eyes are on the return of some of South Africa’s biggest cycling events: The
Cape Town Cycle Tour takes place this weekend, followed by the Absa Cape Epic
later this month and the 94.7 Ride Joburg Race in November.
events are expecting mass participation from cyclists who have not been able to
race in months due to the pandemic, with the first event – the Cape Town Cycle
Tour – bracing for a turnout of more than 18 000 cyclists.
cyclists participating in these prestigious cycling events must remember to
take the necessary steps as part of their pre-race preparation to ensure they
fully cover themselves against potential financial losses,” says Lizo Mnguni,
spokesperson for Old Mutual Insure. “This is to avoid nasty financial shocks if
experiencing an accident, bicycle or gear theft or loss of possessions on the
day of the race.”
adds that bicycle and associated equipment costs have skyrocketed, going from
as little as R3000 for an entry-level bike to in excess of R100 000 for
so many amateur and serious participants, the combined value of gear at these
upcoming cycling events is easily expected to reach over millions of rands.”
says that it is likely that opportunists as well as well-oiled bicycle
syndicates may target such events, with latest news reports and community
policing forums suggesting that bicycle theft syndicates have been active,
especially in Cape Town. In the space of one-week last month, six bicycles were
stolen from Durbanville – valued between R10 000 and R75 000 each.
cyclists are often unaware that their expensive bicycles and equipment could be
underinsured, meaning that if you need to claim if you have experienced a loss,
you risk being out-of-pocket,” explains Mnguni.
tip he gives cyclists is when insuring valuable possessions, not to choose the
cheapest premium, given that not all insurance is equal. "Premiums vary
across providers and the lowest premium doesn't necessarily offer the best
adds that the premium rate of insuring a bicycle can end up being more
expensive than insuring other assets, such as cars and homes. "Annual
insurance premiums for bicycles can vary between 10%-15% of the bicycle value,
this is substantially more than cars or homes, which can vary between 3%-6% of
the car or home value.”
advises that bicycles should be specified under the All Risks section of your
personal insurance policy. This means your bicycle will be covered when you
take it out for a ride and when you travel for events. Your cover should
include all tools and accessories.
Photos by Pexels and pixabay
are Mnguni’s top tips for cyclists to check that they are adequately covered
against losses ahead of big cycling events:
If you are using your bicycle for competitions and races, advise your insurer
accordingly, bearing in mind that some insurers specifically exclude insurance
cover for loss or damage to bicycles as a result of taking part in cycling
• Your cover should include details such as the make and model of your bicycle
as well as the serial number and the amount it is insured for.
Specify an appropriate amount you want your bike to be insured for, as its
replacement value is not necessarily the same amount you bought it for. This is
because the replacement value considers factors like inflation and the
fluctuation of the rand, which impacts imported bicycles or even bicycle parts.
A particular type of bicycle is likely to cost you more in five years’ time
than when you bought it.
Have a plan for your keys. This is because it has become common practice for
people who participate in outdoor sports activities to park their motor
vehicles in unattended parking spaces and then leave the keys hidden on one of
the wheels – with thieves realising this and taking their opportunity. Reduce
the number of keys on your key ring and take it with you, or alternatively use
a saddle bag.
• Remain vigilant of your surroundings on race day. In order to protect
valuable personal possessions, it is essential that extra care is taken to
avoid loss of items and potential insurance claim rejections due to negligence.
Take proper precautions when you take your bicycle out. If you are not using
it, then it should be locked inside your vehicle, secured to a bicycle rack or
chained and locked.
Check with your insurer what cover and exclusions are in place for your
bicycles. Some insurers also have specific exclusions for cover of all sporting
items while they are being used, while some insurers exclude theft of any
sporting equipment that is left unattended during an event.
Find out whether your insurance will cover the bicycle while in transit. For
example, if you transport the bicycle via plane, the last thing you want is to
arrive at your destination, find out that it has been irreparably damaged
during transit and be stuck without a bicycle.
For assistance with your bicycle insurance click here
Articel by Old Mutail Insure
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