[Closed] Best cycle insurance now that M&S are charging full whack?

Try Hiscox for general house insurance - they cover bikes.

I don't work for them before anyone asks!

cant say as i blame them really...you'll be generally alright if you own just one sensibly priced bike, still be way cheaper than insuring seperately....think mine is about 80 quid more for the same cover as named item plus you are covered away from the home automatically too.....

if you own 3 or 4 bikes at a couple of grand a piece its gonna be dear.....cant blame them for that though, the 4k limit for one bike was always ridiculously cheap, let alone people 3 or 4 bikes upto 4k each claiming 10-15k a claim...

its still dearer than id hope for, but to be honest the cover seems the same (ie, no stupid locks etc, and the fact included is cover away from home still makes it cheaper than seperate cover...

Try NFU Mutual - they were no more expensive than anyone else but offered excellent cover for bikes without loading the policy too much.

They also tend to come out top in the surveys of the best insurers to handle claims.

You can't blame them really. I bet they've had a fair few claims for shed/garage thefts running into thousands per claim.

When did they change their policy?

They also tend to come out top in the surveys of the best insurers to handle claims.

😯

Where do I put my rating in?

I've had two claims with them recently. One took 5 months the other 13 to get sorted.

Co-operative are good. Been with them four years and just upped my total 'bikes and contents of the garage' cover to about £5k (more than I need) for only about an extra £30 per year. Lady on the phone couldn't have been more helpful too.

Maybe you were just unlucky.

http://www.nfumutual.co.uk/company-information/awards-industry-ratings/

Halifax do mine. Roughly £10k replacement value in total for all bikes. Agreed value/like-for-like/new-for-old/etc. Costs me an extra £12 a month on the normal contents insurance.

When did they change their policy?

+1

We renewed in October and i didnt spot anything about the up to £4k un-named items chainging. 😐

@The Flying Ox

Do you have to specify all the bike details when you take out the policy, and update them every time anything changes?

That was what I loved about M&S even more than the price - just take out the policy and don't worry about it.

(I renewed last month, so I've still got nearly a year of the good times before I have to choose something different)

Dave

Burchy1 - Member

When did they change their policy?

+1

We renewed in October and i didnt spot anything about the up to £4k un-named items chainging. 😐

+1 - Hoping it only applies to new polices??

We renewed in October and i didnt spot anything about the up to £4k un-named items chainging.

AFAIK the change in policy only applies to new policies taken out after a date (last week some time); if you renewed before that, you are fine for this year.

Dave

phew renewed a couple of months back - so what is the new limit on M&S insurance for bikes then?

@ alfabus

Yes, I listed each bike's spec when the policy was taken out. Also recorded everything on the [url= http://www.immobilise.com/ ]immobilise[/url] website with photos and serial numbers, just to be sure.

i found esure cheaper than m&s

Although, £600 a year for fully comp on a car worth in excess of £10k wouldn't be that bad.

TBH, £600 compared to the cost of having to buy new bikes after a theft is preferable to me, as someone who had £8k worth of bikes nicked at the start of the year.

Although the dog insurance is about this much this year too 😐

Thanks for all replies - M&S just changed the policy to bikes up to £1k, though curiously didn't mention this on my renewal quote - it's in the wording though.

Halifax sounds good at £144 for £10k worth of bikes.

Although, £600 a year for fully comp on a car worth in excess of £10k wouldn't be that bad.

It's significantly more than I'd pay for that (admittedly my current car is almost worthless, but I didn't pay anywhere near that much 10 years ago when my car was worth £10k+, and I doubt I'd pay much more if I did get a new car). I suppose it's possible M&S might quote me significantly less than that due to living in a very safe area, but it seems unlikely.

As said above, you cant blame them, but surely now they're going to lose out eventually. Everyone who went with them for bike insurance will go elsewhere, l will be when l come to renew.

So what's the alternative for a bike over £2000, checked Halifax and they don't cover any single claim over £2k from garage or outbuilding, ensure cover bikes upto £500 ????

