Appliance Insurance - Steam Iron

chocolatepennyfarthing

Looking at taking out an extended warranty for a steam generator iron I purchased for £200. Have been quoted £47 by D&G, is this reasonable for 12 months cover? are there any other insurers that you would recommend?

dwsjarcmcd

Paying over 20% of an items value annually is terrible value. What are you covered for? Does it include breakdown? If not it would probably be covered by you Contents for nothing. At a guess, of your £47, half is commission and another 40% is costs and profit. Probably worth paying about £5, or not bothering and put £5 a month away and self insure

chocolatepennyfarthing

Last one stopped working after 13 months and unable to find anyone to repair, hence why looking at insurance this time round.

hcb42

i would never take out these insurances, not even on washing machines etc. They are extortionately expensive

I take the self insure view, on balance it will last more than 4 yrs, it will almost certainly last longer than a year - put the £47 away in your bank account for rainy days

maginot

I agree with the others, you are not covered for more than what you get under soga anyway.

One: as you stated you get 12 months warranty anyway.
Two: electrical items depreciate very quickly as technology improves, so same item could be a lot cheaper in 12 months time.

You were unlucky for an item to break down just out of warranty, but for all those times it doesn't you will likely be up in the long term if you put this money in a separate savings account.

Also if the item is expected to last longer than 13 months you could still go back to the retailer to get some recompense under the soga, you just need to prove the fault yourself.

lisyloo

Last one stopped working after 13 months

I would be asking them for a replacement under SOGA (your statutory rights) as this doesn't sound fit for purpose.
I had a big TV fail after 13 months just ouside warranty, they initially tried to fob me off but once I'd satisfied them that I knew my rights, they repaired it free of charge.