[Closed] M & S Insurance - renewal and policy changes

http://singletrackmag.com/forum/topic/bke-insurance-alternatives-to-ms

Fill yer boots

Yeah it's been covered on a few threads recently (my renewal hasn't come through yet though). It will mean your policy increasing if you have £2k+ bikes (that said I already had one bike worth £5k and that's costing me about £35 as a named item so I'm not expecting the increase to be horrific for me as I only have one other bike worth over £2k). If you don't inform them then you won't be covered for them and you'll likely invalidate your whole insurance policy so not a wise course of action!

I have renewed with M&S and specified a couple of bikes. However, by upping the excess on everything from £50 to £100 I kept the premium only a little higher. The excess is per claim rather than every item so doesn't seem too bad to me.

Yes it's worth heaping on the excess if you intend to keep your insurance as a "when the house gets cleared out" contingency, rather than the "oops, scratched the back of my phone, best get a new one" philosophy!

Thanks very much guys but hadn't see the other thread.

Just been on the phone and my premium would double! Have 3 bikes over their limit plus 2 that are under.

Explained my dissatisfaction particularly as my gaff is like Fort Knox and that I would be getting other quotes.

I also explained my security arrangements in an attempt to show that I take this seriously and am responsible.

and CG they probably view the fact you have taken your security seriously that you feel its a high risk area and items - loaded premium accordingly.

i have security but i dont tell the insurance that - the day it gets nicked will be the one day i didnt lock them up for somereason.

trail_rat - sorry but I disagree. Don't most people look after their possessions ie locking their car, closing their house windows etc etc.

I tried to explain about how difficult it is to value due to upgrades so that any figures I give aren't a true reflection of the cost of replacing.

Followed this by asking how they would go about valuing a bike if something happened. That got them!

Dear me, I'm the customer from hell. 👿

"Don't most people look after their possessions ie locking their car, closing their house windows etc etc."

people are surprisingly complacent IME - then wonder why they got robbed.

Has anyone informed them of the real value of bike/s? Did you get charged extra?

For M&S it's new for old cover so your valuations do need to based on the replacement costs with a new bike of equivalent spec, it's not that difficult to work out really (as a decent approximation), better to err on the side of slightly over-estimating to as it shouldn't add much to the premium but means you won't be short should the worst happen (they won't worm out paying on under/over valuation clauses if you're pretty close).

Followed this by asking how they would go about valuing a bike if something happened. That got them!

They get a very thorough chap at Wheelies to talk to you for ages about your bike that was nicked.

Your increase seems steeper than others have mentioned CG. Have you had to make a claim?

I only have contents cover with them. Made a claim for repairs to my road bike following accident. I wouldn't say that premium has increased per se, more a case of them being downright underhand with their changes.

I've seen a company called LV being mentioned, who is that please?

LV -= LOVE no idea of what they are like tbh

TBF C_G your insuring 3 bikes over their limit of 2k right? surely thats why its doubled?!?!

if you just had one over the limit i doubt it would be much more, its now obviously done per bike over 2k and you have 3, so basically like 3 seperate bike insurance policies i guess

as above, quoted online was only just over what paying now if increase the excess - just on standard cover from premier at the mo, but i dont need all the premier stuff anyways, so im pretty chuffed

edit - ps i only have one bike!

and CG they probably view the fact you have taken your security seriously that you feel its a high risk area and items - loaded premium accordingly.

You give them too much credit, they're telesales monkeys working on a "computer says no" type basis. All the pricing is pre-determined, at most they'll have tick boxes!

LV -= LOVE no idea of what they are like tbh

No it's not, they're called Liverpool Victoria, well reputed.

Try MoreThan too, you'll need to specify over £1500 but I've just insured with them with an £1800, £2000 and £3000 bike and they came in much cheaper than my Co-Op renewal.

Do a webquote, put a phone number on it and, if you get the same as me, someone will call you within about an hour and requote at a much cheaper price...

Do a webquote, put a phone number on it and, if you get the same as me, someone will call you within about an hour and requote at a much cheaper price...

I had that too, they weren't all that much more than M&S at the time (on their old terms)

I got a better deal going directly through AXA (who underwrite M&S) for my contents instead of renewing with a listed £4K bike with M&S

njee i am reading too much into their logo - i even have car insurance with them 😳

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To be fair it's their marketing campaign - the whole LV/Love thing, but yes they're called Liverpool Victoria, been around for years.