My M and S is due to renew in a couple days, don't see anything here about the change in cover?

EDIT: Called them and they said if took a new policy out then the 1k limit would apply but as I'm renewing as an existing cutomer then I still have the 4k limit. Happy days. Aside from the £31 a month premiums....

I didn't pay anywhere near that much 10 years ago when my car was worth £10k+

Car insurance has rocketed recently. I struggled to get less than £600 on my 57 plate Transit (given, it's a van) with my missus as first driver with 15 years no claims and no accidents or tickets.

Anyway, this is off-topic.

If Halifax don't cover a single claim over £2k, and ESure are that low... what's NFU Mutual like?

And, OP - what was the amount you were insuring the bikes for with M&S (ballpark), just to give an idea of what to expect.

Cheers

Ricks

yes I need to ring them as they say nothing with the quote they have not included any policy or what it means just 8 pages about me and whether I have aflat roof or how long I leave it unoccupied.
I will laso ring them to se eif the 4 k still applies

just a quickie as above, im pretty sure if you are a current 4k limit customer your renewal will still be the same! thats how they worded it when i spoke to them, basically your old policy should remain the same 4k limit if its a renewal, this new cover is for new policies only....

as above if the chap has had a renewal through after 8/12/2011 and its the same as his previous then it proves renewals will continue to have the same 4k limit!

when was your renewal letter through fontmoss?

Thats interesting about renewals still covering up to £4k. Surely that means they will be whacking up the renewals though? £1k limit is too low for anyone who has a half decent bike (especially with the recent bike price hikes)

+1 for NFU Mutual. I have 2 bikes including a £3k one under my home contents insurance and it costs £240 a year for everything. They cover for personal liability and also for breakages on itemised (eg bikes) items.

I have made one claim with them - all sorted within two weeks and most of that time was me getting replacement quotes.

Halifax certainly do cover over £2k, unless they've moved the goalposts too. And mine are in the garage.

Halifax and ensure state hey don't cover £2k bikes on the website so I assume it will need to be arranged over the phone...

eandl insurance do bike cover for £13.73 per month for a £2400 bike... My post code area though

I have always cancelled my M&S policy and got a new one each renewal time - this generally saved me about £100-200 each time.

If they are letting us keep the 4K limit, but only on renewals, I'm still going to have to pay extra as I won't be able to use the 'cancel, renew online' trick.

Could be cheaper than the alternatives though.

Dave

You could get m and s to match the new quote with your renewal? Sure they would to keep business

Tried that before... they always said they couldn't do it and I should just cancel and get a new policy online.

It seems obvious (to me) that if you are renewing they will keep the cover as before as you are renewing. Unless of course your circumstances have changed, for example you made a claim for a bike in the last period. But posts have been put on here for months if not longer that if you'd made a claim for a bike, M&S were only offering £1k unnamed. So all they have done in effect is applied this to new policies, to reflect the number of claims received for bike losses. I'll be interested to do some research when my policy finished next summer. In the past bike specific insurance has been horrendous. I looked through CTC some years ago and I think there was a limit of about £1500 (90s) and even to cover that much you were paying £300-£400 a year.

Rickon

Was previously just relying on getting £4k per bike max.

New quote was for £10k of bikes in total.
Will have to ring them to check if i fall into this renewal at existing terms category or not. I always used to do the cancel and renew trick to get the best deal.

Slight hi-jack: I've got M&S insurance and just been sent a renewal notice, next year's premium is £1350!!!! This seems rather high, this year was £1200 but I didn't get my arse in gear to change over. Problem is we've made two claims in the last 5 years (storm damage to roof and a burglary) and I think they've got me by the short and curlies!
I've got a large 4 bed semi in a decent postcode, how much do you guys pay in comparison? Am I being completely shafted?
Will any other insurers want my business at a reasonable price?

