Boiler Cover

Davidc1951

With Corgi at present but feel they overcharge.  No claims since boiler was installed 12 years ago. One aspect is that it is an insurance based cover and insurance premium tax is 12%.  What makes it worse is this is probably based on a premium which includes a hefty commission possibly 40% or more.  Does anyone know what commission Corgi earn?  It may be excessive as it was on PPI.   

vic_sf49

I just self insure, in other words, save that money and call a local gas service engineer.

Is that an option for you? 

FreeBear

vic_sf49 said:

I just self insure, in other words, save that money and call a local gas service engineer.

I can get basic cover for my newly installed boiler for just £13.99 per month with a "free" annual service

Or I can get a local Gas Safe engineer to do a service for £60-£80 and use the manufacturer's 10 year warranty if there are any breakdowns.

A 12 year old boiler is probably getting to the end of its life, so breakdowns are going to happen. If you have been paying for boiler cover, it might be prudent to continue with it - Check the exclusion clauses for any age limits on the boiler. Also worth checking to see if there is an add-on for your household insurance (again, check the exclusion clauses and extent of cover).

pseudodox

My new boiler this year came with a 12 year warranty providing I have an annual service by a Gas Safe Registered company - I will use my reputable local who installed it.  That should be around £60 for the service.  I have always self insured against equipment breakdowns not covered by warranties & as I buy the best I can afford & from reputable suppliers what I might have paid in initially higher prices is more than recouped in saved repair costs.

If your 12 year old boiler breaks down it might not be covered by those premiums, especially for obsolete parts.  What you paid over 12 years would have gone a long way to any major problem or in fact a new boiler.  My previous boiler had outlived it's 10 year warranty by 8 years but was developing minor glitches & was not running at optimum efficiency.  The cost of a major potential breakdown was alleviated by having a new installation & peace of mind.

Like all insurance it is a collective - you may never claim but you are paying towards someone who does.  We cannot avoid compulsory insurances like motor but can save a fortune by putting money away in a savings pot against an unexpected repair bill for a boiler or other equipment.  Money Saving R Us!