Hello everyone,
I've held M&S home insurance for a few years now, primarily for the single item (which can include bicycles) cover up to £4k. This entirely covers all but the most expensive of my bikes, new for old, against theft/loss/damage at and away from home.
Or rather it did.
They've just changed their policy regarding bikes and you now have to declare each individual bike over the value of £2k (Which is now almost all of the bikes I own). SPoke to them just now and the price of my policy has almost doubled - proper expensive.
That said, looking at specific cycle insurance, to get 3 pretty expensive bikes insured costs as much as a bike itself (say, via CTC).
So, I was wondering if anyone is in the same boat & has found a brilliant alternate insurer?
If so, could you give me some suggestions as to who else might be good to go with?
Ta
John
Just left M&S for exactly the same reason, Premium doubled overnight, warned them at length on the phone that the only reason most people go with them is thier (previously) excellent bike cover and that they were going to lose a lot of good customers over this.
When you ring up to cancel your policy be sure to tell them why, if enough people do then they may just realise they're throwing the baby out with the bath water, I'd have happily stayed with them otherwise.
Now with NFU, their 'at home' cover is £5K per item so that's the bikes sorted, 'away' cover is up to 1.5K, So I've had to name my road bike and full susser but even with that they were still half my new M&S premium. NFU also have local offices where you can walk in and talk to real people which I rather like.
Happy hunting.
I used yourcoverinsurance.com that was recommended on one of the previous threads. Can tailor it to your needs. Worked out cheaper than my M and S renewal for more cover 🙂
did you find out at renewal or did you get a letter?
Just wondering as with M&S at the mo
I presume M&S have changed their underwriter?
I was with M&S a few years back. Policy changed as they went from Axa to Aviva or vice versa. Found out that Greenbee/Debehnams had taken up with their old underwiter and offered the same policy, so I followed them. Debenhams have since changed theirs I think, but a previous policy is valid, and prices haven't increased too much.
Sounds NFU might have taken up the baton then.
I think they are still with Axa, might be wrong though.
I suspect the terms have changed due to hefty claims generated by the rising cost of bikes and Wheelies' generous valuations.
Just left M&S for exactly the same reason, Premium doubled overnight, warned them at length on the phone that the only reason most people go with them is thier (previously) excellent bike cover and that they were going to lose a lot of good customers over this.
Do you not think the number of high end bike claims may have been the precise reason they're no longer covering bikes...
They're still underwritten by Axa.
I have my doubts that people taking out M&S cover primarily for their (previous) bike cover is a significant chunk of their client base. Mine's due for renewal soon but my expensive bike is already separately listed with them and luckily on one other is £2k+ so I'm hoping my premium doesn't go up much...
I am about to sign up with Swintons with Axa as the underwriter, with 6 bikes at £1500 ( just made an average to be honest) and added £60 to my policy including out the home etc.
[i]I have my doubts that people taking out M&S cover primarily for their (previous) bike cover is a significant chunk of their client base.[/i]
No, but if a significant of the claims have been purely bike related then it will impact the premiums.
I have my doubts that people taking out M&S cover primarily for their (previous) bike cover is a significant chunk of their client base
Agreed, but ill bet it was a significant proportion of their claims!
I switched to yourcoverinsurance. Policy docs & wording are rather confusing but it does seem that, whilst in the house, bikes are considered "contents", rather than "valuables" and insured up to your contents limit without needing to specify them. Confirmed this on the phone with them & went through policy wording several times with a fine toothcomb just to make sure.
If you want cover away from home for bikes >£1000, you need to choose the separate option, but this adds a significant premium if you've got a few. Mine was an additional £500, but as neither my wife or I leave the nice bikes unattended anywhere, I decided against it.
You need to check exactly what you're covered for! Give them a scenario where your not off-the-shelf bikes have been stolen and ask exactly how they would go about valuing them especially if you've upgraded some components.
That'll confuse 'em. 🙂
I've just discovered my 'away from home' policy only covers the UK, so we've been taking our bikes to France twice a year uninsured!
Anyone know if this is standard practise?
You need to check exactly what you're covered for! Give them a scenario where your not off-the-shelf bikes have been stolen and ask exactly how they would go about valuing them especially if you've upgraded some components.That'll confuse 'em.
