PSA – M&S insurance renewal changes (bikes now

just looking through our renewal quote – gone up a bit more this year and the limit for any single unspecified bike is now 2 grand rather than 4. I put in 1 bike worth 3.5 grand just to see what happens as a comparator to previous years and it added another 60 quid. I reckon that’s fairly cheap cover home and away if you do have a bike worth 4 grand.

Have looked around a bit and they’re still fairly competitive, given the level of cover offered in general but will try harder tomorrow

Thought if you just renewed you kept the old terms, hmmm. I better check mine.

mine still states £4k (renewed in November)

Same here, just assumed the same conditions would apply. Will check…

you need to let us know if you have any pedal cycle worth more than £2000. If you do not make us aware of any pedal cycles over this limit, they will not be covered

On a generic pamplet included in with the quote. Also “new policy wording”, which I’ll be having a go at before signing back up

Its changed for the new year as mine have also changed

Not rung them yet – is that the new price or the price now of the bike?

they always used to do new for old JY, not sure they still do under “new” wording. I’ll have a look and make a call too tomorrow though

M&S paid out for a brand new Dura Ace SRM when I broke mine a couple of years ago £2800. They couldn’t have been more helpful no matter what the premium is they have my business. You only find out when your insurance is worth a little extra when you need them.
However I also insure my race bike with BC insurance, costs more than my car but after killing a 1 month old parlee frame in a crash a couple of years ago i learnt the hard way. Most insurers won’t consider racing cover.

That’s interesting, I clarified when we renewed in October and they confirmed the wording didn’t change on renewals. Have to keep an eye on that this year! Agree they’re excellent to deal with.

as did i nick.

long as the increase to cover my bikes isnt rediculous im with nikXL they have been excellent to deal with.

What kind of premium rises have people seen after a big claim with M&S?

Just wondering whether I need to start saving now.

Renewed December 21st under same 4k term cover I’ve always had.
As mentioned, if you renew you lose that.
For me I’m sticking with them – that kind of bike cover isn’t easy to come by judging from the quotes I was getting off others.

strange when you do i new quote it still says you have to name a cycle over £1001?

so just to confirm this is old 4k policys now have a 2k limit instead? obviously dont need to worry until renewal, and then im guessing just gotta ring them to add the extra?

What kind of premium rises have people seen after a big claim with M&S?

My premium for 2011/2012 was £19.38 per month.

Claim for £3000 in July for replacement bike after house break-in (incl. locks changed on doors).

Premium for 2012/2013 (renewal was December) is £29.40 per month.

So a 50% increase following the claim 😯 … no idea if that’s good or bad in the scheme of things as I’ve no previous experience as a comparison.

where do you live ! :O or is that contents @ home only ?

im in a sleepy hamlet in the country – maybe 15 houses total. im 55 quid a month for house , contents and away from home cover.

Bugger renewal due next month, looks like I will be switching last two years have seen silly price rises despite. O claims in 10 years, I put up with the increase as I knew the cover/service was so good but probably time to look elsewhere
Anyone with Nationwide? Think its same underwriters as M&S used to be until last year

I’ll be happy if my premium only goes up 50%.

Concerned about this revised limit – and that their valuations might not agree with mine (Wheelies were v generous).

im in a sleepy hamlet in the country – maybe 15 houses total. im 55 quid a month for house , contents and away from home cover.

Renewed mine with that sort of cover at £23.20pm a couple of months ago, large village/small town sort of place, pretty rural. Mine’s only a wee 2 bed house but £55 still sounds a lot for that kind of location.

£55 still sounds a lot for that kind of location.

I agree – I would say shop around Terry, but it’s a catch-22 with the bike cover! We pay £108 per year for contents only (including away from home), including a £500 stolen iPhone claim. 1 year no claims. Looked into it for when we buy and building cover didn’t push it up that much.

“but it’s a catch-22 with the bike cover!”

its not just bike cover but workshop cover. Loads of policys dont cover my workshop tools 🙁

solution for the workshop – access door into house , french doors on the front. its no longer a workshop but a room in the house 😀

fwiw i used to be 29.99 in a rough area.

Im pretty sure they are loading it to get me off their books or onto new terms.

