Beware new terms on M&S insurance. Advice?

notax
notax Posts: 138
edited July 2013 in Road buying advice
I have had my house insurance with M&S for many years, as have a number of biking friends, as they used to cover any unnamed item up to a value of £4k. As I had approx 5 bikes each worth £4k their policy was a no brainer for me and they confirmed all the bikes would be covered under the standard policy. I have just had my renewal and they have now sadly brought in a £2k limit for bike claims.

I still have a valuable collection of bikes and am about to add another worth £7k. Does anyone have any recommendations? I live in a house and the bikes are kept locked in an alarmed garage. Thanks

Comments

  • Anonymous
    Anonymous Posts: 79,665
    PM me your address and I will send you the info in the post 8)
  • notax
    notax Posts: 138
    Thanks Carbonator - if you hadn't posted so often I'd be concerned you might be looking to relieve me of £20k of bikes once you have my address! I'll send you a PM, in the meantime if anyone else has any suggestions please let me know.
  • foggymike
    foggymike Posts: 862
    I paid a bit more but raised the excesses on buildings and maintainence to compensate. It's still expensive but for me cheaper than the other options I looked at. Why not phone them, give the bike details (they just want a name and overall value for each bike, that's it) and ask what difference it makes if you change the excess?
  • Anonymous
    Anonymous Posts: 79,665
    Just to confirm guys, my above post was meant to be a joke.

    I have M&S insurance too and just had to pay the extra for my bikes as it was still the best option for us.

    I think new customers only get £1000 of free cover so I guess it could be worse.
  • notax
    notax Posts: 138
    Thanks guys, I'll call M&S and see just how bad their renewal is. I am tempted not to insure all the bikes - a separate quote was around £2,000pa!!! The risk if I don't insure them all is that the insurance company could pro rata down the claim I make for those that are stolen - ie if your contents are worth £50k, you insure them for £25k and have a total loss, you will only receive £12.5k as you had effectively only insured 50% of their true value - this catches a lot of people out...

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