AlanW Posted June 7, 2014 Report Share Posted June 7, 2014 We are looking at reducing some our monthly outgoing and the house/building insurance has now come under scrutiny as being one that needs to be reduced. We are currently with Marks and Spencer who provide excellent cover primarily because of the number of bikes and the overall value and the fact that everything is unlimited. In fact, the cover is so good they no longer offer it to new customers! As a point of interest, I did an online quote with M&S like for like this afternoon and it was £600 p/a more expensive than we are currently paying! But this level of cover clearly comes at a cost when compared to other quotes that I have got today. All the bikes are also covered when away from the home (worldwide) and this is the benefit that increases the premium. Most of the quotes I've had will cover the bikes at home and all to the original values, BUT not when away from the home. However, I can save in the region of £400 p/a by not having it. My thought would then be to save (me save...ha) that £400 in another account and build that money up just in the event that one was stolen. So before I act, I was wondering how others have theirs insured? Link to comment Share on other sites More sharing options...
Sean Barker Posted June 7, 2014 Report Share Posted June 7, 2014 Alan a lot of home insurance policies will cover bikes and cover them worldwide. Mine does. Obviously you have to pay extra for that cover but it’s the cheapest option for that sort of cover I was insured with Saga and had that level of cover (all of my bikes named and covered) I have just changed my home insurance because as usual it doesn’t pay to remain loyal. I have the exact cover with my new insurance policy, all my named bikes are covered against theft, the only proviso is that if it is unattended it must be in a locked room (a garden shed counts) or be locked to an unmovable object. Look on one of the compare sites there are a few that will cover your needs Link to comment Share on other sites More sharing options...
AlanW Posted June 7, 2014 Author Report Share Posted June 7, 2014 Well you say that a lot of companies will cover away from the home, from my experiance this afternoon that is NOT the case when the overall value increases. We have a number of bikes in our household with quite a high total value and a lot of companies stop quoting when the value exceeds £10k. As it stands with our M&S policy I have unlimitied building and contents cover, (but as you say this comes at a price), circa £600 p/a, plus all 9 bikes covered in and away from the home. I can reduce that figure for circa £200 for identical building and contents cover and all the bikes are all covered while at home, but NOT when away from the home. However, I can save £400 p/a in the process which is significant amount of money. So multiply that figure by the number of years that I have had this policy, around eight years, thats £3200 that would have bought another replacement bike anyway! In saying all that, I had a very interesting quote from Direct Line today, which I will investigate in more detail later Link to comment Share on other sites More sharing options...
Sean Barker Posted June 7, 2014 Report Share Posted June 7, 2014 Right that over £10,000 in total value could well be a factor I hadn’t reached as the combined value of my four bikes is around £8.000 which would keep me below that ceiling. I’m currently with the AA by the way who were the best value I could find with the necessary cover. Link to comment Share on other sites More sharing options...
AlanW Posted June 7, 2014 Author Report Share Posted June 7, 2014 I actually tried the AA and it was all looking quite promising untill I added the "away from home" cover and then the system went into melt down I think. Then promptly refused to insure me for that number of bikes Link to comment Share on other sites More sharing options...
Sean Barker Posted June 7, 2014 Report Share Posted June 7, 2014 Here's a couple of outside the box ideas 1 only insure bikes to a combined value of under £10.000 outside the house. just keep one of them as a non stop ride bike 2 now this is a little creative; Have the bikes that take you over that threshold added to someone else's insurance policy ( a family member perhaps?) you cover them for the extra and what the hell it stays in your place as it's covered anywhere anyway. Link to comment Share on other sites More sharing options...
Mrs DAVIES Posted June 9, 2014 Report Share Posted June 9, 2014 Alan a lot of home insurance policies will cover bikes and cover them worldwide. Mine does. Obviously you have to pay extra for that cover but it’s the cheapest option for that sort of cover I was insured with Saga and had that level of cover (all of my bikes named and covered) I have just changed my home insurance because as usual it doesn’t pay to remain loyal. I have the exact cover with my new insurance policy, all my named bikes are covered against theft, the only proviso is that if it is unattended it must be in a locked room (a garden shed counts) or be locked to an unmovable object. Look on one of the compare sites there are a few that will cover your needs Link to comment Share on other sites More sharing options...
Mrs DAVIES Posted June 9, 2014 Report Share Posted June 9, 2014 Who are you insured with? Link to comment Share on other sites More sharing options...
Mrs DAVIES Posted June 9, 2014 Report Share Posted June 9, 2014 We are looking at reducing some our monthly outgoing and the house/building insurance has now come under scrutiny as being one that needs to be reduced. We are currently with Marks and Spencer who provide excellent cover primarily because of the number of bikes and the overall value and the fact that everything is unlimited. In fact, the cover is so good they no longer offer it to new customers! As a point of interest, I did an online quote with M&S like for like this afternoon and it was £600 p/a more expensive than we are currently paying! But this level of cover clearly comes at a cost when compared to other quotes that I have got today. All the bikes are also covered when away from the home (worldwide) and this is the benefit that increases the premium. Most of the quotes I've had will cover the bikes at home and all to the original values, BUT not when away from the home. However, I can save in the region of £400 p/a by not having it. My thought would then be to save (me save...ha) that £400 in another account and build that money up just in the event that one was stolen. So before I act, I was wondering how others have theirs insured? Link to comment Share on other sites More sharing options...
Mrs DAVIES Posted June 9, 2014 Report Share Posted June 9, 2014 We have this one. Only bikes above £1000 are named. Only bug bear is have to be locked with a massive lock. Link to comment Share on other sites More sharing options...
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