Online Calculator | Why Choose Insurance Over Warrantees

Why Choose Insurance Over Warrantees

Extended warranties have been found to be both costly and generally useless , provided your home and contents insurance is up to date, you’re already covered. You’ll be making much better use of you money.

Home appliance insurance cover is a growth market which offers better cover than relying solely on home contents insurance as it will generally cover the costs of the whole repair, not just the faulty equipment. For example, did you know that if the water pipes leading to your washing machine burst your home contents insurance might cover the repair of the leak itself but if you have to pull up floors or get access to the leak by damaging a wall, that damage isn’t usually covered by most home and contents insurance.

If you’re going to buy a high value item of electrical equipment then domestic appliance insurance will cover the replacement if anything goes wrong so it’s certainly worth considering, however since any new equipment is generally going to come with a manufacturers guarantee, usually lasting a year, it’s not worth getting insurance on them until that first year has elapsed.

So, why are extended warrantees a waste of money? If you buy an extended warrantee at the point of sale most warrantees end up costing as much as the item you’ve purchased so, if it does break down past the guarantee that covers the original purchase it would make better financial sense to buy a new item all together. However there are some exceptions to this general rule, some retailers provide a five year extended warrantee which is guaranteed not to exceed 10% of the original price of the purchase. If your purchase is going to experience a great deal of wear then this kind of warrantee might be worth considering instead of domestic appliance insurance cover once that first year has passed.

Inversely, if you work in any of the building trades such as plumbing, building or carpentry you should be fully covered and up to date with your tradesman insurance, not only to cover your work but your equipment and person, most insurers will also cover anybody working for you up to a million pounds should they receive an injury or cause damage while in your employ. If you travel to do your job then business van insurance is something worth considering as your typical fully comp car insurance won’t cover you if you’re using your vehicle for business, and if it does cover the vehicle it may not cover the tools of your trade. Van insurance takes into account that you may also be carrying a trailer. Insurance policies differ depending on provider but you should find that van cover will protect you if you’re using anything from a small car to a 3.5 tonne vehicle. Take a look at this site herefor more information

 

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