LONDON, UNITED KINGDOM--(Marketwired - Jul 16, 2014) - With Chris Froome out of the Tour de France, Andy Murray falling short at Wimbledon and England putting on their worst ever World Cup performance, Nationwide Building Society is calling sports fans to avoid further frustration by making sure any valuable sports equipment is properly insured outside of the home this summer.
As people emulate their fallen heroes on the streets and in the parks, many may not have checked whether their equipment - such as bicycles, cricket kit, golf clubs or tennis racquets - are insured should they be lost, accidentally damaged1 or stolen when they are out and about2. Nationwide figures show that having no personal possessions cover is one of the main reasons why its home insurance claims are declined.
And with the example of last year's Tour de France winner Chris Froome being forced to retire in the current event after a trio of crashes, there is every reason for amateur riders to properly insure their equipment in case of a prang, fall or scrape while enjoying a ride. Accidental Damage is the biggest reason why Nationwide Home Insurance customers make a claim, accounting for around half of all claims made.
Martyn Dyson, Nationwide's Head of General Insurance, said: "We have endured a disappointing summer of sport, with the World Cup, Wimbledon and Tour de France having reduced a nation to frustration. The lure of these big ticket sporting events means more people than ever will likely be out and about playing sport, and with that comes the risk of losing and accidentally damaging expensive equipment or having it stolen.
"But we don't want this to be a case of all the gear and no idea. Therefore it's essential that people are insured for the appropriate value of their equipment. We would urge people to check their insurance and make sure they have the appropriate level of cover, whether at home or away."
Sports equipment and bicycles are automatically covered in the home as part of the contents section of both of Nationwide's Home Insurance and Home Insurance Essentials policies. The policies also provide up to £5,000 and £2,500 cover, respectively, for sports equipment and bicycles stolen from a garage or outbuilding1.
Home Insurance, which is Nationwide's highest level of cover, automatically provides £4,000 personal possessions cover, including accidental damage2, for any one item3 - including sports equipment outside of the home1, while bicycles are separately covered up to the value of £1,000 (unless a specified item)4.
Home Insurance Essentials, which is Nationwide's standard level of cover, offers optional personal possessions cover, which includes accidental damage, and provides up to £2,000 for any one item3, while bicycles are separately covered up to the value of £500 (unless a specified item) 4.
Notes to editors:
1 The policy will not cover theft of any bicycle when it is unattended and is not in a locked building or immobilised by a security device.
2 Sports equipment is not covered when it is in use. The policy will not cover loss of or damage to any bicycle whilst it is being used for professional racing, pace making or trials.
3 Applies to any one item, set or collection unless customer's schedule states otherwise
4 These limits cannot be increased.
Nationwide Buildings and Contents Insurance:
Home Insurance is Nationwide's highest level of cover with extra benefits as standard and includes:
- Unlimited buildings cover for eligible properties
- £100,000 contents sum insured (can be increased)
- Buildings and contents accidental damage, including damage caused by pets
- Matching items cover
- Cover for personal possessions outside the home (e.g. mobile, laptop, clothing, bags, bicycle)
Home Insurance Essentials is Nationwide's standard level of cover for your home and belongings and offers:
- £1,000,000 buildings insurance cover
- £50,000 contents sum insured (can be increased)
- Optional accidental damage and personal possessions cover (can be added for an additional premium)
- Theft and loss of keys (up to £500)
- Cost of fixing the damage caused to trace and access a leak (up to £5,000)
Both policies offer:
- Home Emergency cover and Legal Assistance cover are available as optional extras on both policies.
- More information on Home Insurance and Home Insurance Essentials, can be found here: http://www.nationwide.co.uk/insurance/default.htm
- Each policy has different limits for unspecified personal possessions, bicycles and individual item limits (for valuables or personal effects, whether covered inside the home only or inside and outside the home).
- Nationwide's Home Insurance and Home Insurance Essentials are underwritten by U K Insurance Company Ltd (UKI). Home Emergency and Legal Assistance are underwritten by DAS Legal Expenses Insurance Company Limited. The legal advice service is provided by DAS Law Limited and/or a preferred law firm on behalf of DAS.
- Terms, conditions, exclusions and limitations apply.
- Nationwide's Home insurance will pay for accidental loss of or damage to personal possessions and any other item specified in the personal possessions section of your schedule while that property is inside the British Isles.
- Personal Possessions are defined as: Valuables, luggage, clothes, sports equipment, bicycles and any other items you normally wear, use or carry which belong to you or for which you are legally responsible.
- Sports equipment is defined as articles used for sports activities, including sports clothes specifically designed to be used for any sports activity and belonging to you. However, it does not include any vehicle, sand yacht, watercraft (including windsurfers, kite boards and surfboards), aircraft (including hang-gliders) or their accessories, and bicycles.
- Sports equipment is not covered when it is in use.
- The policy will not cover loss of or damage to any bicycle tyres or accessories unless the bicycle is lost or damaged at the same time.
- The policy will not cover loss of or damage to any bicycle whilst it is being used for professional racing, pace making or trials.
- The policy will not cover theft of any bicycle when it is unattended and is not in a locked building or immobilised by a security device.
About Nationwide Building Society
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.
Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.