Barclays was my cheapest - bikes up to £2.5k

Rubbish, looks like as we've had a theft when we renew it'll be for named bikes now then. I think it'll have to be a call on which bikes to insure, and calculating what I can replace for £1k at trade or second-hand.

I think the driver for all of this is the apparent increase in bike thefts over the past couple of years, exacerbated by an increased market and over-egged pricing for new bikes.

I'm sure a couple of Rottweilers would be less than £600 over the year 😉

MUDSHARK: Is that as many bikes as you like for up to £2.5k?

headfirst - I had a 25%+ hike from M&S last year. When I tried to get them to reduce it they knocked £50 off. Oh how I laughed! Switched to Hiscox - cover not quite as good away from home, but a few hundred quid cheaper for me. NFU were always in the ball park on quotes, but the faff of listing all the bikes meant I always stayed with M&S. Hiscox renewal quote was OK, so I just stayed with them again. Next time I'll probably get the local NFU guy to do another quote for me as well.

My M&s renewal was fairly astronomical so I tried again on the website which meant naming all bikes over a grand [3] and this was cheaper but only £50.
After a really boring afternoon on the computer the best I came up with were Direct Line! I still had to name the bikes but the premium was half M&S. I also asked about whether the value Ihad to state was what they cost or what they would cost to replace and was told it would be original cost. I did point out that prices had risen and it could cost hundreds per bike more to replace to the same standard but they insisted it would be like for like, new for old. Oh and we had a small claim a few yeas ago not bike related and that didn't make much diference to the premium

headfirst - our premiums are around £1200 (next renewal is Feb).

we had 4 claims between 2007 - 2009 so we lost the no claims on the contents insurance, and we can't even get a quote from another insurer until it's down to 2 in the last 5 years... (2 of those claims were small so we'd have not claimed if we'd been aware of this problem!)

fingers crossed that the £4k claim still applies on renewal...

cheers for replies, we have got 2 yrs of no-claims, will have a sniff about, the cars are insured with direct line so might try them...but I reckon they won't be interested. Hiscox sounds interesting.

There is an Endsleigh insurance broker near us, thought I might go and see what they can do, anyone any experience of them?

John Lewis allow 2 claims in the last 5 years (subject to the amount) - unfortunately that still ties us into M&S for another 2 years!

Let us know how you go headfirst.

I'm sitting here waiting for my M&S renewal to hit the doormat. For the last couple of years their attempts at new premiums have been ridiculous, but I've managed to knock them down/ reduce cover to something I can live with.. When I had a shop around for alternatives last year the whole 'having to price bikes individually thing' with other insurers (tried Co-op and NFU IIRC) really rocketed premiums so I ended up sticking with M&S again inspite of the price hike. Argh... honestly, there is clearly a gap in the market here for someone to exploit... given that M&S appear to have decided that all these claims don't made it worth their while retaining the bike owning market.

Not sure about other insurers mentioned but an advantage of the M&S policies were the home/away cover - and not just on bikes. My wife has horses, and all her gear is covered too - and with saddles +£1k...

Mine is due late Jan, so lets hope we are fine.

If you want to stay with M&S then just renew on their website and let the other go expire, saves you money and no arguing needed over the phone.

As Drac says - don't wait for the renewal. I called mine up- it had gone up and on a new customer form it was waaaay lower. So I said what I was going to do 'fine they said' and the new customer offer also included a new bolt on feature for free to boot. So they agreed (recorded call) I'd be ok to go through the process as a new customer. £120 a year 🙂

oscillate, my renewal is due on 15th

My monthly cost has climbed from 25 to £31 in a couple years but with 3 decent bikes (and assuming it were to be sorted out ok) then I still feel I'm better off paying a lot for M and S.

Car insurance has rocketed recently. I struggled to get less than £600 on my 57 plate Transit (given, it's a van) with my missus as first driver with 15 years no claims and no accidents or tickets.

