care and repair plans is it worth the money ?

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/81856987#Comment_81856987

My bad, @Alderbank and @Aylesbury clearly scan read as being the same

TELLIT01

Probably tempting fate to say this but our washing machine is at least 15 years old, and our steam generator iron isn't much younger. We haven't had a problem with either of them. On that basis those plans are a waste of money.

born_again

Just hope they do not forget to cancel it….

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/81856993#Comment_81856993

And there will be others who point out that they made a claim on theirs a week after the manufacturers warranty ended and got a brand new machine as it was unfixable.

In principle on average the average person must be better off by not buying one. Its a little more complex than that for various reasons than most would consider but for most things this stands up but in practice is means a load of people a little out of pocket and a small number of people significantly in the money.

If you looked at it only as claims -v- premiums then your home insurance has probably been a waste of money too until the day your house burns down.

Parents paid for home insurance for 25 years with no claims so by your logic it was also a waste.

Alderbank

https://forums.moneysavingexpert.com/discussion/comment/81856990#Comment_81856990

I should be more careful what I ask for!

flaneurs_lobster

I've taken the view with these policies that if I have spent at the higher end for a product then I would probably benefit if the thing conks out after 3 years whereas if my cheapy thing does the same then I'll just replace.

Also think that the use that the product is going to get is relevant - so take that £600 coffee machine - if it's making 4 cups a day then probably no extended warranty, 20 cups then yes. Steam iron, 3 hrs/wk - no, 3 hrs/day - yes.

Alderbank

That massive wall of text covers a range of plans, 'pay upfront' single payment plans and 2,3,4,5 year 'pay monthly' plans.

If the OP has been offered a single payment plan of £75 for 5 years cover for a £300 product that doesn't sound too bad, although note that if the product has to be replaced the plan is cancelled with immediate effect, so if that happens after say 4 months the OP would be much worse off than just relying on their statutory consumer rights.

If the plan is actually £75 annually, paying up to £375 to replace a £300 product - not so much.