UKBouldering.com
the shizzle => shootin' the shit => two wheel spiel => Topic started by: fatkid2000 on October 07, 2013, 01:12:57 pm
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M&S have changed their bike insurance.
You have to specify bikes over £2k - still the cheapest I could find & covers them world-wide even if accidental damage.
It's replacement value - I.e new for old.
Putting my 3 on put an extra £100 on the premium.
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For new policies only i guess? Thanks I'll check it out when I renew ours.
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Pretty sure it's been in effect for 18months...
Any over 2 k need valuing before theft by a bike shop iirc...
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It's for new and renewed policies - apparently been in place for renewals / new policies since April.
You just phone them and tell them replacement value - don't need a bike shop valuation.
Any under £2k don't need specifying.
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Cheers,
Might be Halifax for the valuations... I forget who I am insured with this year... One of them went up massively... I rung up, threatened to leave, they dropped the price by 30%
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Just to add to this...
If you don't declare a bike that is worth over 2k and it's stolen then it's not covered at all; i.e. they won't just pay the first 2k of a more expensive bike.
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thanks Bubs...
need to get on the phone, as will many.. some on here..
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They seem to have started messing around with the policies a couple of years ago and I coincidentally had to move the insurance policy for another reason. I came across very few policies insuring bikes like M&S used to but found one via Lark Insurance to cover bikes to whatever value was needed. I think its underwritten by Aviva but the policy insures bikes to their value within a reasonable household policy. Shop around.
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So I've just spoken to M&S, the deal is £2k for existing customers (ours is a 'premium' policy so not sure if others are different), but only £1k for new customers. Importantly if you buy a bike second hand for under £2k but to replace new it would be worth over £2k you still need to specify it as it is a new for old policy. It will add a fair bit to the premium. They didn't need proof of ownership or photos etc, just make/model/any upgrades etc.