Hmm - my renewal is due soon, and online quotes are actually pretty similar to last year like for like, and selecting a newer car worth ~£10k only adds on ~£50, taking it to £250. One speeding ticket, but otherwise clean and over 40 - crucially I also live in one of the lowest insurance risk areas in the country.

Yes I know it's OT - but just to point out that insuring a £10k car can be done for a [b]lot[/b] less than £600 (though our current house insurance is also a lot less than others are quoting, so hopefully we won't be hit by high new premiums when we renew - I have several bikes over £2.5k, so having to name them might be costly).

[i]Yes I know it's OT - but just to point out that insuring a £10k car can be done for a lot less than £600 [/i]

And about the same cost as third party on a moped for my teenager son...

William Hill

Bummer. I've been with M&S for about 6 years, and have re-registered as a new customer each year 'cos it saves about £100 over automatically renewing. Looks like bike cover is going to be spendy this year...

To be fair, m and s have been excellent in my recent claim; they paid out full value of a new bike on the basis of a picture and a list of parts, virtually the full 4k limit even though I had no receipt and I told them it was mostly second hand.

Possibly a silly question but is the insurance value per bike or per claim?

Errrm, if you're old enough, Saga contents insurance can include named bikes for not a lot extra.

Value is per item, ie. per camera, per bike, per watch etc.

cost of mine with m & s is £284 renewal with 6 years NCD. I need to call them though re cover level

Lady Gresley - thanks - Saga looks good - specified three high value bikes and still came out less than M&S. Now to read the terms in detail. Someone in the family is eligible...

Natwest have a very good level of cover. Unlimited £ on bikes.
Plus accidental damage and away from home cover.

Costs us £15 per month (contents only). That was because they offer to price match though, normal price would have been nearer £30 per month.

Unfortunately being a 'new customer' isn't an option for us with M&S. When they changed underwriter a few years back they decided we lived in a flood risk area ... we don't ... and would only continue to insure us as we were an existing customer. So, will see what comes in and if it's stupid money, then the hunt is on!

Thread bookmarked, m&s renewal due late jan
On car insurance - £10k car, £420 fully comp, business use for myself and wife, 6 years no claims, 3 points, includes hire car if mine off road, that's cheaper than last year
the renewal with admiral was £650, as a new customer I got it down to £510 but got cheaper still elsewhere

I took out a new policy with M&S last week and I was told they still had the 4K cover - I better have a good read of the paperwork when it arrives just to make sure.

renewed my policy on the 4th Dec and still had 4k limit and no mention on restriction for bikes.looks like i did it just in time..............
Eeeek just done another quote listing 12 grands worth of bike and the quote is £764 compared to £231 that i have just paid...ouch

Hmm. My renewal quote was higher than last year (~£350 this year) but everyone else was significantly more expensive for the same level of cover.

Spoke to them on the phone and they suggested increasing my excess from £zero to £100, which took the premium (for the same cover as last year) down to ~£250.

Hope this helps someone!

I've just paid Swinton £45 for up to £6000 cover on "unspecified items" (bikes) added to our household and buildings cover, which is only £270 a year.

A quick question to anyone who's had a claim with M&S,

Do they insure against the new value of the bike only? OR with the limit of 1k they would they throw out a claim of 1k against a bike that is worth more, even though i'd be happy for that as the limit?
I guess a bike that's worht more is more attractive to thieves and therefore a higher risk?

Or would they consider the value as 1k and they take depreciation against it?

The bikes i'd want covering have a second hand value of over a 1k but worst case if they paid out the 1k-excess then it wouldn't be too painfull for me to find them again SH and stump up the difference.

Considering what I think the risk is i'd effectvely self insure the difference for less than the premium hike to their cover to the true value.

Update: renewal arrived ... with a significant increase on last year ... again [sigh] Phoned to check the £4k bike issue and we are still covered. Managed to lower the premium a bit by increasing the voluntary excess again... so given the 'value' of this cover for our bikes at home and away from home, I will probably swallow the increase for this year. Wouldn't it be novel if this trajectory changed, life is just getting too expensive all round ... 😕

*THREAD RESURRECTION*

Let us know how you go headfirst.

