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?
Bike Insurance
Moderators: Philip Whiteman, George, Dave Cox
Bike Insurance
"You only need two tools: WD40 and duct tape. If it doesn't move and it should, use WD40. If it moves and it shouldn't, use duct tape"
It's years since I looked into it, Alan, but last time I did I came to the conclusion you have: insurance away from the house doesn't make financial sense. In your case, you've got to have a £1200 bike stolen once every three years to break even. Unless you're doing some very high-risk stuff, it's much cheaper not to be insured and to take it on the chin if the worst happens.
My approach to all insurance is this: the average person who takes out the insurance must pay more in premiums than the average person claims. Otherwise insurance companies would all go bust. So insurance only makes sense if the worst-case scenario is something you couldn't cope with. If your house burnt down, for example, you couldn't afford to build a new one. So you insure your house. But if your £200 phone gets nicked or your dog needs a £500 operation ... well, fate's dealt you a dose of shite, but one way or another you'll find the money. (Even better, you have, as you suggest, already got it stashed away in a rainy day account or a jam jar.) And the cost of coughing up for all the things like that that happen to you over, say, thirty years will always be less than the cost of all the insurance premiums you would otherwise have paid.
My approach to all insurance is this: the average person who takes out the insurance must pay more in premiums than the average person claims. Otherwise insurance companies would all go bust. So insurance only makes sense if the worst-case scenario is something you couldn't cope with. If your house burnt down, for example, you couldn't afford to build a new one. So you insure your house. But if your £200 phone gets nicked or your dog needs a £500 operation ... well, fate's dealt you a dose of shite, but one way or another you'll find the money. (Even better, you have, as you suggest, already got it stashed away in a rainy day account or a jam jar.) And the cost of coughing up for all the things like that that happen to you over, say, thirty years will always be less than the cost of all the insurance premiums you would otherwise have paid.
I am so glad that you have posted that George as those are my exact thoughts entirely, so many thanks for taking the time to post.
So I have reduced my car insurance yesterday by £105 p/a and it looks like a saving of £400 with the house insurance today, so that near enough covers the cost of a new pair of wheels....
Only kidding wifey, if you read this.....
So I have reduced my car insurance yesterday by £105 p/a and it looks like a saving of £400 with the house insurance today, so that near enough covers the cost of a new pair of wheels....
Only kidding wifey, if you read this.....
"You only need two tools: WD40 and duct tape. If it doesn't move and it should, use WD40. If it moves and it shouldn't, use duct tape"
