Self Insure

Peter999_2

Does anyone else Self Insure?,

In 1992 I bought an Amiga from Comet, and paid for the extended warranty. About 6 months later it went faulty, just wouldn't switch on. I took it back to Comet, it was sent away and surprise surprise it had "water damage" and therefore not covered.

Since that day I have never insured any product, I only have house, car and life insurance. I see this as self insuring, I save the money I would have paid for insurance and use this to replace replace anything I have bought. I reckon I've saved hundreds over the years, nothing I have owned has gone wrong within the first three years (aside from hard drives etc.) even my washing machines have lasted a minimum of 6 years.

When I've mentioned this to friends they think I'm crazy not to insure TVs, computers etc. but these are the same people who moan at me when their insurance claims are turned down (I worked in insurance for 20+ years).

Anyone else self insure?

dacouch

Peter did you write this article...

http://www.thesun.co.uk/sol/homepage/features/3997837/Do-you-need-costly-service-package.html

Peter999_2

Haha, no but it looks like a good article.

To be honest, I felt so ripped off by Comet - I know perfectly well there was no water damage. I am quite stubborn and even if the extended warranties were value for money I'd never have another as I hate being ripped off.

It always made me laugh when I'd be turning down the warranty and the Currys/Comet/Dixons salesperson would tell me that I might as well take out the warranty and then in 5 years time throw it down the stairs and get a brand new one. I would always then mention the fact I worked for an insurance companies and to do so would be fraud. This usually shut them up.

Its one of the reasons I buy a lot from places like Argos and via the internet so I don't get the hard sell for the warranty.

forgotmyname

Besides the house and car i insure nothing. I even took the bikes and stuff off the contents because it added too much. We secure them at all times so thought why bother. Probably saved enough already to buy new ones anyway.

Although I was tempted by the insurance the guy in Dixons tried to sell me for an alarm clock. It was something like £8 for the clock and £6 to insure it... Although that may have been backwards.

Was so tempted. NOT...

dacouch

Peter999 wrote: »

It always made me laugh when I'd be turning down the warranty and the Currys/Comet/Dixons salesperson would tell me that I might as well take out the warranty and then in 5 years time throw it down the stairs and get a brand new one. I would always then mention the fact I worked for an insurance companies and to do so would be fraud. This usually shut them up.

Currys make me laugh with the cost of their warranties which are not even Insurance backed. To avoid regulation by the FSA for their sales staff and avoid IPT they pay the money into a trust. You can imagine the profits these plans generate without the above and the costs of the FCSC and Ombudsman.

Your story reminds me of a major Insurer whose area manager used to visit us on a regular basis. He was old school Insurance and had been with them since leaving uni. He put in a claim for EOW and his own company sent out their approved contractors who suggested they could also add lots of extra work to the job for him and put it through the Insurance.

InsideInsurance

For paid personal insurance I simply have car, home, life, pmi and phi with the last 3 mainly being due to running my own service company

Through banking I have mobile, travel, extended warranty, breakdown etc

Travel has "paid for itself" easily as we travel most Xmas' and are fairly frequently delayed etc.

Would never buy extended warranty as they are proportionally to the value of the item they are far too high and I have no electrical items that I cannot afford to replace and so if my TV were to die tomorrow I'd just see it as an excuse to get a new one.

vaio

I insure things I'm legally obliged to.....car & employees plus things I couldn't afford to replace so house.

I used to have life as well but that stopped when mortgage finished & offspring flew the nest.

I'm inclined to treat insurance as being for the catastrophes in life not a broken TV or leaking pipe

molerat

Only the car and house. A few years ago when my NHS dentist went private they wanted £15 per month from each of us for a plan. As I had enough in savings to be able to pay for a very large bill if necessary I decided to put that £30 per month into a savings account. We are now over £2K up even after fillings and crowns !!

chucknorris

forgotmyname wrote: »

Besides the house and car i insure nothing. I even took the bikes and stuff off the contents because it added too much. We secure them at all times so thought why bother. Probably saved enough already to buy new ones anyway.

Although I was tempted by the insurance the guy in Dixons tried to sell me for an alarm clock. It was something like £8 for the clock and £6 to insure it... Although that may have been backwards.

Was so tempted. NOT...

Me too, but I also self insure for my house (but not for my investment properties).

hcb42

I also do this, car, home (not AD!) and life insurance is my lot. And travel when I go overseas.

pumpkin01

we have house and car insurance. life insurance and income protection. travel insurance on an annual policy. and work related insurance

nothing else. my mobile is worth about 5p so no point in that. i think appliance insurance is really expensive and wouldn't bother with it.