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

Posted 12th Dec 2022
random one, but would like people's opinions on protection plans.
For context, Ive got a quote from servicebox for £20.70 a month to protect all of my major appliances.
currently I Only have 1 appliance on manufacturers warranty.

It includes
Electrical and mechanical breakdown cover
Unlimited repairs
All parts labour and call out charges
A brand-new appliance if yours is unrepairable
Protection against damage caused by accident.

I already pay 2.99 a month for the above on one appliance with a different company.

Question to you, do you think it would be worthwhile to get every appliance included. (The full cost for the year is £248.40.). monthly price of £20.70 ?
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  1. Avatar
    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.
  2. Avatar
    How often are you having to repair or replace your major appliances?
  3. Avatar
    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.
  4. Avatar
    Unless the warranty is guaranteed (sic) to perform faster and with less hassle than a CRA claim,
    why pay for sub-CRA support over the individual products' 6-year CRA claim period?
    Any advice on thr cra claim procedure, templates etc please
  5. Avatar
    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.
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