Well, I've finally got my arse in gear. Hiscox wanted details on claims over the last 5 years and as I've had three they've kicked me in to touch. Swinton (who are brokers) are only interested in the last three years and I've only got one claim in that time frame. As a result I've got an online quote of £36 p.m with Legal and General (£2.5k limit per item contents away from home), somewhat less than the £113 p.m that M & S want to charge me from 6th Jan! It seems too good to be true, so I'm going to go to my local Swinton branch tomorrow morning to check it out - whether that 2.5k limit applies to bikes too.

Stand by your beds, I'll keep you posted. 😉

£500 limit on bikes in small print... will still pay swinton a visit and see if they can do for me what they did for globalti (a few posts above)

Went to Swinton, bikes were a problem - quote without them: £580, with them £3,700!!!!

Came home, did an online quote with, then phoned co-op insurance as their limit on unspecified bikes is £1000. Got my two 'best bikes' specified (£2000 and £1200), everything else as good as M and S cover too, and with a deposit and 10 payments the total premium is....

£697!

A SAVING OF £650 COMPARED TO M AND S!! GET IN!!!! 😀 😀 😀 😀 😀 😀 🙂

edit: WOOOOOHOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!

Just recently had to claim with Evans cycles insurance (jlt online) can't fault them to be honest. Perhaps the claim time was a little slow but they paid out with no problems and as I had insured the bike as a custom build - for the value of the collective parts they just paid my lbs directly and none of that voucher nonsense. The claims admin were really helpful aswell. They worked out comparable cost wise - but watch the excess if your bikes kept in a wooden shed.

Just had my renewal from M&S; £280 buildings and contents premier. As far as I can see no change to single item upto £4k - but will check further.

Barclays was my cheapest - bikes up to £2.5k

Have just been through this and they were by far the cheapest for us - flat in North London so insurance can be astronomical, M&S wanted £350. Adding £1000 of cycle cover (they take the value of the most expensive bike, and none of mine are that posh) added about £8 to the quote, so I can't see more expensive ones adding an outrageous amount.

Nice one headfirst, it clearly pays to put in the legwork ... on that note update no 2!

So thought about it some more and decided that M&S really were taking the piss. Long story short - found a quote with Sainsbury's. They allow mountain bikes as specified items covered home and away, up to a total value of £15,000. Building and contents cover jointly qualified for a 15% discount for buying online and the cover is as per, or better than the current M&S offering in the small print with significantly reduced excess.

End result I have saved us 50% on the premium being quoted by M&S.

Wooo hoooo here too!!! 😀

ah 😳 I just posted a new topic on this:

renewal quote was only 10-15% more than last yr

called up to see about improving it, no way other than renew online for 30 quid off as new policy but they confirmed this would involve specifying any bike over grand, rather than four.

tried online just to see what difference was (specified 2 bikes, neither that posh) and was DOUBLE the renewal quote

I have been right royally shafted sensless with an open bottle extra hot chilli sauce by NFU in the past when I tried to make a claim... I wouldn't go as far as hunting down and torturing the individual policy writers, but I know where they live...
Still, you might find them really nice people and get things sorted straight away.

Art I hoPe you checked that sainsburya policy
I just entered all my preferences and values, added the bikes on the pop up then when I went back didn't realise it had unticked all my previous selections, saw quote at £350 thought great £140 cheaper than m&s
Then I noticed, re did excess, personal possessions tick boxes etc so was again like for like w m&s cover and suddenly £650!!
There website is truly appauling to use

Just had our m and s renewal through and the documentation talks about "items, sets or collections worth more than £4000" so I assume we still have the single item limit of £4k. Have wondered whether my bikes constitute a collection though. FWIW our policy is Contents Premier if that makes any difference

I asked this on here last year and was told bikes are counted as single items not a collection