M&S wanted and extra £60 to cover my main bike to £4k, so I've just stuck at the £2k level.

The value of extra premium will probably depend on the overall premium anyway, and as ours is pretty cheap that's probably way its quite a lot more.

not sure that will work BR you cant surely just say well give me 2k worth of money then in event of a claim?

i know your obviously willing to write off the 2k on your bike and just take the 2k, but thats surely just classed as under insuring should you come to claim?

You'd have to ask them - they may give you the first £2k, or they may say that as the item was above £2k and not specified it's uninsured. I'd not be hedging my bets it's the former!

My insurer refused to under insure my bikes. Have just got a quote with Shelias Wheels for contents only with specified bikes of £2500, £1000 and £1000 and it was £21 a month

njee20 - Member

You'd have to ask them - they may give you the first £2k, or they may say that as the item was above £2k and not specified it's uninsured. I'd not be hedging my bets it's the former!

yep agreed it maybe worth a call but unless you have it in writing, id not be risking it, when MR/MRS Assesor comes and trys to save a few quid for his department in the event of a claim, these sort of loop holes must be a thing of beauty to them...they may tell you on the phone its fine, but again id be wanting it in writing, especially if you have receipts that clearly go way over the 2k limit

I'd like to know what they say about under-insuring, we have one bike that was £2100, I reckon that extra £100 can be lost as its got cheaper tyres and a much cheaper saddle than originally specced.

Couple of questions if I may ...

I have two secondhand frames so how should I go about valuing those? State what I paid for them?

Also I'm going to include the build cost of each bike, seems fair enough surely?

Like most people, I only used M & S Contents insurance for their bike cover, specifically their Premier Contents. They will undoubtedly lose some customers.

you have to say how much you need to buy the bike new not what you spent as it is new for old

But they'll pay out far less for expensive stolen bikes!

The company may want a valuation for second hand bikes, although likely only to be when it's nicked! Your LBS should be able to oblige.

Just got a quote from LV for contents only cover - £1,200 😯

But they'll pay out far less for expensive stolen bikes!

Who? M&S?

They pay out based on the full new value, very generous.

According to LV, the figure they would pay out would be the valuation. Again I tried to explain that components have been bought at different times.

So ... if a £4K bike got stolen, I wouldn't be able to replace it, like for like, for £4K. 😐

My head hurts!

[i]You'd have to ask them - they may give you the first £2k, or they may say that as the item was above £2k and not specified it's uninsured. I'd not be hedging my bets it's the former! [/i]

Since the only info M&S wanted for a £4k 'custom' bike was the frame name I'd say not. If you have to claim, then its the frame name and 'Shimano' in every 'box' except the fork. Not everyone is geeky enough to know the exact spec.

CG - when we got 'cleaned out', they did a like for like replacement on everything.

£300 custom build of second hand parts (including 10 year old frame with slightly ovalised head tube) = £3,000 'like for like' replacement. I just had to provide photographic evidence that I had the bikes in my possession.

Absolutely bananas policy, but I didn't complain.

EDIT:

Two DH bikes, two XC bikes, and 2 road bikes. Total was probably around £15-18k in replacements?

Between phoning the police to register the burglary, and receiving the payment via bank transfer = 14 days.

xiphon - is that M & S?

Yes. Although it was a couple of years ago now. We're still with them.

Thanks xiphon. M & S is actually beginning to look favourable. Was certainly impressed with how they dealt with my accident claim.

M&S wanted and extra £60 to cover my main bike to £4k, so I've just stuck at the £2k level.

The value of extra premium will probably depend on the overall premium anyway, and as ours is pretty cheap that's probably way its quite a lot more.

The way I read their amendments (and a few others have also mentioned it) is that in your example you're not covered AT ALL: Don't specify a bike over £2k and that bike is NOT covered in any way, for any amount.

Even if it was, the way insurance works is they would regard a £4000 item insured for £2000 as being 50% under-insured and they would only pay out £1k.

http://en.wikipedia.org/wiki/Condition_of_average

Yep, I sincerely doubt they'll pay out a penny if you're under insuring.

