Cyclecover insurance - seeking recent experience

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Cyclecover insurance - seeking recent experience

Postby Mickzo » Sat Nov 16, 2013 5:10 pm

I'm reviewing my insurance and thinking of moving to the cyclecover gold policy.

I realise that there are posts about bike insurance but I'm after some more recent experiences from people who have made claims through cyclecover/Allianz. So if you have some, please share.

Thanks
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by BNA » Sat Nov 16, 2013 11:43 pm

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Re: Cyclecover insurance - seeking recent experience

Postby Dr_Mutley » Sat Nov 16, 2013 11:43 pm

Cyclecover are more pedantic over details since moving from QBE to Allianz... They (Allianz) knocked 10% off the replacement quote of my bike because it was "used" after a recent "not at fault" accident claim... But given i was using a generous quote I didn't quibble.... You pretty much just deal with Allianz once submitting your claim to cyclecover...
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Re: Cyclecover insurance - seeking recent experience

Postby Mickzo » Sun Nov 17, 2013 7:14 am

Dr_Mutley wrote:Cyclecover are more pedantic over details since moving from QBE to Allianz... They (Allianz) knocked 10% off the replacement quote of my bike because it was "used" after a recent "not at fault" accident claim... But given i was using a generous quote I didn't quibble.... You pretty much just deal with Allianz once submitting your claim to cyclecover...


Would you recommend them after your recent dealings with them?
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Re: Cyclecover insurance - seeking recent experience

Postby JulMass » Sun Nov 17, 2013 9:08 am

After making a claim for a broken crashed MTB on a QBE policy our premiums went thru the roof.
We well and truly repaid that! Seriously the price of bike parts these days says to me "self-insurance" for property damage on bikes. Keep them under lock & key and just insure your body.
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Cyclecover insurance - seeking recent experience

Postby queequeg » Sun Nov 17, 2013 10:08 am

I got a quote for Cyclecover Gold for full home & contents, plus building insurance.
They were 300% more expensive than my existing combined insurance, to the point where the difference would pay for a new bike.
I self insure for damage whilst in use, my policy covers theft as a portable item.
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Re: Cyclecover insurance - seeking recent experience

Postby Dr_Mutley » Sun Nov 17, 2013 12:33 pm

Mickzo wrote:
Dr_Mutley wrote:Cyclecover are more pedantic over details since moving from QBE to Allianz... They (Allianz) knocked 10% off the replacement quote of my bike because it was "used" after a recent "not at fault" accident claim... But given i was using a generous quote I didn't quibble.... You pretty much just deal with Allianz once submitting your claim to cyclecover...


Would you recommend them after your recent dealings with them?


Yes because the other options in my experience are far more expensive or inferior...

With respect to premiums, I've heard some quotes being ridiculously high, bordering on unbelievable. My premium is $75/m for $100k contents, which was about $10 more than my original insurance. I've made 3 claims in 4 years, with minimal change to my premiums.
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Re: Cyclecover insurance - seeking recent experience

Postby Mickzo » Sun Nov 17, 2013 6:08 pm

Thanks for the feedback. My premium will be about $140 per month which is $18 more than what I'm currently paying.

Reason i'm considering change is that the PDS for CGU isn't very clear as to whether I'm covered while riding for fitness or if I do a ride such as around the bay. When I spoke with the consultant over the phone he wasn't sure and said he believes I'm covered as long as I'm not racing which I don't do.
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Re: Cyclecover insurance - seeking recent experience

Postby Dr_Mutley » Sun Nov 17, 2013 10:54 pm

I guess for a difference of 18$/month it's at least in the ballpark to consider... [THUMBS UP SIGN]
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Re: Cyclecover insurance - seeking recent experience

Postby human909 » Sun Nov 17, 2013 11:03 pm

JulMass wrote:Seriously the price of bike parts these days says to me "self-insurance" for property damage on bikes. Keep them under lock & key and just insure your body.


Agreed. Self-insurance normally is the best policy for expenses that don't have the potential for being extremely high. For this reason bicycle insurance has always surprised me.
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Re: Cyclecover insurance - seeking recent experience

Postby skull » Mon Nov 18, 2013 5:56 am

I'm with velosure. I have insured for 4 Cannondales plus race wheels (super six, caad10, scalpel and f3) l. Close to 20k worth of bikes. Premium is 120month.

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Re: Cyclecover insurance - seeking recent experience

Postby Dr_Mutley » Mon Nov 18, 2013 8:35 am

skull wrote:I'm with velosure. I have insured for 4 Cannondales plus race wheels (super six, caad10, scalpel and f3) l. Close to 20k worth of bikes. Premium is 120month.

