14 June 2010

Summer Cyclists Urged To Check Insurance Cover

• Over a quarter of cyclists have had at least one bicycle stolen in last two years
• M&S Home Insurance provides unlimited cover for bicycles, at home or outside*

As we approach National Bike Week (19-27th June), a new survey* by M&S Money has revealed that over a quarter (27%) of cyclists have had at least one bicycle stolen in the last two years. 

The poll found that over three quarters (76%) of UK adults have at least one bicycle in their household belonging to them or a family member. Over a third (36%) of people who do not currently have a bike are considering buying one in the future.

The survey showed that the average bike value is £240, making cycles a prime target for thieves. M&S Money is urging cyclists to make sure their home contents insurance covers their bikes for theft outside of their home, as well as in the home. M&S Home Insurance provides unlimited cover for bicycles, at home or outside. A bicycle does not need to be specified on the policy unless the value is £4000 or more*.

Andrew Ferguson, M&S Head of General Insurance, said: "Cycling can certainly be a popular activity, particularly as the evenings are lighter and the weather is warmer. It is important that if people have a bicycle already, or are considering making a new purchase, they make sure it is covered adequately by their home insurance policy."

Tips from M&S Money to help secure bicycles:

• If leaving a bicycle in a shed, make sure it is padlocked inside the shed and that the shed itself is locked
• If leaving a bicycle in a garage, close the garage door so thieves cannot spot the bicycle
• Record the make, model and serial number of the bike in case these are needed for police records
• If your bike has quick release wheels remember to chain up both the front and bike wheels to avoid them being stolen
• Remember to carry a padlock when out and about and lock it even if only leaving the bike   for a very short period of time.

Marks & Spencer Home Insurance is available by telephone on 0800 068 2742 and online at www.marksandspencer.com/homeinsurance

ENDS

Notes to Editors

* Items worth over £3999 must be specified. Cover away from the home is an optional extra on M&S Premier and Standard home contents policies.

Survey carried out by OnePoll for M&S Money on 30th-31st May 2010. Total sample size was 2000 UK adults. The survey was carried out online. The figures were weighted and are representative of all UK adults (aged 18+).

For further information please call the M&S Money press office:

Simon Coughlin on 020 7992 1574
simon.coughlin@mandsmoney.com

Liz Neild on 01244 686 068
liz.a.neild@mandsmoney.com

M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company's 25th anniversary.

The company is a top-ten credit card provider and the second-largest travel money retailer in the UK.  M&S Money also offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

M&S home insurance policies are provided by AXA Insurance UK plc. Terms, conditions, exclusions and limitations apply. Calls may be monitored and recorded.