I think I read recently that a lot of these limits don't apply to bikes stored in the house. Not sure if I misunderstood, but as our bikes are never left unattended away from home and are stored inside the house, this could be quite an important point for me.

Is anyone able to clarify?

You're better off asking M&S directly. Only way to be sure.

£900 with M and S, so I went to a cycle type company the AA try them good price, bikes up to £1500 covered name 3 over and it still came in at £350

I've read that AA aren't new for old on bicycles. If true, it's not a like-for-like comparison with M&S.

Edit: I've just read their policy documentation and it states:

If your claim is for loss or damage to household linen, clothing or pedal cycles, we will take off an amount for wear and tear

It's a real mine-field. I've been trying for the last 3 days to get a better quote than M&S's renewal. Initially, the other companies provide very attractive, lower quotes, but then you have to adjust your details to make it as like-for-like as possible. So in my case: cover away from home, accidental, decent limits (item and total), excess. Then the quote sky rockets! Factor in most of the other policies aren't new-for-old on cycles and I still can't beat M&S, despite their premium increase. 🙁

Dedicated cycle insurance policy premiums are often 10% of cycle value, so they're out of the question.

Yes but you can name bikes up to 3 over £1500. I have 8 bikes in the house 3 of which are over that figure so all my bikes are covered. Be nice not to take off any £££s in the event but the real world states its best to. The money I've saved over the last umpteen years [saved £600 last yera] has more than paid for 2 top end bikes.

Yes, they're covered, but if you have to make a claim on a bike they won't pay out what they cost you. Bikes depreciate and you could lose hundreds, even thousands.

If any of them are a few years old (mine is over 8 years old) they'll reduce the payout for wear and tear to a point where, including your excess, it's not worth claiming and you've effectively been paying for nothing.

That's the thing with insurance - you have a choice of buying it, or self-insuring. It boils down to what you want, the risk you're willing to take, or can afford and we're all different.

I have a bike that initially cost me over £2600 and I've spent £100s over the years upgrading components. If it gets stolen I want to be able to replace it with a similar bike. If I insured with the AA I'd be lucky to get enough to buy an Apollo from Halfords. My situation is not unique.

The bottom line is, people need information to be able to make an informed choice. Many, if not most, people don't read all the documentation accompanying a policy, or simply miss parts. They just see the premium and click buy. So making sure people know some companys, e.g. the AA, deduct £££ for wear & tear, is very important. If they then use them, great. 🙂

Got my M&S renewal and premium's gone up a few quid a month. Have just done a quote and naming 'pedal cycles' has gone down to 'over £1000'. I added one bike over the limit and the quote was more than the renewal :(, so I'll be staying as l am, as it's £2000 limit.

?

I'm moving house in a matter of days so have been sorting out (reading: banging head against wall) all the boring crap, contents insurance being one of them.

M&S used to be great, £14 a month on the old policy, called them about moving my policy to my new address, it's now gone up to £22 a month (still not bad) which is probably reasonable for contents, but like everyone knows now, their pedal cycles amount is nowhere near the 'new for old' value of my Blur.

Done a quote with More Than which looks brilliant to be honest, just under a tenner a month with my bike and a guitar specified (over 8grand together), they're only insured when in the house, but the bike doesn't have to be locked to an immovable structure unless it's in an outbuilding. They also repair new for old.

This sounds pretty damn good, right? I've read through the entire policy book but is there anything else I should look for?

We've just moved and M&S confirmed that when our policy renews in August it will be on the new terms and any bike over £1000 will have to be named and therefore attracts a premium. They have continued the existing policy across to the new house for the meantime

All of my bikes are custom built - how would M&S value them if they got stolen?

change from M&S as at renewal as policy for bikes changed where premium was going to be charged

M&S were ridiculously good when my roadrat was stolen. Wheelies went thought a custom build breakdown in which I told them about every component on the bike. They then took RRP on each component, added it up, and gave me that sum to play with.

I guess thats what happens when the people you pay to value the loss are the same people selling the replacement.

Just checked my Policy and on renewal in December my £4000 limit for any item drops to £2000 for an individual bike, but covered in out buildings, although forced entry must be shown for the claim. Regarding the comments above, i thought you are insured on replacement cost, not what the bike is worth when its stolen.