5 year guarantee or warranty on white goods

pbartlett

photome said:

unholyangel said:

In addition to the above, I've never seen a D&G policy that would be sensible to purchase (at least imo).

Say they're offering cover at £10 a month - £120 a year. However remember that you would need to keep paying that, to be covered. If you stopped cover or wanted to upgrade due to age, you'd still need to buy a brand new machine out of your own pocket and writing off every payment you'd made under the policy. 

Personally, I'd rather pay the £10 into a high interest account than take an extended warranty. 

Can you point me to one of those 

Happy to!!. Virgin Money will pay .35% which is extremely high compared with Nationwide (the savings champions) instant access account at .01%!  Indeed, the VM current account is paying a lot more for balances under 1000 which should cover most washing machines

Sterlingtimes

Thank you, all, but my question hasn't quite been answered. Let me provide an illustration:

Currys sells a washing machine as follows:

SAMSUNG ecobubble WW90TA046AE/EU 9 kg 1400 Spin Washing Machine - White

Price is £399.99 including a five year guarantee on parts and labour.

However, alongside this Currys offers the following service for £100 for five years:

Breakdown support when you need it

7 Day Fix Promise

Beyond repair? Get a Currys PC World voucher for a new one

Why is it necessary to purchase a service package from Currys which sits alongside a five-year parts and labour guarantee? We might think that the Samsung guarantee does not cover breakdown support when you need it, a fix promise or a replacement when the washing machine is beyond repair.

davidmcn

Sterlingtimes said:

Why is it necessary to purchase a service package from Currys which sits alongside a five-year parts and labour guarantee?

It's not necessary even if there weren't the other guarantee. They're overpriced and not a sensible money-saving option.

unholyangel

photome said:

unholyangel said:

In addition to the above, I've never seen a D&G policy that would be sensible to purchase (at least imo).

Say they're offering cover at £10 a month - £120 a year. However remember that you would need to keep paying that, to be covered. If you stopped cover or wanted to upgrade due to age, you'd still need to buy a brand new machine out of your own pocket and writing off every payment you'd made under the policy. 

Personally, I'd rather pay the £10 into a high interest account than take an extended warranty. 

Can you point me to one of those 

Some do still offer up to 3% variable, but usually only on the first £x in your bank. You can split it over more than one account though. You could also invest in other ways but really only suitable for larger sums. They also tend to have risk involved with them.

My point being, whatever price they're charging you....that's enough (from their statistical analysis) to not only repair or replace your machine if it breaks, but also to pay their staff, bills, tax & shareholders. So by putting that money into your account, instead of theirs, there are very few situations you're going to "lose".

Tokmon

photome said:

unholyangel said:

In addition to the above, I've never seen a D&G policy that would be sensible to purchase (at least imo).

Say they're offering cover at £10 a month - £120 a year. However remember that you would need to keep paying that, to be covered. If you stopped cover or wanted to upgrade due to age, you'd still need to buy a brand new machine out of your own pocket and writing off every payment you'd made under the policy. 

Personally, I'd rather pay the £10 into a high interest account than take an extended warranty. 

Can you point me to one of those 

RBS and Natwest offer regular saver accounts which pay interest that is over 30 times the BOE Base Rate which i would say is a very high interest account.