223 replies to this topic Post Order

[Weight Weenie]

Tankman, on 21 June 2011 - 08:15 , said:

So this place you bought it from does not have email? But they have paypal?
They cant email you a copy of your purchase?
Surely the insurance company just wants to make sure that it was not a 2nd hand, ebay or Chinese fake jobby that you bought for R5k and are now trying to get R50k out of them. If I was this insurance company, I would have said there was not enough information regarding this claim (perhaps you provided them additional info) but still no proof. Dont blame them for not wanting to pay out.

A while back, I had an issue with the Most crank on my Pinarello. Contacted ASG to speak about a warranty replacement. They also asked for proof of purchase, which I did not have. Never really needed it before so I never bothered having a copy. Drove to the bike shop, asked for a copy of my purchase and got handed it there and then. Sent it to ASG and got helped straight away. All of this seemed pretty standard business practice to me but you seem to find it odd?

Seems that is actually the case... http://www.hellopete...nt-%5B589603%5D

I quote MiWay " In addition, we have been informed by the agents for this specific frame in South Africa, that the damaged frame you sent to us is a counterfeit Pinarello, i.e. not an original."

[grb285]

I also find it strange that you don't have a receipt of this purchase. Regardless of it being made online or not. It's a 50k purchase, that you must have had shipped in by the store. I've never ever not received a receipt. OcTall, in your defence, do you think it's possible you might have been scammed and sold a fake frame? It seems stupid, but from MiWay's response to you on HelloPeter, it seems they think so.

Clip from HelloP: "In this instance you are claiming for a bicycle frame which you say you paid R49,900 for in March this year, yet are unable to prove the purchase of the item. The store where you say you purchased the frame has no record of your purchase, and has confirmed with us several times that they have had no previous dealings with you and that they have not sold you the frame in question. In addition, we have been informed by the agents for this specific frame in South Africa, that the damaged frame you sent to us is a counterfeit Pinarello, i.e. not an original."

[Falco]

To cover value:
Make a list of the bike broken down to component level ie. frame type, wheels, groupset etc.
Take the list to two bike shops and ask them to price the individual components.
Take photos of the bike, showing all the components clearly as per the list, and with the date also shown on the photo.
If you add up all the component prices, it will normally come to more than a complete off the rack bike, but it will leave you fully covered for both total loss and partial loss eg accident damage.

Edited by Falco, 22 June 2011 - 03:32 .

[Caerus]

Falco, on 22 June 2011 - 03:31 , said:

To cover value:
Make a list of the bike broken down to component level ie. frame type, wheels, groupset etc.
Take the list to two bike shops and ask them to price the individual components.
Take photos of the bike, showing all the components clearly as per the list, and with the date also shown on the photo.
If you add up all the component prices, it will normally come to more than a complete off the rack bike, but it will leave you fully covered for both total loss and partial loss eg accident damage.

So what happens if the parts are no longer available? When a bike shop does the evaluation, how does that work? Is it based on replacement, or would they only pay out what the value of the old brakes appear to have and then I make up the shortfall myself, to get something new and of "equal" quality

[pauloc]

Hang on a sec... So if I buy a 2nd hand bike from a guy off the hub, what constitutes an invoice? It's not like I bought it from a shop or anything.

[Caerus]

pauloc, on 22 June 2011 - 04:01 , said:

Hang on a sec... So if I buy a 2nd hand bike from a guy off the hub, what constitutes an invoice? It's not like I bought it from a shop or anything.

Seems that way, needs to confirmed by a bike shop or official channel before you can get a payout.

[pauloc]

Caerus, on 22 June 2011 - 04:09 , said:

Seems that way, needs to confirmed by a bike shop or official channel before you can get a payout.

Well that's just not cricket.... Gonna give my insurance company a call to confirm cos then it's pointless paying insurance every month.

[Pusher]

pauloc, on 22 June 2011 - 04:01 , said:

Hang on a sec... So if I buy a 2nd hand bike from a guy off the hub, what constitutes an invoice? It's not like I bought it from a shop or anything.

Get a letter from him confirming that you bought the bike from him!

[Grebel]

Take your second hand bike to a bike shop that is a distributor of the brand. Get them to compile a quote for the CURRENT REPLACEMENT VALUE including all your upgrades. Specify the bike along with all your accessoriesas an all risks item. This will cover any damage or loss that is incurred during normal use except for competition use.

My MTB is insured for about R25k including all the accessories down to the bombs I carry in the tubby bag. I didn't pay that for it but that is what it will cost to replace should I suffer a total loss. As long as you can prove ownership, you should be OK. I supplied frame numbers and serial numbers for everything. My bike costs me about R98 a month.

Well worth every cent for the piece of mind!!

[wisecrack]

My Scott Addict is insured with Outsurance on their Out and About policy which covers me for racing, training etc.

