- Bke Insurance alternatives to M&S
Okay, just recieved my renewal and although last year they let me keep the old policy it seems that this renewal I’ve moved to the new terms meaning that I’ve lost any item up to £4K home and away. Basically the main reason for going with M&S.
They now need me to specify all my bikes and given that they are customs they need an inventory.
Whats my alternative?Posted 5 years ago
My M&S policy has changed from any item up to 4K home and away to unsecified pedal cycles £2k.
I’ll play along for now head down to LBS and get an inventory done and see how much adding my two bikes impacts the already higher than average renewal price.
I’ve been told that specialist insurance runs at about 10% of the value of your bikes. Thats double my car insurance for the same period!
I’ve never claimed insurance of any sort in the past.Posted 5 years ago
I’ve been told that specialist insurance runs at about 10% of the value of your bikes.
I suspect at that point, with 3 bikes in my garage worth more than £2k I’ll just end up not insuring them. That or going with the Barclays option mentioned above if that will cover a more expensive bike for £2.5k value.
Though what’s the situation with values and “new for old” cover? One of my bikes cost ~£3k to build 15 years ago – would doubtless cost far more than that to build something equivalent now, but realistically I’d probably not even get £1k for it if I sold it (the real value in a way now is rarity – effectively it’s totally irreplacable). Could I just have that covered as being worth less than £2k, or do I need to cover either the original or the replacement cost?Posted 5 years ago
I mentioned the custom nature of the bikes. She only wanted a manufacturer/model/ age and value.
However , In the past I’ve been surprised at how easily the Value increases beyond initial guestimates. 😀
My LBS offer a service to do an inventory and record on headed letter incase of insurance claims later on. I just thought it would be prudent given that I suspect that if I had under valued my bikes in any way they may wriggle out of a claim on a specified item.
My renewal price has increased marginally (less than 3%) but thats on the new (useless) policy. With the addition of my bikes its increased a further 20%, but thats me giving them an off the cuff value that I’ve yet to have confirmed.
GOD this really takes the fun out of biking!!!!Posted 5 years agoNobbySubscriber
Nobby – Member
Just had a good look around as M&S had put ours up and then wanted a load more for specifying bikes over the £2k.
Of all the quotes I looked at the one from Allianz/Yourinsurancecover.co.uk came out £240 cheaper – I need to lock the bikes with sold secure approved locks but do that anyway so a no-brainier for me. Will call M&S again Monday just to see if they’re prepared to do owt.
Posted 1 day ago #
M&S wanted another £60+ to add 1 £4k bike! Just lapsed it & moved to save £300 🙂Posted 5 years ago
cheers supertacky – so they will accept a quote/inventory with RRP prices then i take it? thats how to prove your custom build?
also have you done a quote online for m&s instead? may work out cheaper if you name them on the web quote and drop down from premier cover to standard with a bit extra excess?
i can get my yearly price about the same just doing a fresh quote and fully covering the bike at RRP – however i’d have to drop to standard cover instead of premier that were currently onPosted 5 years ago
OW hats a good shout. The auto renewal process can sometimes be bettered by lapsing and then reapplying.
I’ll try that later.
I’m nearly at the stage your at. Saving a couple of hundered quid and going for standard Buildings and contents and then just being super carefull. TBH My bikes are never out of my sight and when in my garage are locked to the concrete floor.Posted 5 years ago
M&S wanted another £60+ to add 1 £4k bike!
That’s nowhere near as much as I was expecting, and not all that bad to be honest (I’m seriously doubting you can do better than 1.5% of value).
I think the point he’s making is that M&S arent exactly cheap in the first place.Posted 5 years ago
We’ve all been paying much higher premiums already due to our adiction to shiney new bikes. Its £60 + the extra that its costs already to go with M&S which in my case is at least £150
I think the point he’s making is that M&S arent exactly cheap in the first place.
They’re not so bad for me, so if that is the premium for a >£2k bike I’ll probably stick with them come renewal time (it’s less than the rate I was paying when specifying anything over £500 before moving to M&S).Posted 5 years agoNobbySubscriber
Sorry, I should clarify. The £60+ was for the value in excess of £2k i.e. £2k and it was the best they could do knowing there was a better deal on the table.
@ supertacky – I’ve not gone for ‘standard’ cover but the best they offer plus a few of their add-ons. As a comparison, their (Allianz) cost to add full cover (at home & away) for the bikes exceeding the standard £1k limit (£5,200) was £65 – the actual premium for the rest of it was way better albeit I don’t have the “unlimited” buildings & contents cover M&S gave.Posted 5 years agopeachosMember
Are you sure about the changes in the T&Cs for renewals? I renewed my M&S policy in the 2nd half of last year & called them up to ask specifically about changes in policy on unspecified items (inc bikes) up to £4k & was assured that for renewals the policy would remain the same…Posted 5 years ago
Hmmm So LV will cover max £2500 (in total) if things are stolen from my workshop.
However if my bikes were inside the main house, they would be insured for up to 5k EACH!!
I think I’ll live with that and chain them up in the kitchen during holidays 🙂
As the Mrs is on Paternity and at home a lot I’ll await my next renewal (April) to see if I can get a better deal on the outhouse contents
Edit: it was £500 to add 6k of specific bikes btw.Posted 5 years agoiain1775Subscriber
AlexSimon – Member
iain1775 – So the rest of the buildings/contents insurance was comparable to M&S
In terms of extras like accidental damage, legal cover, excesses etc, and specified items, yes directly comparablePosted 5 years ago
In term of actual cover, no, because who actually needs unlimited buildings and contents cover?
Buildings £400,000 which is more than double what my house will cost to rebuild so more than adequate
Contents £75,000 which would cover everything I own
I was over insured with M&S and paying appropriately for it, but the previous bike cover made up for thatwillberMember
I’m with direct line – if your bike gets stolen from home (including from shed/outbuilding/garage) it is just included as contents and is covered, regardless of value, and does not need to be specified. Bike has to be locked up though.
This would be the only place my bike would get nicked – if it aint at home, i’m on it.Posted 5 years agosamjgeorge86Member
Would anyone recommend places like protect my bubble? I don’t need home insurance as I’m still living under the parents roof, On protect my bubble I’ve specified a custom bike *not yet asked for invetory* And set the value on the scale between £1200-£1800 and they are asking for £120 a year, I find that resonable? That’s on there “adventure” cover. Has anybody ever done insurance through sites like this?
Oh, and Hello (First post, although I’ve been lurking the site for months 🙂 )Posted 5 years ago
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