Didn't when I asked, they said the claim manager would get replacement quotes from suppliers (presumably wheelies) then it'd be either a new bike from them or cash less a certain percentage (10% IIRC), unless they couln't supply it in which case it'd be the full cash value.
I did wonder what would happen if a bike was stollen and was worth more than the limit, would they pay out the maximum, or would it just not be covered (as presubably it'd be more attractive to thieves than what they were covering). Reason being I reckon my most expensive bike probably would cost £3500 to replace new for old buying somethign off the shelf, but probably cost £2k shopping arround for bargains and a handfull of s/h bits. So I'd not be un happy with £2k of cover if it was cheeper.
Anyone know if this is standard practise?
yup, thats what travel insurance is for.
LV for us, couldn't have been more helpful. We were also able to cover our tandem with them too, otherwise that'd have to have been uninsured (Doesn't bear thinking about!)
yup, thats what travel insurance is for.
In general that is true, but the policy I had before M&S (it was something connected with the tandem club IIRC - which does remind me to check with them for our renewal) did cover contents outside the UK. I got travel insurance which didn't cover property, and my one and only claim on house insurance was for the frame I damaged when riding in Slovenia.
LV for us, couldn't have been more helpful.
Really? How were the costs then? When I checked you had to call them for bikes more than £2000, and even adding away from home cover for 3 £2000 bikes (which is conservative for me) made it more expensive than my M&S renewal. Are they significantly cheaper for adding specified bikes than M&S, or don't you have many bikes?
M&S was great for people like me with multiple bikes worth >£2000 but <£4000 (including the tandem).
Oh, and here's another previous thread where I last queried your LV quote
http://singletrackworld.com/forum/topic/bke-insurance-alternatives-to-ms
Lots of claims - including for "scuffed" mechs on road bikes(!?!). No surprise they've changed policy.
I kept my premium the same by naming bikes and increasing excess to £250
Just got identical cover for £200 less than my M&S renewal price with Shielas Wheels of all people, also got £45 cashback going through quidco, rang M&S and they can only alter the type of cover or your excess to alter the price, they dont do price match so they couldn't help me, I used my renewal details on the price comparison sites and got dozens of quotes from different insurers with identical cover to my existing M&S policy for a lower premium, seems that you get nothing for loyalty now.
Check again with M&S. they told me that as I'd had continuous cover since the good old £4k days I still had a £4k policy. It was only new policies that were sub-£4k. That said this was in late August 2012.
That said this was in late August 2012.
Things have changed. We still have a £4k policy at the moment, but the terms are different for the renewal. AFAIK all 2012 renewals were on the old terms, all 2013 renewals on the new.
Looks like we'll be moving come renewal time then
Oh well
Check again with M&S. they told me that as I'd had continuous cover since the good old £4k days I still had a £4k policy. It was only new policies that were sub-£4k. That said this was in late August 2012.
I think the situation has changed since then. I'm certainly eyeing up new insurance companies for when my renewal comes around.
Covered under home contents with John Lewis Insurance.
I called them up to check my cover a few months back and it was something along the lines of:
Max single item value £6250
Covered anywhere in the world and including damage to components
I explained that bike was a custom build, therefore no shop receipt etc. they said they fine with this and in the event of a claim being made it would be a cash settlement. I double checked how the settlement figure would be calculated and apparently my description would be fine, although any pics, receipts etc. would assist.
Seemed too good to be true, however I'm sure you only truly know in the event you have to claim.
Just got identical cover for £200 less than my M&S renewal price with Shielas Wheels of all people
Is that with naming bicycles? One of the nice things about M&S was not having to name individual bikes (which is useful if you're likely to change a bike during the year).
Eyeing up the insurance schedule, you have to name bikes over £500 with Sheila's Wheels if you want them covered for more.
http://www.sheilaswheels.com/home_insurance/swh_fom/swh_policy/policy_limits_003/
Covered under home contents with John Lewis Insurance.
Again, is that naming items? According to the policy booklet, it's up to £1000 for pedal cycles.
matthew_h - Member
Looks like we'll be moving come renewal time then
Same here, it's been good (for you) M&S.