Do M&S cover the bikes when not locked in a garage/house/shed ?

I am on the ‘new’ policy. I pay £45 a month for contents cover with M&S – that covers 4 bikes (2 which are are seperately specified as worth over the limit) plus some jewellery, all covered away from home too.

Just insuring the bikes seperately with a bike-specific policy worked out more than that (and then I would still obviously have to arrange contents!).

More Than were fairly reasonable when I compared including naming two bikes at £6k and £4k, not as cheap as M&S, but not sure about new terms.

Do M&S cover the bikes when not locked in a garage/house/shed ?

Yes, they don’t actually have to be locked in said building either IIRC.

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.

We’re paying something in the region of £500. If they have brought in a £2k limit I’ll be looking else where.

What are the rules if you don’t declare a £4k bike. Will they honour the first £2k of it or nothing at all?

We were burgled early last year, I went from £36 to £53 a month on renewal for the premium Away from Home etc cover. Checked at the time a still had the £4k single item cover for bikes. Luckily the feckers didn’t get to the bikes as I reckon my premium would have upped a lot more.
When I asked why it had gone up so much as the notice said my no claims was protected they said because of a number of burglaries in the area they had re-graded it. That’ll learn me for living in North Leicestershire 18months to push before I move again!

What are the rules if you don’t declare a £4k bike. Will they honour the first £2k of it or nothing at all?

It clearly states there is no cover at all for bikes over £2k so no, you’d not get a penny.

just got my M&S renewal through, up £5 from last year at £495
Phoned up to add two bikes at £3k each – £632.00!!
A £137 increase despite 10 years no claims

Taking out same cover as a new policy would be £842!
Goodbye M&S

Nationwide, not quite as good cover (£5k max claim from outbuildings), but both bikes covered away from home upto £3k – £444.14

Allianz as someone mentioned above I gave up with when cost got over £800 and wasnt even anywheree near like for like M&S cover

Im confused, as when I renewed in July they said the ‘old’ terms and conditions still applied to renewals, yet it seems from this thread this is not the case??

Back in July they did, seems to have changed for renewals from late December /January onwards
Might be worth checking your small print though just in case

So hang on

Phoned up to add two bikes at £3k each – £632.00!!
A £137 increase despite 10 years no claims

You’re getting £6000 piece of mind cover if some toe-rag steals them both. For £137 per annum or £11.40 per month.

I’ll take that. Bargain.

Back in July they did, seems to have changed for renewals from late December /January onwards
Might be worth checking your small print though just in case

I renewed December 21st and the 4k agreement still applied to me unless I cancelled and rejoined as a new customer.
Looks like it may have come into force for 2013 renewals.

Looks like come December this year I’m going to be busy on the phone!

Just checked my confirmation letter and it’s dated October, so I was a couple of months out but looking at the terms they seem unchanged, which is what I was told on the phone. So yeah, it must be 2013 renewals that are the issue.

You’re getting £6000 piece of mind cover if some toe-rag steals them both

From your shed or garage or do the policies going forward state cover in house only?

Bit of a shame this but still doesn’t mean M&S aren’t worth using as an insurer any more. One of my bikes is over £4k so insured (with M&S) as a separate item and it’s about £9 a month, it would be around £40 a month with a specialist bike insurer (who have far more rigorous conditions)

Current M&S policy insures ‘sporting goods’ home and away, so also covers all my wifes’ equestrian gear – no doubt when our renewal comes through I’ll need to check the impact on that too.

You’re getting £6000 piece of mind cover if some toe-rag steals them both. For £137 per annum or £11.40 per month.
I’ll take that. Bargain.

No I’m getting it for £137 added to an alredy over inflated premium
If I excluded the bikes I could get similar cover to M&S’s new terms for half the price, so by staying with M&S purely as they are one of very few that will still cover the bikes is nearer £330-350 extra compared to cheapest non bike cover
I don’t need all the other things that come with M&S cover, unlimited building and contents for example

As I said Nationwide do suitable cover for me including just about adequate bike cover for around £440 and Shielas Wheels about the same, as where Sainsburya

I’ve never had bike insurance. Am I missing something?

hora, you’d be on the phone once a fortnight updating them on your new purchases 😀