cycle insurance companies

[Dirty Twin]

Average/Under Insurance

This all depends on whether it is a total loss or a partial loss.

 

Partial Loss = insurer applies average

Total Loss = no average applicable (unless they can determine the value prior to your loss)(My understanding also chatted to M&F Assessor)

 

If at the time of the loss or damage the cost of replacing the property insured as new is greater than the sum insured you will be your own insurer for the difference and will bear a rateable proportion of the loss or damage.

 

Look at the Short Term ombudsmans website as given above.

Dirty Twin2009-06-18 03:49:51

[WR 1.0]

The total loss option would normally apply to when your whole house burns down and there is no way to determine if you were correctly insured. The company would then just pay you the sum insured less your excess.

Not really applicable to cycles were one item is involved and determining replacement value is easier (sometimes )

[Dirty Twin]

The total loss option would normally apply to when your whole house burns down and there is no way to determine if you were correctly insured. The company would then just pay you the sum insured less your excess.

Not really applicable to cycles were one item is involved and determining replacement value is easier (sometimes )

 

Spot on ass kicker.

[Minion]

 

 

In those examples' date=' I am insuring 50% of the bike's actual value, but the company is only paying out 50% of the insured value i.e. 25% of the actual value.[/quote']

 

 

That is correct. They will pay out the same percentage of what you insured for in relation to what it is worth. (I think )

Hence my confusion. I would be paying them to take on 50% of the risk (I take on the remaining 50% myself). When it comes to pay out, they then pay out 25% of the value (risk) and I have to pay out the remaining 75% of the value (risk) myself, yet we both carried the same amount of risk.

 

[Dirty Twin]

In those examples' date=' I am insuring 50% of the bike's actual value, but the company is only paying out 50% of the insured value i.e. 25% of the actual value.[/quote']
That is correct. They will pay out the same percentage of what you insured for in relation to what it is worth. (I think )

Hence my confusion. I would be paying them to take on 50% of the risk (I take on the remaining 50% myself). When it comes to pay out, they then pay out 25% of the value (risk) and I have to pay out the remaining 75% of the value (risk) myself, yet we both carried the same amount of risk.

 

Edman!! I have just picked up the phone and spoken to Charnelle at Cyclesure. As I said earlier if there is a partial loss they would apply average. If it is a total loss no average to apply.

 

Hence if your bike is valued at R50000 and you insure it for R25000.

1. Partial loss of R20000 they will apply average and will pay you R10000

2. Total loss of R50000 they will pay you the full sum insured amount of R25000

 

Hope this helps.

[TYGA]

I'm glad that's settled then....

 

We seem to have lost the point of the thread though...any recommendations on which insurance co to go with?

[Dirty Twin]

I'm glad that's settled then....

 

We seem to have lost the point of the thread though...any recommendations on which insurance co to go with?

 

CYCLESURE!!!!! is there any others??????

[Minion]

 

 

Hence if your bike is valued at R50000 and you insure it for R25000.

1. Partial loss of R20000 they will apply average and will pay you R10000

2. Total loss of R50000 they will pay you the full sum insured amount of R25000

Thanks' date=' that's exactly what I wanted to know. It's also perfectly fair, as far as I'm concerned.

 

We seem to have lost the point of the thread though...any recommendations on which insurance co to go with?

Pedalcare. None of this silly nonsense about not covering fatigue failures and out-of-warranty manufacturing defects (although, in Cyclesure's defense, they do state this up front).

 

 

Edman2009-06-18 07:02:08

[peloton]

oi - Edman - "Everyone I know + Goes away in the end = Hurt (Johnny Cash)"

 

 

 

Pray tell : is it true? (Good song, that.)

[Minion]

 

oi - Edman - "Everyone I know + Goes away in the end = Hurt (Johnny Cash)"

 

 

Pray tell : is it true? (Good song' date=' that.)[/quote']

It is indeed Johnny Cash. Bonus points if you can identify who originally composed and performed it.

 

[cobwebcatcher]

As to which company to insure with .. i accept that over time there will be wear and tare but when a two year old frame suddenly cracks  - and you hear it crack when you hit whatever you are going over - don't you think it is convenient that the "cause is due to metal fatigue" and no payout is made?

BTW i did not claim for a complete bike just the frame!

So in my opinion i would rather go with pedalcare  

[Dirty Twin]

As to which company to insure with .. i accept that over time there will be wear and tare but when a two year old frame suddenly cracks  - and you hear it crack when you hit whatever you are going over - don't you think it is convenient that the "cause is due to metal fatigue" and no payout is made?

BTW i did not claim for a complete bike just the frame!

So in my opinion i would rather go with pedalcare  

 

I would seriously make an enquiry via the Ombudsman.

[Christopher Brunsdon]

Okay, I see that Pedalcare is not Cyclesure - thought they where the same company as Cyclesure go under a different name too. Will go with Cyclesure for now as I need something vs nothing and they have already quoted me.

 

Will follow up with Pedalcare this week for a quote before I commit myself though.

 

[louis0852]

Need some advice, bought a bike for a bargain at R4500, need to insure it. The bike as it is is worth around R12000. What would insurance be on the two amounts and is it worth insuring?

[Christopher Brunsdon]

Cyclesure pemiums are 0.07% of the replacement value of the bike and goodies. In my case that is R44 - worth it for me.

[porky]

Need some advice' date=' bought a bike for a bargain at R4500, need to insure it. The bike as it is is worth around R12000. What would insurance be on the two amounts and is it worth insuring?[/quote']

 

You will usually need to get an official replacement quotation from a bricks and mortar cycle shop, (not your bud who thinks he knows the price but is actually a plumber  - and this is no offense to plumbers.)

 

Then submit the quote as the replacement and insurable value.

 

Sometimes its a good idea to get two quotes and submit the higher one, depends on you, and your idea of the value.

 

Is it worth insuring??........................I dont know, thats your call.