Bye Bye
Her's a tip - just insured my 3 bed london victorian semi, with legal cover, accidental damage, 1 years AA roadside assist AND BOTH BIKES SPECIFIED INDIVIDUALLY @ £2500 each [b]plus[/b] £3000 total shed content (covers my SS, tools/helmets etc) COVERED IN AND OUT OF THE HOME [b]GLOBALLY [/b]for £412 in total.
Thats with the AA using homesure as the content underwriter - get it while you can.....
Covered under home contents with John Lewis Insurance.
I called them up to check my cover a few months back and it was something along the lines of:
Max single item value £6250
Covered anywhere in the world and including damage to components
Well I've just been on the phone to John Lewis, and they will give cover for that in your home, but the limit for cover outside your home is £1000 - and it's not possible to specify a bike more than that. The speed and accuracy of the response suggests it's a common question.
I have to admit I do start to wonder whether to not bother insuring away from home...
Thats with the AA using homesure as the content underwriter - get it while you can.....
Do you keep bikes in your house? As mentioned on the other thread, max total for any claim from shed/garage is £3000, though AA appear to also be ruled out for other reasons.
I do wonder whether my valuations are excessive as I'm quoting for 15+ year old bikes, but then they'd actually cost more to replace than I'm quoting...
Aracer you are correct - max claim for the shed is £3000 - but that cost is with £6k of SPECIFIED (make model) of bikes.
Also limited to 1k for theft from a vehicle, irrespective of specified item cover, if I'm reading the documentation correctly.
Any idea how they calculate wear and tear?
My house insurance sorted for yesterday.Insured all my bikes with valuations on all, totalling £9800 only added £75 onto the insurance. This also includes cover away from the house and accidental damage as well with Swintons. Very happy with that in the end. Did think that it was easy to knock cost off the policy by calling them up too, rather than doing it on line. Helped that one of my cars is insured with them, as got a £45 discount if I keep the policy for 3 months, they send a cheque. So thats the bikes for £30 a year.
Aracer you are correct - max claim for the shed is £3000 - but that cost is with £6k of SPECIFIED (make model) of bikes.
I'd double check the terms - it says quite clearly that max claim from shed/garage is £3000 doesn't mention anything about specified items on top. They could assume bikes are kept in the house.
My house insurance sorted for yesterday.Insured all my bikes with valuations on all, totalling £9800 only added £75 onto the insurance. This also includes cover away from the house and accidental damage as well with Swintons
Hmm - did you have to specify bikes over £250? Was Swintons I spent ages on the phone with having to do that.
aracer - Member
Aracer you are correct - max claim for the shed is £3000 - but that cost is with £6k of SPECIFIED (make model) of bikes.
I'd double check the terms - it says quite clearly that max claim from shed/garage is £3000 doesn't mention anything about specified items on top. They could assume bikes are kept in the house.
Nope, all done on the phone and I went to great lengths to explain they were in a workshop. The only issue was that if they were stolen from "home" I had to prove they were behind a locked door - I even checked if it required a specific lock specificatiuon and it didn't - and "stolen from the car" have to prove it was locked to a car - again I checked and as long as I could prove the key was turned / lock busted on my thule racks its covered.
Becuase I couldn't believe it myself I had her walk me through the policy 3 times.
Hmm - did you have to specify bikes over £250? Was Swintons I spent ages on the phone with having to do that.
Yes, they are all specified items on the policy.
Aracer I think I see where the confusion lies. You are in a way right - with the AA you cannot claim for anything more than £1500 per item unspecified for an individual item, £2500 for a specified item or £3000 in the entirety for an outbuilding.
However - this changes if you opt to extend the cover to [i]away from home cover[/i] - in which case you can specify items at thier RRP replacement cost subject to fair depreciation. This is what I have done, and this added only £40 to my premium.
Apologies re my earlier John Lewis post, they must have updated their policy conditions. The policy I have with them currently doesn't have a separate pedal cycle section, so appears to be a new thing. I'm pretty sure it was around January I phoned them, bu**er!
Well, looks like I'll be changing come renewals time too... Will continue to watch this these threads with interest.
I should add to my above post that the AA [i]away from home[/i] cover confusingly includes "at home".
Apologies re my earlier John Lewis post, they must have updated their policy conditions
No need to apologise - they do keep changing their terms at the moment, and I'm happy to provide an update. To their credit they don't waste your time when you phone them up as I got an instant answer.