Advice / Opinions wanted RE- Paying for a Protection plan on all of my major appliances.

What shop or manufacturer warranties do you currently have?
How old are the devices?
How much did they cost?
What is the normal life expectancy of that product?
For example, a £300 washing machine that has a 2 year warranty will have cost you almost £600 for nothing in the first 2 years.
Put your £21 per month into a good savings account, and just buy when the need comes.

How often are you having to repair or replace your major appliances?

IMHO utter waste of money. Put the same money (more if you can) in a ready savings account and if you need to spend money repairing/replacing simply draw out what you need from the account. There is an old rule of thumb which says you should have ready savings equal to 3 times your annual income. Then when the excrement strikes the whirring blades you are fine.

When it comes to insurance packages like this you should assume that you'll pay more than if you simply replace and repair them as needed, as that will be true unless you have exceptionally bad luck.

So there's two reasons to pay for insurance.

Either to spread the cost so you're not hit with costs large enough to disrupt your life in a big way - e.g. the cost of rebuilding your house if it burns down.

Or as a luxury service where you're willing to pay extra for someone else to handle the problems.


You don't say what the proposed 'major appliances' covers but looking on the servicebox website it appears to cover the mostly easily replaced and cheap stuff - washing machine, fridge etc. - and not stuff buried in the building fabric where they could be large rebuilding and redecorating costs involved if it goes wrong.