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That's just bike stuff yeah? Not your household contents as well?
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Re: Cyclecover insurance - seeking recent experience

Postby skull » Mon Nov 18, 2013 9:14 am

Yeah bike stuff only.

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Re: Cyclecover insurance - seeking recent experience

Postby queequeg » Mon Nov 18, 2013 9:51 am

skull wrote:I'm with velosure. I have insured for 4 Cannondales plus race wheels (super six, caad10, scalpel and f3) l. Close to 20k worth of bikes. Premium is 120month.

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That is a pretty outrageous amount of money for such a small amount of coverage. To put it in perspective, my home & building insurance for my house, plus $180k on contents (including covering the bikes as portables) is $140p/m.
I had the same issue with Cyclecover Gold. They don't have a "Bikes Only" cover, but just include the bikes in the General Contents. The minimum you can insure for is $35k (including the bikes), but even insuring for the minimum for contents only was still more expensive than my current insurance for the whole house and contents.
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Re: Cyclecover insurance - seeking recent experience

Postby skull » Mon Nov 18, 2013 10:03 am

But does that cover damage when riding and racing? As well as injury and third party property?

Stacking in a race is my concern. Last two claims have been whilst using bike. I have doubts that any other insurer would cover usage.

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Re: Cyclecover insurance - seeking recent experience

Postby biker jk » Mon Nov 18, 2013 10:12 am

queequeg wrote:
skull wrote:I'm with velosure. I have insured for 4 Cannondales plus race wheels (super six, caad10, scalpel and f3) l. Close to 20k worth of bikes. Premium is 120month.

Sent from my GT-I9505 using Tapatalk 4


That is a pretty outrageous amount of money for such a small amount of coverage. To put it in perspective, my home & building insurance for my house, plus $180k on contents (including covering the bikes as portables) is $140p/m.
I had the same issue with Cyclecover Gold. They don't have a "Bikes Only" cover, but just include the bikes in the General Contents. The minimum you can insure for is $35k (including the bikes), but even insuring for the minimum for contents only was still more expensive than my current insurance for the whole house and contents.


Out of curiosity, which insurer are you using?
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Re: Cyclecover insurance - seeking recent experience

Postby queequeg » Mon Nov 18, 2013 10:13 am

biker jk wrote:
queequeg wrote:
skull wrote:I'm with velosure. I have insured for 4 Cannondales plus race wheels (super six, caad10, scalpel and f3) l. Close to 20k worth of bikes. Premium is 120month.

Sent from my GT-I9505 using Tapatalk 4


That is a pretty outrageous amount of money for such a small amount of coverage. To put it in perspective, my home & building insurance for my house, plus $180k on contents (including covering the bikes as portables) is $140p/m.
I had the same issue with Cyclecover Gold. They don't have a "Bikes Only" cover, but just include the bikes in the General Contents. The minimum you can insure for is $35k (including the bikes), but even insuring for the minimum for contents only was still more expensive than my current insurance for the whole house and contents.


Out of curiosity, which insurer are you using?


Youi at the moment.
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Re: Cyclecover insurance - seeking recent experience

Postby queequeg » Mon Nov 18, 2013 10:16 am

skull wrote:But does that cover damage when riding and racing? As well as injury and third party property?

Stacking in a race is my concern. Last two claims have been whilst using bike. I have doubts that any other insurer would cover usage.

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It covers theft/damage (from anywhere, not just at home), plus $20 million in public liability. As I stated in my original post, It doesn't cover the bikes whilst actually being ridden. I self insure for damage when in use.
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Re: Cyclecover insurance - seeking recent experience

Postby skull » Mon Nov 18, 2013 10:33 am

That'll explain why it costs more than. I can't afford self insurance. If I stack my race bike and wheels that is potentially 8k to replace. I have now had a frame replaced twice in the last 12 months. That is over $3500 a frame. A cost of $7k to me if I was self insuring and had to replace them myself. Mind you I probably would have tried to repair rather than replace if I had to pay.

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Re: Cyclecover insurance - seeking recent experience

Postby queequeg » Mon Nov 18, 2013 10:51 am

skull wrote:That'll explain why it costs more than. I can't afford self insurance. If I stack my race bike and wheels that is potentially 8k to replace. I have now had a frame replaced twice in the last 12 months. That is over $3500 a frame. A cost of $7k to me if I was self insuring and had to replace them myself. Mind you I probably would have tried to repair rather than replace if I had to pay.

