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Marks and spencer insurance ripoff

monstadogmonstadog Posts: 80
edited March 2008 in The bottom bracket
I know many cyclists use M+S home insurance cover as they offer good cover on cycles, both at and away from home.

I just had my renewal premium. Up by over 40% !!!! >:( >:( :

I havent had any claims, I havent changed circumstances, so why the hike?

The reason given by their customer services? I'm paying for everyone elses claims!!! :-?

I've just emailed them and told them to stick it where the sun doesnt shine. :-D

I would suggest that if you use M+S for insurance you look at your renewal premium carefully.

You have been warned

Posts

  • Steve928Steve928 Posts: 314
    Just had my renewal quote through from M&S too: up by 16%.

    Not great, but very different from your 40%.
    The increase must be related to location/area I guess..?
  • toontratoontra Posts: 1,160
    After all the recommendations by cyclists I got an online quote today. The basic contents insurance is OK at £170, about the same as my present one. But if you want "away from home" cover (which you obviously do for a cycles) then this bumps it up by £90, which then makes it more expensive than my current policy (with itemised cycle cover for £2500).

    I guess the upside is all your contents are covered away from home. I'll have to think about the relative benefits.

    What are M&S like about paying out for bikes?


    a serious case of small cogs
  • Gavin GilbertGavin Gilbert Posts: 4,019
    Rip-off? So where do you think the money to pay claims comes from? Would you be happy if the M&S Underwriter charged you an uneconomic premium but was insolvent by the time it came to pay your claim?

    The only 'rip-off' in the insurance world is by the claimants who submit fraudulent or inflated claims.
  • monstadogmonstadog Posts: 80
    Rip-off? So where do you think the money to pay claims comes from? Would you be happy if the M&S Underwriter charged you an uneconomic premium but was insolvent by the time it came to pay your claim?

    The only 'rip-off' in the insurance world is by the claimants who submit fraudulent or inflated claims.


    Ripoff? yes. and I dont need to be patronised, thanks

    I wouldnt have minded a small increase. But we are talking over 40%. for someone who has no claims ( I have not made an insurance claim for 15 years.)

    they have made thousands out of me with no pay out. Why should I pay for those who do claim?
  • Clever PunClever Pun Posts: 6,778
    Cause that's how insurance companies make money, they're a business after all.

    Luckily given competition you can find a cheaper quote.. hardly the end of the world is it?
    Purveyor of sonic doom

    Very Hairy Roadie - FCN 4
    Fixed Pista- FCN 5
    Beared Bromptonite - FCN 14
  • monstadogmonstadog Posts: 80
    Clever Pun wrote:
    Cause that's how insurance companies make money, they're a business after all.

    Luckily given competition you can find a cheaper quote.. hardly the end of the world is it?

    I'd agree normally but few companies have the bike cover M+S do, which is why I have brrought it to peoples attantion as many use M+S specifically for this.although it now looks worth getting seperate bike insurance. and go for the most competeive house insurance.

    And no, its not the end of the world. :roll:
  • Gavin GilbertGavin Gilbert Posts: 4,019
    monstadog wrote:

    Ripoff? yes. and I dont need to be patronised, thanks

    I wouldnt have minded a small increase. But we are talking over 40%. for someone who has no claims ( I have not made an insurance claim for 15 years.)

    they have made thousands out of me with no pay out. Why should I pay for those who do claim?

    You're being rated on the claims experience of a lot of people who look exactly like you as far as the Underwriters are concerned. Insurance works by aggregating and controlling risk, and your personal claims history is only one factor that gets fed into the rate calculation. You won’t get a personal service unless you have a fleet of 737s, or a couple of oil rigs, or a chain of petro-chemical plants to cover.

    As for ‘patronising’ – I assume you’re a refugee from Elsewhere. This is the old C+ forum, not the hippie heaven. If you make dumb statements here you won’t be getting group hugs…..
  • monstadogmonstadog Posts: 80
    monstadog wrote:

    Ripoff? yes. and I dont need to be patronised, thanks

    I wouldnt have minded a small increase. But we are talking over 40%. for someone who has no claims ( I have not made an insurance claim for 15 years.)

    they have made thousands out of me with no pay out. Why should I pay for those who do claim?

    You're being rated on the claims experience of a lot of people who look exactly like you as far as the Underwriters are concerned. Insurance works by aggregating and controlling risk, and your personal claims history is only one factor that gets fed into the rate calculation. You won’t get a personal service unless you have a fleet of 737s, or a couple of oil rigs, or a chain of petro-chemical plants to cover.

    As for ‘patronising’ – I assume you’re a refugee from Elsewhere. This is the old C+ forum, not the hippie heaven. If you make dumb statements here you won’t be getting group hugs…..

    I'd like you to point out where the dumb statement is. All I was doing was warning people, many of whom use M+S for their cycle cover that their rates are jumping by alot.

    I have posted elsewhere, as I have here ( including 3000 odd times when it was c+) and other cycling forums. I certainly wouldnt class myself as a hippy or in particular need of a hug. Just havin a bit of a moan and giving people the heads up.

    If you arent interested, go bother someone else, other members have found this useful if you read the other threads.

    If I remember rightly you got kicked off ACF for being obnoxious there as well :D
  • ddraverddraver Posts: 22,092
    Gavin you re being a bit of a censored here :P :P
    We're in danger of confusing passion with incompetence
    - @ddraver
  • ddraverddraver Posts: 22,092
    thats a woard beginning with b, rhymes with witch
    We're in danger of confusing passion with incompetence
    - @ddraver
  • monstadogmonstadog Posts: 80
    ddraver wrote:
    Gavin you re being a bit of a ***** here :P :P

    Nah, he just thinks he's hippy baiting :D:D:D
  • pingpongpingpong Posts: 97
    It's not just any old insurance...it' s m+s taking the p**s insurance. Some one as got to foot the bill for the adverts :)
  • TheBoyBillyTheBoyBilly Posts: 749
    Twiggy's worth every penny (showing my age here :oops: )

    It's always an idea to shop around for a quote but make sure you get a "like for like" one
    That said, a 40% hike is a lot, even in these mad times
    To disagree with three-fourths of the British public is one of the first requisites of sanity - Oscar Wilde
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