Hotpoint protection policy

My washing machine guarantee is about to expire and Hotpoint have offered me their protection policy at £5.64 per month. I have never signed up to these policies in the past. I am now retired on a state pension and just wondered what forumites would recommend.


  • DullGreyGuyDullGreyGuy Forumite
    3.7K Posts
    1,000 Posts Name Dropper
    Most of these things are "service plans" not insurance but ultimately the same theory applies... they clearly on average payout less than is paid in otherwise they'd go out of business. In fact Domestic & General annual returns shows that payout on average is about 45% of the premiums net of tax however their buying power clearly means they pay a lot less for a repair than I would so the numbers are a little misleading. 

    If the machine broke down tomorrow, could you afford to replace it? If you could its probably questionable if its worth paying £70 a year.

    Personally I dont buy them and I'm in the majority that are quids in for having not done so however plenty of people do buy them and are thankful when their machines are repaired a couple of times for free.

    Policies do vary on what happens if your device is beyond economical repair so double check before buying and like any product it can be worth while shopping around to make sure you are getting the best value product for your needs. 
  • Wonka_2Wonka_2 Forumite
    193 Posts
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    A lot depends on your appetite for risk and how essential the appliance is (and potentially it's current age/efficiency)

    £5.64 per month would give you £338.40 over 5years which could well buy you a new, more efficient machine with a 5yr warranty (current Currys cheapest £399 but there'll be sales and other retailers available) - you could also potentially sell current machine

    Just a different way of thinking about the value/worth of their offer
  • Jaybee_16Jaybee_16 Forumite
    323 Posts
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Several years ago my Hotpoint freezer packed up. Phoned Hotpoint for a service visit and they sold me one of these Domestic and General policies on the basis that the 5 year plan wasn't much more expensive than the one-off call out.

    Fast forward several months and many visits by Hotpoint contracted engineers, not employees, and getting fed up with the whole process. Read the D&G contract and it said that if they were unable to repair the appliance after six attempts I would be entitled to a replacement. 

    Got a brand new freezer from Hotpoint.
  • TELLIT01TELLIT01 Forumite
    15.1K Posts
    Eighth Anniversary 10,000 Posts Name Dropper PPI Party Pooper
    Do you have any idea what the current equivalent of your washing machine would cost?
  • AnnieP6AnnieP6 Forumite
    68 Posts
    Fifth Anniversary 10 Posts
    Around £400
  • edited 25 January at 12:58AM
    user1977user1977 Forumite
    10K Posts
    1,000 Posts Fourth Anniversary Name Dropper Combo Breaker
    edited 25 January at 12:58AM
    I've had my current washing machine for 8.5 years (and it was far from new then - came with the flat), so that cover would have cost me £575.28 in today's money.

    In actual fact the only cost I've had is an element needing replaced (at the cost of £7).

    Of course you could be "lucky" and have loads of problems needing fixed which are all covered by the plan, but the dice are loaded in favour of the policy provider - I don't really see such things being worthwhile.
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