"Insurance" for new washing machine

nicki_2

Just had a sales call from "B*ots Kitchen Appliances" regarding my new washing machine purchase. They've basically offered me insurance of £5.99 a month to cover my Zanussi washing machine for life - they'll cover all repairs and if the machine can't be repaired they'll replace it with a new machine like for like. I've never taken this sort of thing before and was wondering whether people think this is an acceptable amount to pay or would I just be better off putting £5.99 away each month & if something goes wrong with my machine pay for it myself?

I'm on benefits and really had to juggle money around and cut back to basics to be able to pay out for this new machine. I'm trying to pay off my debts so I'm not really interested in increasing my outgoings unless it is really worth it!

Opinions please?

luci

It's a gamble whether your machine needs repaired or not.

I bought a Zanussi washing machine about 14 years ago and it needed repaired within the first year's guarantee. The engineer told me the board he replaced would have cost £270.

As that was a lot of money then I took out the extended warranty with Domestic and General under the same terms you describe, ie new machine if they couldn't repair it.

However after about 8 years I stopped it as I decided I would prefer a newer, more modern machine if it were to break rather than a repaired old machine.

alicebluegown

Not worth it! You're entitled to a life from the machine that's in keeping with expectations for such appliances, so that would exceed the warranty period anyway. Then you're paying over £200 in the first 3 years, £360 in 5 years for what by then is an oldish machine.

nicki_2

Thats what I was thinking Poor lad, I gave him the run around - "sorry I don't know if I could afford that per month", "no I haven't got my bank details to hand - I shred all my bank statements immediately", "sorry my debit card snapped in a PIN machine yesterday", " no my modem is not working so I can't access the info online" :rotfl: Thats one offer I won't be taking up then

dzug1

You are in general better off self-insuring on this sort of thing - as long as you are prepared to accept an occasional large bill when you don't want it.

In the long run you are paying both for the repairs and the insurance company's profit on the deal. In the short run you might gain in a particular year.

charliepink_2

Hi, my washing machine broke down 10 months after i bought it. Luckily it was just a blocked pump and was easily fixed. I have now taken out the insurance just incase it happens again mine is £4.75 a month but i can stop the payments at anytime. I have it also with my tumble dryer and that has broken down 6 times in 2 yrs! So with the tumble dryer i have had my moneys worth. It just depends on peoples circumstances. I think if you use it a lot like i do then yes i would have it but if you use it less then probably not.

Anihilator

alicebluegown wrote: »

Not worth it! You're entitled to a life from the machine that's in keeping with expectations for such appliances, so that would exceed the warranty period anyway. Then you're paying over £200 in the first 3 years, £360 in 5 years for what by then is an oldish machine.

Yes but life doesnt mean repair free which means after year 1 (or the warranty) any repairs required may well come from the OP's pocket unless they are catastrophic faults.

bouncydog1

I wouldn't bother buying the insurance - you will get one year's warranty as standard I believe - save the £6 per month separately and at the end of the year you will have £72 towards any repairs needed -no repairs year 2 = £144 which is probably not far short of what is needed to buy another machine with a one year standard warranty - get my drift! If you get a fault in year 2 that's bad luck as generally machines last a few years - once they're 5 not worth repairing.

MIL paid out £5 pm for about 12 years as "good value". When we pointed out what she had ended up paying for the machine in cash plus warranty plus ineffeciency costs of electric, water, detergent etc. she realised that extended warranty was not a saving!