Contents insurance how does it work ?

pinkteapot

elsien said:

So if you had a bike which was normally kept locked in a shed (for example) but you'd left it outside unsecured for a few hours and it went awol, they would query as to whether you had taken enough care to prevent that from happening. 

Yes, and a lot of insurance policies specify in the small print that your bike must be locked when left outside. Some may even specify a type or quality level of lock. It's important to read the policy documentation in full to understand what your obligations are in terms of looking after your stuff. 

MovingForwards

greatcrested said:

Out of interest, what's a "scooter"? Would it not need cover like a motorbike including 3rd party cover, rather than a bicycle on a home policy, ?

It's one of those two wheeled things kids normally have with the stick at the front that they glide along on one foot while scooting the other off the pavement, only an electric version. Not a motorbike / scooter.

https://forums.moneysavingexpert.com/discussion/6160569/electric-scooters#latest

Which doesn't make sense as to having it, but not using / taking it outside.

venomx

Bike is covered inside
scooter covered inside  so I’m happy with that
after reading the agreement it states in the event of a claim no item must be over £2,000 and the total claim can only be upto £10.000 altogether ( for valuables )

hopefully I don’t need to make a claim as I’ve been renting for over 3 years now with no problems

saajan_12

venomx said:

lets say a £300 item goes missing . Would the insurer just replace it after you pay the excess ? Surely they would be out of pocket though as the cost of the claim could be higher than the excess and premium 

Wouldn't really make sense for you to have insurance if the value = premium + excess every time, as you don't save anything when something does get lost and pay away premium if nothing gets lost. The point of insurance is you pay a small, affordable amount regularly to take away the risk of the big unaffordable bill IF something bad happens.

Instead, the premium from lots of people who don't lose anything will cover the claim for the one person who does. Everyone gets to live with less risk though, which is why its fair.