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I don't race, hence there is a very low risk of damage to me. I am sure that most of the reason the premium is so high for such little relative value is that the chance of a claim is also very high if the bike is used for racing. They don't have a cheaper option that says the bike is only used for commuting or weekend riding.
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Re: Cyclecover insurance - seeking recent experience

Postby snortin » Mon Nov 18, 2013 1:11 pm

queequeg wrote:
queequeg wrote:
skull wrote:I'm with velosure. I have insured for 4 Cannondales plus race wheels (super six, caad10, scalpel and f3) l. Close to 20k worth of bikes. Premium is 120month.

Sent from my GT-I9505 using Tapatalk 4


That is a pretty outrageous amount of money for such a small amount of coverage. To put it in perspective, my home & building insurance for my house, plus $180k on contents (including covering the bikes as portables) is $140p/m.
I had the same issue with Cyclecover Gold. They don't have a "Bikes Only" cover, but just include the bikes in the General Contents. The minimum you can insure for is $35k (including the bikes), but even insuring for the minimum for contents only was still more expensive than my current insurance for the whole house and contents.


Out of curiosity, which insurer are you using?

Youi at the moment.


I am also with Youi.

Youi cover bikes whilst in use (as long as they are specified for away from home cover - if not, you are only covered up to $1000 for your bike). Adding 2 bikes ($8500 total) and rings etc ($10000) as specified items away from home was an extra $320 on my premium. Total $100 per month for $170k contents and building cover.

I wouldn't take out the insurance with them unless they guaranteed that my bikes were covered whilst being used. There is nothing in the PDS about the bikes not being covered whilst in use.
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Re: Cyclecover insurance - seeking recent experience

Postby queequeg » Mon Nov 18, 2013 1:14 pm

snortin wrote:
queequeg wrote:
queequeg wrote:[quote="skull"]I'm with velosure. I have insured for 4 Cannondales plus race wheels (super six, caad10, scalpel and f3) l. Close to 20k worth of bikes. Premium is 120month.

Sent from my GT-I9505 using Tapatalk 4


That is a pretty outrageous amount of money for such a small amount of coverage. To put it in perspective, my home & building insurance for my house, plus $180k on contents (including covering the bikes as portables) is $140p/m.
I had the same issue with Cyclecover Gold. They don't have a "Bikes Only" cover, but just include the bikes in the General Contents. The minimum you can insure for is $35k (including the bikes), but even insuring for the minimum for contents only was still more expensive than my current insurance for the whole house and contents.


Out of curiosity, which insurer are you using?

Youi at the moment.


I am also with Youi.

Youi cover bikes whilst in use (as long as they are specified for away from home cover - if not, you are only covered up to $1000 for your bike). Adding 2 bikes ($8500 total) and rings etc ($10000) as specified items away from home was an extra $320 on my premium. Total $100 per month for $170k contents and building cover.

I wouldn't take out the insurance with them unless they guaranteed that my bikes were covered whilst being used. There is nothing in the PDS about the bikes not being covered whilst in use.[/quote]

Curious, they told me not covered while in use, and I also have them covered as portables (for $10k). I'll have to ask them if the policy has changed.
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Re: Cyclecover insurance - seeking recent experience

Postby Dr_Mutley » Mon Nov 18, 2013 1:20 pm

I just received a quote for a friend from CCG today...
Postcode: 5211
Sum insured: $60k contents
Excess: $250
Premium: $45/m
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Re: Cyclecover insurance - seeking recent experience

Postby Mickzo » Mon Nov 18, 2013 6:48 pm

Dr_Mutley wrote:I just received a quote for a friend from CCG today...
Postcode: 5211
Sum insured: $60k contents
Excess: $250
Premium: $45/m


How did you get a quote for contents only?

I had to get a quote for home and contents and the cheapest excess was $400
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Re: Cyclecover insurance - seeking recent experience

Postby skull » Mon Nov 18, 2013 7:19 pm

Mickzo wrote:
How did you get a quote for contents only?


You can't insure a home if you are not the owner.
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Re: Cyclecover insurance - seeking recent experience

Postby biker jk » Mon Nov 18, 2013 7:55 pm

skull wrote:
Mickzo wrote:
How did you get a quote for contents only?


You can't insure a home if you are not the owner.


Of course if you're renting but if you are the owner the insurance companies are often reluctant to provide the split between building and contents insurance (when including specialised bike cover), since then you can determine whether the premiums are justified.
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