Santam Gives Advice About Cycle Insurance
March 2, 2018
Santam is somewhat an expert on insuring bicycles in South Africa. It should be considering that it has over 34 000 of them currently on it’s books. Now, we are not talking about your kids’ bikes here, although they offer bicycle insurance for those too.
We’re talking about the more grown up, professional racing bikes. Like the ones where one wheel can set you back a cool couple of thousand Rand.
Even a basic entry level bike costs a few thousand Rand, so it’s important to keep them safe and insured as well.
Bicycle Insurance – What Does Santam Suggest for Bikers?
Cycling in South Africa is extremely popular. With the price of petrol continually increasing, and it being good exercise, more and more people are opting to spend more time on the road on a bicycle.
Major cities, like Cape Town, are starting to install infrastructure that supports cyclists. It is a nod to the increasing popularity of the sport.
Bicycle Insurance – How to Insure Your Bike
Considering how much bicycles can cost, it makes sense to insure them properly. That means insuring them on the road and at home. For this kind of cover, it is better to specify them in the All Risks section of your contents insurance.
It might hike your premium up a few Rand a month, but it is the best way to ensure you have full cover against, fire, theft or damage.
Bicycle Insurance – Get All the Details
When specifying your bike, you need to tell the insurer what the make and model is, what the serial number is, and how much the replacement value is. If you are riding as a competitive cyclist, you will also need to specify that fact.
You can also insure the accessories, like the helmet, for example but always follow the basic rule – insure for replacement cost. Check this cost every six months to a year and update the policy as necessary.
Bicycle Insurance – Take Reasonable Security Measures
You do still have to be responsible with your bike. Keep it under lock and key when you are not using it, whether at home or on a trip. Find out what your insurer’s specifications are in this regard.
For example, some will insist that the bike be chained or locked in your car if you are leaving it unattended.
Take the time to keep it locked away when you get home as well. Make sure that it is in a secure location and that it is not an easy target for opportunistic thieves.
Whenever you are dealing with insuring something, understanding the terms and conditions of cover is vital. You need to know what criteria you need to meet in order for the cover to remain intact.
If you leave your bike out on the stoep out in the open, for example, will you be covered if it is stolen? As always, common sense prevails. Insurance is helpful when it comes to replacing your bike when it is lost or damaged, but you also have to look after it.
Cover your bike, but also make sure you cover your butt in case you need to claim later
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All info was correct at time of publishing