 3, 2009 be aware that the chances are you arent covered for in competition accidents. As I do a fair amount of races, i need in competition cover.
FanieFiets Posted March 3, 2009 Posted March 3, 2009 Let's say it get's stolen. Are they then going to pay out half of the replacement value ie +40k or half the insured value ie +20k...? jip, that is correct. it is called awery (afrikaans). You get screwed when underinsured. But 'awery' isnt applied to all items.
kevind Posted March 3, 2009 Posted March 3, 2009 I could not believe it either but it covers everything... full cycle cover in and out of races and I asked if your wheels get broken they will only replace the wheels...Just get a quote... they email it to you quite fast...
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