Appliance insurance...

Floss

Am I better paying for my appliance insurance, or saving the premium each month in case anything breaks down?

Washer / dryer cover is £15/m for 12m including a callout last year. Oven is £6.46. Fridge freezer is £7.65, so a total of £29.11

Brambling

I'm not sure if it is still the case but about 20 years ago when I worked in insurance and we underwrote a extended warranties company (as they were then called) I was told that most appliances break down either in the first year so covered by the guarantee or when they are passed the age of warranty coverage, so again not covered.  Which is why they pressure you to take it out when you buy

TBH I've never taken it out and I've only had 3 or 4 call outs since 1990, I was once told if you were going to do any he recommended just the dishwasher.  We do have a great appliance repair man in town who doesn't charge the £70 or £80 call out charge some do

400ixl

At £349.32 a year you could pretty much afford to replace 1 appliance every year with the money saved.

-taff

I have never taken it out, as above, if it's going to break, it'll break within warranty or outside of it. Save your money yourself to replace when necessary. If you use an appliance a lot, they're more likely to break just from the law of averages but I've had a fridge freezer, tumble drier, washing machine for eight years, no problems, a second hand chest freezer, no problems and a dishwasher for the last few years, also no problem.

I think if you buy reputably, do your research about potential problems, you're better placed for the appliance to not fail soon.

KxMx

I'd go for insurance. 

It's all very well saying that you could fund one new appliance a year with the premiums, but could you afford replacements if all 3 failed in a short time?

It's very hard to find affordable, reliable repair people who aren't booked up for weeks, so that element of the insurance service has always appealed to me. Independents often charge up to £100 just to walk through the door. 

I'm in year 1 of my new appliances and am very likely going to take out insurance when I'm over 12 months. I'll shop around mind you and not just sign up with the retailer.

goldfinches

I'm definitely in the don't buy any insurance you don't absolutely have to have camp but I do also appreciate that the answer is somewhat dependent on your circumstances, specifically, how easy is it for you to manage without the appliance, do you have the number of a good repairer and can you afford to buy a replacement immediately. 
I do think it's worth looking at recommendations from Good Housekeeping and Which as they test appliances and GH always include a budget buy option whenever they publish lists plus just looking at their criteria can be helpful too. You can often see the recommendations by googling or going to your local library and some county libraries enable magazines online now too.
All that said, it's surprising how quickly money mounts up in your savings pots when you don't spend a penny you don't absolutely have to so my vote is for saving and keeping an eye out to see what you'd buy if you needed to replace an appliance.

joedenise

I'm another who wouldn't take out insurance.  If my dishwasher or tumble dryer packed up I would manage quite easily without, however if the fridge/freezer and/or washing machine broke I would want those replaced immediately so I always make sure I've got enough saved to be able to buy both at the same time if necessary.

I keep money for those sort of things in premium bonds and then use a credit card to pay for them (Section 75 protection) and can transfer money from PBs to current account to pay the CC off.

Katiehound

The one thing I would possibly insure in the future is the wretched dishwasher.
This 'new' one went when it was about 18 months old. call out charge is £70- if it can be repaired and he has the part no extra charge- if he has to order the part that's extra*. The other one is £90 and I don't know what that includes. 1/3 of the way to a new one. There's only me & dogs so it isn't getting mega use. I'm tied into a slimline as the space is very limited so not a huge number of choices.

I will get a new one in the autumn. i think the shop where I bought this one is likely to offer a free disposal & delivery. I asked them months ago but couldn't be bothered with the hassle.

Other household insurance. No

* I've just remembered that he said most of his call outs were to dishwashers particularly, and under 3yo