cycle insurance companies

[cobwebcatcher]

I was insured with Cycle sure, and had been for the past 3 years (claim free). A recent hard mountain bike landing that resulted in a cracked frame should have been settled, as it was a direct cause-effect occurence but, was not! 

 

The reason given was "sudden metal fatigue"??!!!

 

In a nut shell the insurance paid to Cyclesure, as a bicycle specific insurance,  was a waste of money and any other general insurance company would be a better alternative!

 

[Sammajoor]

without calling you a liar.  If it was not paid, I would like to hear the other side of the coin.

 

You do not specify age or condition of frame.  I have only had excellent service from Cyclesure

 

[Reg Lizard]

Only when you claim do you find out how good your insurer really is

[wisecrack]

Yes and more often than not you end up disappointed.

[Christopher Brunsdon]

Well has anybody else had bad service from cyclesure? I know that no company keeps all its customers happy. I'm going the Cyclesure route end of this month as up until know I've not heard anything bad about them.

[Minion]

Their wording on the claim rejection is a bit dodgy. Metal fatigue is not sudden. It is a gradual process that happens over a large number of loading cycles. The final failure at the end of all these fatigue cycles could, of course, be sudden but the fatigue isn't.

 

[rad006]

Im sorry if I insure a bike it must be insured no matter what the cause...

Prime example a few yrs back I had my bike ridden over by accident now would that be covered or seen as a reason for getting a new bike??

[rad006]

I mean if im paying a premium for a set claim amount I want that claim amount regardless. Else I want a lower premium for what they are willing to pay out. Why must I pay more for nothing??

[Minion]

 

I mean if im paying a premium for a set claim amount I want that claim amount regardless.

In its simplest form, the premium is based on both the insured amount and the risk that they will have to pay out that amount.

Increasing the number of things that they must pay out for increases their risk. They adjust for the risk by increasing your premiums.

It might be possible to get a policy that covers every single possible eventuality, but I suspect the premiums would be rather expensive.

 

[Minion]

I have a copy of Cyclesure's policy wording lying around somewhere. I'll dig it up and see If I can find any metal fatigue.

[porky]

Im sorry if I insure a bike it must be insured no matter what the cause...

Prime example a few yrs back I had my bike ridden over by accident now would that be covered or seen as a reason for getting a new bike??

 

Sorry, it dosnt work like that. Unless you want to pay a monthly instalment equivalent to the value of your bike.

 

There are ALWAYS exclusions, even in an all risks policy. Insurers will juggle risk with monthly installment, the higher the risk, the higher the installment - there will NEVER, EVER be full cover no matter what.

 

Insurance is a very emotional issue, people want to pay as little as possible monthly, but want maximum cover - that can never happen - so you pick a cover you can afford to pay and accept the exclusions - here, it seems "metal fatigue" was one of them, tough I agree, but hey, read the policy wording before signing on the dotted line.

  

[rad006]

So what is covered and what isnt???

I mean if my frame snaps I take it its not covered?

But if its ridden over by accident??

Stolen granted its replaced but to how much??

Ie I was quoted R200 odd to insure my bike for 30k

Now if it stolen how much will I get paid out? The full 30k minus the excess or what???

So what is stopping you from saying the bike is stolen if your frame cracked???

They will battle to prove otherwise. Only problem is the guilty conscience I would have.

[Pappa Bear]

........ I am busy claiming from Mutual and Federal for a cracked frame..... will see how it goes and keep you posted......

[AndreZA]

So what is covered and what isnt???

 

I mean if my frame snaps I take it its not covered?

 

But if its ridden over by accident??

 

Stolen granted its replaced but to how much??

 

Ie I was quoted R200 odd to insure my bike for 30k

 

Now if it stolen how much will I get paid out? The full 30k minus the excess or what???

 

So what is stopping you from saying the bike is stolen if your frame cracked???

 

They will battle to prove otherwise. Only problem is the guilty conscience I would have.

 

 

 

if you drive over it or you fall and it breaks you should be covered. If it breaks from a manufacturers fault and out of warrantee, it is not covered.

 

 

 

BTW, you will have to look at about R45k for the SC.

[Taps]

M & F paid out in full for a new frame when I cracked mine loosening a bolt. Quite impressive. However, they were impressed that I didn't claim for a whole new bike (maybe I should have, but that wasn't right).

[Minion]

 

So what is covered and what isnt?

 

 

If it breaks from a manufacturers fault and out of warrantee' date=' it is not covered. [/quote']

What is and is not covered by your insurance will be contained in the policy document which you should ask for and read before signing up for insurance.

 

I've now read the Cyclesure policy and they exclude any "damage due to and of which the underlying cause can be ascribed to latent defects, metal fatigue or any other inherent vice or manufacturing defect irrespective of whether or not the claim is entertained by the manufacturer."

 

So, yes, if it breaks from metal fatigue or manufacturing defect, it is excluded.

 

This was one of the reasons why I did not insure with Cyclesure