I bought this frame as new from a fellow hubber who got it as a warranty replacement he received from Scott SA.

How am I supposed to show proof of payment come claim time?

[chris_w_65]

Christopher Brunsdon, on 20 June 2011 - 03:43 , said:

We took out an all-in-one package with Hollard and got bike insurance. Best is to speak to a broker and perhaps even review your current insurance. We did that and for less than what we where paying for the Business with Indwe & the Car with First 4 Women, we now have better cover for the business, car, household goods & bicycle and still saving R100 per month.

I'm not punting Hollard but more to review your current insurer / broker.

Just to be sure, make sure your policy covers you for races. I was insured through SELA Brokers and was underwritten by Hollard and they excluded races. That is why I switched to Alex forbes, with them I have insured all my stuff for way more value and only paying 75% of the premium amount.

Just saying... Don't want you to be caught out if you claim during a race

[Caerus]

wisecrack, on 22 June 2011 - 04:43 , said:

My Scott Addict is insured with Outsurance on their Out and About policy which covers me for racing, training etc.

I bought this frame as new from a fellow hubber who got it as a warranty replacement he received from Scott SA.

How am I supposed to show proof of payment come claim time?

From what others have said, is that you need to get a letter stating you bought it from said person. Get the frame valued and you will only be able to claim from Insurance, who will not be able to make a claim to Scott as you are not the original owner.

[tombeej]

Insurance companies understand fully that things like bikes exchange hands between private individuals without invoices/receipts/delivery notes yadda yadda yadda all in triplicate. They are not out to get you, but you do need to do the basics.

Again, as been said already, you just need to take your bike into a bike shop. Get your letter listing the bikes true total replacement value (with the list of all components and replacement value of each item). Write down the serial numbers of the frame, etc. Take your photo's of the bike - go wild - take photo's with you sitting on it with a cheesy grin, close-ups of the serial numbers, whatever.

Then email everything to your insurer.

Do it now, not later, don't wait until it gets stolen, do it now.

People, it takes just a few minutes out of your day. It's not rocket science.

Then, when it comes time to claim, they will pay out immediately, no questions asked. Money in your bank account within 48 hours. Personally, the little bit of admin required to do it right is absolutely worth it in terms of such seamless, stress-free claiming.

[chris_w_65]

tombeej, on 22 June 2011 - 04:59 , said:

Insurance companies understand fully that things like bikes exchange hands between private individuals without invoices/receipts/delivery notes yadda yadda yadda all in triplicate. They are not out to get you, but you do need to do the basics.

Again, as been said already, you just need to take your bike into a bike shop. Get your letter listing the bikes true total replacement value (with the list of all components and replacement value of each item). Write down the serial numbers of the frame, etc. Take your photo's of the bike - go wild - take photo's with you sitting on it with a cheesy grin, close-ups of the serial numbers, whatever.

Then email everything to your insurer.

Do it now, not later, don't wait until it gets stolen, do it now.

People, it takes just a few minutes out of your day. It's not rocket science.

Then, when it comes time to claim, they will pay out immediately, no questions asked. Money in your bank account within 48 hours. Personally, the little bit of admin required to do it right is absolutely worth it in terms of such seamless, stress-free claiming.

Also, if they want proof of purchase they would have to ask for it up front

Valuation on replacement from LBS and possibly some photos will help. Good idea to go around your home and photograph everything.

[MiWayMTB]

Hi everyone – the best thing to do if you are unsure is seek advice directly from your insurer and ask them what to expect if and when you claim. Most insurers have great FAQ sections on their websites and their agents are friendly and helpful, experts in the insurance field, and qualified at giving advice. Also read through your terms and conditions in your policy.

Remember - problems generally arise at claims stage when people aren’t prepared to assist with providing the necessary documentation to their insurer, or when people have not been honest. If you do things by the book and remain honest and upfront with your insurer, then you should have nothing to worry about!

Hope this helps,
The MiWay MTB Team

[pauloc]

MiWayMTB, on 22 June 2011 - 05:45 , said:

Hi everyone – the best thing to do if you are unsure is seek advice directly from your insurer and ask them what to expect if and when you claim. Most insurers have great FAQ sections on their websites and their agents are friendly and helpful, experts in the insurance field, and qualified at giving advice. Also read through your terms and conditions in your policy.

Remember - problems generally arise at claims stage when people aren’t prepared to assist with providing the necessary documentation to their insurer, or when people have not been honest. If you do things by the book and remain honest and upfront with your insurer, then you should have nothing to worry about!

Hope this helps,
The MiWay MTB Team

Good advice - definitely the best approach for peace of mind. One thing that I find frustrating though is how can an insurance company cover an item and take the members premiums, but only when the member claims, do they ask for the necessary documentation? Surely they could ask for this all upfront and eliminate all the frustration later on?