Defaqto rating: 3/5 stars
Both the M&S Standard and Premier insurance policies hold three-star ratings.
Note: Not all Defaqto products with the same star ratings have the same covers and terms.
Fairer Finance rating: 4/5 stars
Fairer finance gave both the M&S Premier and Standard (with guaranteed replacement car and RAC breakdown cover) four stars out of five, one below the best rating which is awarded where the features most customers need and expect are included.
The Standard policy without these bolt-on extras received three stars.
Marks & Spencer (M&S) was founded when Michael Marks joined forces with ex-cashier Thomas Spencer in 1894, ten years after Marks, a Polish immigrant, opened his first market stall in Leeds.
M&S has changed a lot from those humble Victorian beginnings, when the stall bore the slogan ‘Don’t ask the price, it’s a penny’. The company’s latest annual report revealed group revenue of £10.2bn in 2019, and it can boast 1,463 stores across 47 countries.
Although fashion, home products and food remain its core business, M&S has also been active in the financial services sector since 1985. It began selling car insurance policies in 2004, the same year M&S Money, or M&S Bank as it became in 2012, was sold to HSBC.
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M&S car insurance has enough benefits to pique the interest of many drivers, although its Standard and Premier policies may particularly appeal in the following circumstances.
if you drive in Europe and would otherwise buy standalone breakdown cover
if you are concerned about the damage and injury uninsured, illegal motorists can cause
if you value the benefit of motor legal protection, which provides up to £100,000 of cover if you’re involved in a car accident that's not your fault, and need to pay legal expenses for uninsured losses
if you have children and know the high cost of replacement booster or child car seats
if you can appreciate the benefit of £200 of personal belongs cover, or £300-worth if you shop at M&S
M&S car insurance has many features that will appeal to drivers, but those with special requirements may feel they are better off considering other policy providers as M&S don’t offer a solution at present. These include people looking for telematic, multi-car and temporary insurance cover.
24-hour dedicated support: Policyholders can contact M&S car insurance in the event of a claim and will be assigned a personal support manager to work with them throughout the claims process.
Much of the news relating to M&S over the past six or so months has centred on the challenges posed by Coronavirus. But M&S insurance hit the headlines back in January 2020 when it announced it would reward new customers with M&S vouchers.
As of July 2020, new customers who buy a Premier car insurance policy receive a £50 M&S voucher, as do new home insurance customers. New Life insurance policyholders get £100.
The incentive coincided with M&S Bank’s decision to stop rewarding shareholders with paper Spend & Save vouchers. Increased printing costs and a fall in the number of vouchers that were redeemed were behind the decision.
The Financial Ombudsman Service received fewer than 10 complaints about M&S motor insurance in the first half of 2020 (which could have been a single complaint). But M&S’s provider, BISL, received 76 complaints. To put that in context, 67 firms had 10 or more complaints each and those totalled 4,550 complaints. Nearly 200 firms had fewer than 10 each, sharing just 479 complaints between them.